ArcelorMittal (NYSE:MT) Shares Gap Down to $23.48

ArcelorMittal S.A. (NYSE:MT) shares gapped down prior to trading on Wednesday . The stock had previously closed at $23.48, but opened at $22.74. ArcelorMittal shares last traded at $22.88, with a volume of 442,370 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on MT shares. The Goldman Sachs Group initiated coverage on shares of ArcelorMittal in a research note on Thursday, May 9th. They set a “neutral” rating and a $29.60 target price for the company. StockNews.com downgraded shares of ArcelorMittal from a “buy” rating to a “hold” rating in a report on Monday, March 4th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $31.00 target price (down previously from $34.00) on shares of ArcelorMittal in a research report on Tuesday, April 16th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, ArcelorMittal currently has an average rating of “Hold” and a consensus target price of $30.30.

ArcelorMittal Stock Performance

The company has a debt-to-equity ratio of 0.15, a current ratio of 1.55 and a quick ratio of 0.65. The firm has a market cap of $18.30 billion, a PE ratio of 25.53, a price-to-earnings-growth ratio of 0.28 and a beta of 1.83. The company’s 50 day moving average price is $25.23 and its 200 day moving average price is $26.48.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings results on Thursday, May 2nd. The basic materials company reported $1.16 EPS for the quarter, beating the consensus estimate of $0.93 by $0.23. The company had revenue of $16.28 billion during the quarter, compared to analysts’ expectations of $16.67 billion. ArcelorMittal had a net margin of 1.15% and a return on equity of 8.29%. The firm’s revenue was down 12.0% compared to the same quarter last year. During the same quarter last year, the company posted $1.27 EPS. As a group, analysts forecast that ArcelorMittal S.A. will post 4.14 EPS for the current fiscal year.

ArcelorMittal Dividend Announcement

The business also recently announced a Semi-Annual dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 17th were paid a dividend of $0.213 per share. The ex-dividend date was Thursday, May 16th. ArcelorMittal’s payout ratio is 48.31%.

Institutional Investors Weigh In On ArcelorMittal

A number of hedge funds have recently bought and sold shares of the stock. Maple Rock Capital Partners Inc. purchased a new stake in shares of ArcelorMittal during the 1st quarter worth $36,406,000. MMCAP International Inc. SPC boosted its position in shares of ArcelorMittal by 103.4% during the 1st quarter. MMCAP International Inc. SPC now owns 650,820 shares of the basic materials company’s stock worth $17,950,000 after acquiring an additional 330,820 shares in the last quarter. Appian Way Asset Management LP purchased a new position in shares of ArcelorMittal in the 3rd quarter valued at about $4,786,000. Crestline Management LP acquired a new stake in shares of ArcelorMittal during the 4th quarter worth about $2,839,000. Finally, BNP Paribas Financial Markets purchased a new stake in ArcelorMittal during the first quarter worth approximately $2,705,000. Institutional investors and hedge funds own 9.88% of the company’s stock.

About ArcelorMittal

ArcelorMittal SA, together with its subsidiaries, operates as integrated steel and mining companies in the United States, Europe, and internationally. It offers semi-finished flat products, including slabs; finished flat products comprising plates, hot- and cold-rolled coils and sheets, hot-dipped and electro-galvanized coils and sheets, tinplate, and color coated coils and sheets; semi-finished long products, such as blooms and billets; finished long products consisting of bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes.