ArcelorMittal (NYSE:MT) Stock Price Down 2.7% – What’s Next?

ArcelorMittal S.A. (NYSE:MT) fell 2.7% during mid-day trading on Friday . The company traded as low as $22.23 and last traded at $22.25. 315,438 shares were traded during trading, a decline of 58% from the average session volume of 747,768 shares. The stock had previously closed at $22.86.

Analyst Ratings Changes

Several analysts recently commented on MT shares. JPMorgan Chase & Co. downgraded shares of ArcelorMittal from an “overweight” rating to a “neutral” rating in a report on Friday, October 11th. Bank of America raised ArcelorMittal from a “neutral” rating to a “buy” rating and upped their target price for the company from $30.00 to $32.90 in a research report on Thursday, November 14th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.17.

ArcelorMittal Stock Down 2.9 %

The company has a current ratio of 1.46, a quick ratio of 0.59 and a debt-to-equity ratio of 0.16. The firm has a market cap of $17.87 billion, a price-to-earnings ratio of -15.74, a PEG ratio of 0.61 and a beta of 1.75. The firm’s 50 day simple moving average is $24.54 and its two-hundred day simple moving average is $23.74.

ArcelorMittal (NYSE:MT) last released its quarterly earnings results on Thursday, November 7th. The basic materials company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05. The company had revenue of $15.20 billion during the quarter, compared to the consensus estimate of $15.11 billion. ArcelorMittal had a negative net margin of 1.99% and a positive return on equity of 5.26%. The firm’s quarterly revenue was down 8.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.10 earnings per share. On average, equities analysts forecast that ArcelorMittal S.A. will post 2.93 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of MT. GAMMA Investing LLC lifted its stake in ArcelorMittal by 68.5% during the fourth quarter. GAMMA Investing LLC now owns 1,464 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 595 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in ArcelorMittal by 298.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 2,365 shares of the basic materials company’s stock valued at $54,000 after buying an additional 1,771 shares in the last quarter. Rhumbline Advisers grew its position in ArcelorMittal by 6.8% in the second quarter. Rhumbline Advisers now owns 9,633 shares of the basic materials company’s stock valued at $221,000 after acquiring an additional 610 shares during the last quarter. Atria Investments Inc acquired a new position in ArcelorMittal during the third quarter worth about $244,000. Finally, Truist Financial Corp bought a new position in shares of ArcelorMittal in the second quarter worth about $250,000. Institutional investors own 9.29% 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.