ArcelorMittal (NYSE:MT) Reaches New 12-Month High – Time to Buy?

Shares of ArcelorMittal S.A. (NYSE:MT) hit a new 52-week high during trading on Tuesday . The stock traded as high as $30.38 and last traded at $29.49, with a volume of 4527977 shares changing hands. The stock had previously closed at $27.74.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Bank of America upgraded shares of ArcelorMittal from a “neutral” rating to a “buy” rating and increased their target price for the company from $30.00 to $32.90 in a report on Thursday, November 14th. Morgan Stanley downgraded shares of ArcelorMittal from an “overweight” rating to an “equal weight” rating in a report on Friday, February 14th. Three equities 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 presently has an average rating of “Moderate Buy” and a consensus price target of $31.17.

ArcelorMittal Price Performance

The business’s fifty day moving average is $25.54 and its 200-day moving average is $24.73. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.35 and a quick ratio of 0.59. The firm has a market cap of $27.60 billion, a PE ratio of 20.42, a P/E/G ratio of 0.14 and a beta of 1.74.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings data on Thursday, February 6th. The basic materials company reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.09). ArcelorMittal had a return on equity of 4.31% and a net margin of 2.14%. On average, research analysts predict that ArcelorMittal S.A. will post 3.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ArcelorMittal

Several large investors have recently modified their holdings of the business. Polar Asset Management Partners Inc. purchased a new position in shares of ArcelorMittal in the fourth quarter worth about $2,521,000. Vise Technologies Inc. purchased a new position in shares of ArcelorMittal in the fourth quarter worth about $217,000. Quantinno Capital Management LP increased its stake in shares of ArcelorMittal by 26.5% in the fourth quarter. Quantinno Capital Management LP now owns 144,604 shares of the basic materials company’s stock worth $3,345,000 after purchasing an additional 30,280 shares in the last quarter. Nomura Holdings Inc. purchased a new position in shares of ArcelorMittal in the fourth quarter worth about $1,055,000. Finally, Mork Capital Management LLC bought a new position in shares of ArcelorMittal in the fourth quarter valued at approximately $999,000. Hedge funds and other institutional investors own 9.29% of the company’s stock.

ArcelorMittal Company Profile

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.