ArcelorMittal (NYSE:MT) Hits New 12-Month High – Should You Buy?

ArcelorMittal S.A. (NYSE:MT)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $29.22 and last traded at $29.04, with a volume of 1566584 shares changing hands. The stock had previously closed at $27.37.

Wall Street Analysts Forecast Growth

Separately, Bank of America raised shares of ArcelorMittal from a “neutral” rating to a “buy” rating and increased their price target for the stock 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 given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $31.17.

ArcelorMittal Stock Performance

The stock has a market cap of $23.67 billion, a price-to-earnings ratio of 17.48, a PEG ratio of 0.56 and a beta of 1.74. The firm has a fifty day simple moving average of $24.11 and a 200 day simple moving average of $23.96. The company has a current ratio of 1.46, a quick ratio of 0.59 and a debt-to-equity ratio of 0.16.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings data on Thursday, February 6th. The basic materials company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.61 by ($0.09). ArcelorMittal had a return on equity of 4.24% and a net margin of 2.14%. As a group, sell-side analysts expect that ArcelorMittal S.A. will post 3.6 earnings per share for the current year.

Institutional Trading of ArcelorMittal

A number of large investors have recently made changes to their positions in the company. Geneos Wealth Management Inc. lifted its stake in ArcelorMittal by 89.6% in the fourth quarter. Geneos Wealth Management Inc. now owns 1,134 shares of the basic materials company’s stock valued at $26,000 after buying an additional 536 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of 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 acquiring an additional 595 shares during the period. US Bancorp DE lifted its position in ArcelorMittal by 5.0% in the 4th quarter. US Bancorp DE now owns 15,085 shares of the basic materials company’s stock valued at $349,000 after acquiring an additional 717 shares in the last quarter. Dorsey & Whitney Trust CO LLC boosted its stake in ArcelorMittal by 9.1% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 9,545 shares of the basic materials company’s stock worth $221,000 after purchasing an additional 797 shares during the period. Finally, HighTower Advisors LLC increased its holdings in ArcelorMittal by 11.6% during the 4th quarter. HighTower Advisors LLC now owns 13,746 shares of the basic materials company’s stock worth $318,000 after purchasing an additional 1,426 shares in the last quarter. 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.