ArcelorMittal S.A. (NYSE:MT) Sees Large Increase in Short Interest

ArcelorMittal S.A. (NYSE:MTGet Free Report) was the recipient of a significant increase in short interest during the month of October. As of October 15th, there was short interest totalling 5,480,000 shares, an increase of 29.6% from the September 30th total of 4,230,000 shares. Based on an average daily volume of 1,640,000 shares, the short-interest ratio is currently 3.3 days. Currently, 0.7% of the shares of the company are short sold.

ArcelorMittal Price Performance

MT stock traded down $0.13 during mid-day trading on Tuesday, hitting $24.81. The stock had a trading volume of 283,244 shares, compared to its average volume of 1,590,940. The firm has a fifty day simple moving average of $23.90 and a 200 day simple moving average of $24.09. The firm has a market capitalization of $19.98 billion, a P/E ratio of 28.02, a P/E/G ratio of 0.52 and a beta of 1.77. The company has a current ratio of 1.53, a quick ratio of 0.66 and a debt-to-equity ratio of 0.16. ArcelorMittal has a 52 week low of $20.52 and a 52 week high of $29.01.

ArcelorMittal (NYSE:MTGet Free Report) last issued its earnings results on Thursday, August 1st. The basic materials company reported $0.63 earnings per share for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.49). ArcelorMittal had a negative net margin of 0.93% and a positive return on equity of 6.00%. The business had revenue of $16.25 billion during the quarter, compared to analyst estimates of $16.32 billion. During the same period in the prior year, the business posted $2.20 EPS. The company’s revenue for the quarter was down 12.7% compared to the same quarter last year. As a group, research analysts forecast that ArcelorMittal will post 3 EPS for the current year.

Analysts Set New Price Targets

Several research firms have weighed in on MT. JPMorgan Chase & Co. cut shares of ArcelorMittal from an “overweight” rating to a “neutral” rating in a report on Friday, October 11th. Deutsche Bank Aktiengesellschaft upgraded ArcelorMittal from a “hold” rating to a “buy” rating and boosted their price target for the company from $29.00 to $31.00 in a research note on Wednesday, August 28th. Finally, Barclays raised ArcelorMittal from an “equal weight” rating to an “overweight” rating in a report on Monday, August 19th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $30.30.

Check Out Our Latest Stock Analysis on ArcelorMittal

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Maple Rock Capital Partners Inc. acquired a new stake in shares of ArcelorMittal in the 1st quarter valued at approximately $36,406,000. Bank of New York Mellon Corp boosted its position in ArcelorMittal by 2,038.3% in the second quarter. Bank of New York Mellon Corp now owns 822,426 shares of the basic materials company’s stock valued at $18,858,000 after buying an additional 783,965 shares in the last quarter. MMCAP International Inc. SPC grew its stake in shares of ArcelorMittal by 103.4% during the first quarter. MMCAP International Inc. SPC now owns 650,820 shares of the basic materials company’s stock worth $17,950,000 after buying an additional 330,820 shares during the last quarter. Encompass Capital Advisors LLC acquired a new position in shares of ArcelorMittal during the second quarter worth $12,679,000. Finally, Van ECK Associates Corp lifted its stake in shares of ArcelorMittal by 1.8% in the 2nd quarter. Van ECK Associates Corp now owns 225,420 shares of the basic materials company’s stock valued at $5,169,000 after acquiring an additional 3,994 shares during the last quarter. Institutional investors and hedge funds own 9.88% of the company’s stock.

ArcelorMittal Company Profile

(Get Free Report)

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.

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