Short Interest in ArcelorMittal S.A. (NYSE:MT) Drops By 27.3%

ArcelorMittal S.A. (NYSE:MT) was the recipient of a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 3,630,000 shares, a decline of 27.3% from the October 31st total of 4,990,000 shares. Based on an average daily volume of 1,570,000 shares, the days-to-cover ratio is currently 2.3 days. Currently, 0.5% of the shares of the stock are short sold.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. FMR LLC increased its holdings in ArcelorMittal by 46.7% in the third quarter. FMR LLC now owns 1,317,833 shares of the basic materials company’s stock valued at $34,606,000 after buying an additional 419,465 shares during the last quarter. Bank of New York Mellon Corp increased its holdings 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 during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in ArcelorMittal by 90.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 622,335 shares of the basic materials company’s stock valued at $16,343,000 after buying an additional 295,682 shares during the last quarter. Encompass Capital Advisors LLC bought a new position in shares of ArcelorMittal during the second quarter valued at approximately $12,679,000. Finally, Cerity Partners LLC grew its holdings in shares of ArcelorMittal by 128.0% during the third quarter. Cerity Partners LLC now owns 464,315 shares of the basic materials company’s stock valued at $12,193,000 after purchasing an additional 260,633 shares during the last quarter. Institutional investors and hedge funds own 9.88% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on MT. Deutsche Bank Aktiengesellschaft raised ArcelorMittal from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $29.00 to $31.00 in a report on Wednesday, August 28th. Bank of America raised ArcelorMittal from a “neutral” rating to a “buy” rating and raised their price target for the stock from $30.00 to $32.90 in a research report on Thursday, November 14th. Barclays raised ArcelorMittal from an “equal weight” rating to an “overweight” rating in a research report on Monday, August 19th. Finally, JPMorgan Chase & Co. downgraded ArcelorMittal from an “overweight” rating to a “neutral” rating in a research report on Friday, October 11th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $31.17.

ArcelorMittal Trading Up 3.1 %

ArcelorMittal stock traded up $0.75 during midday trading on Friday, reaching $25.31. The stock had a trading volume of 864,404 shares, compared to its average volume of 1,604,668. ArcelorMittal has a twelve month low of $20.52 and a twelve month high of $29.01. The stock has a market capitalization of $20.38 billion, a PE ratio of -17.42, a price-to-earnings-growth ratio of 0.59 and a beta of 1.77. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.59 and a current ratio of 1.46. The stock’s 50-day simple moving average is $24.85 and its 200 day simple moving average is $23.99.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings data on Thursday, November 7th. The basic materials company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.05. The company had revenue of $15.20 billion for the quarter, compared to analysts’ expectations of $15.11 billion. ArcelorMittal had a positive return on equity of 5.26% and a negative net margin of 1.99%. The firm’s quarterly revenue was down 8.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.10 earnings per share. Analysts expect that ArcelorMittal will post 3.02 EPS for the current year.

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.