ArcelorMittal (NYSE:MT) Reaches New 1-Year High - Should You Buy?

ArcelorMittal S.A. (NYSE:MT - Get Free Report) reached a new 52-week high on Wednesday . The company traded as high as $29.22 and last traded at $29.04, with a volume of 1566584 shares traded. The stock had previously closed at $27.37.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Bank of America raised ArcelorMittal from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $30.00 to $32.90 in a research note on Thursday, November 14th. Morgan Stanley lowered ArcelorMittal from an "overweight" rating to an "equal weight" rating in a research note on Friday. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $31.17.

ArcelorMittal Stock Performance

The business has a 50 day moving average of $24.33 and a 200 day moving average of $24.08. The company has a market capitalization of $23.41 billion, a P/E ratio of 17.32, a price-to-earnings-growth ratio of 0.56 and a beta of 1.74. The company has a quick ratio of 0.59, a current ratio of 1.46 and a debt-to-equity ratio of 0.16.

ArcelorMittal (NYSE:MT - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The basic materials company reported $0.52 EPS for the quarter, missing analysts' consensus estimates of $0.61 by ($0.09). ArcelorMittal had a net margin of 2.14% and a return on equity of 4.24%. On average, sell-side analysts predict that ArcelorMittal S.A. will post 3.6 earnings per share for the current year.

Institutional Investors Weigh In On ArcelorMittal

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its position in ArcelorMittal by 68.5% during the fourth quarter. GAMMA Investing LLC now owns 1,464 shares of the basic materials company's stock valued at $34,000 after purchasing an additional 595 shares during the period. Oppenheimer Asset Management Inc. raised its position in ArcelorMittal by 154.7% during the third quarter. Oppenheimer Asset Management Inc. now owns 57,106 shares of the basic materials company's stock valued at $1,500,000 after purchasing an additional 34,688 shares during the period. Natixis Advisors LLC raised its position in ArcelorMittal by 171.4% during the third quarter. Natixis Advisors LLC now owns 130,100 shares of the basic materials company's stock valued at $3,416,000 after purchasing an additional 82,164 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new stake in ArcelorMittal during the third quarter valued at approximately $642,000. Finally, Mediolanum International Funds Ltd purchased a new stake in ArcelorMittal during the third quarter valued at approximately $3,042,000. 9.29% of the stock is currently owned by hedge funds and other institutional investors.

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.