ArcelorMittal (NYSE:MT) Shares Gap Down - Here's What Happened

ArcelorMittal S.A. (NYSE:MT - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $33.06, but opened at $31.70. ArcelorMittal shares last traded at $31.97, with a volume of 248,483 shares.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley downgraded ArcelorMittal from an "overweight" rating to an "equal weight" rating in a report on Friday, February 14th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $31.17.

ArcelorMittal Price Performance

The business has a 50-day moving average of $27.84 and a 200 day moving average of $25.50. The company has a current ratio of 1.35, a quick ratio of 0.59 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $26.03 billion, a P/E ratio of 19.25, a price-to-earnings-growth ratio of 0.14 and a beta of 1.79.

ArcelorMittal (NYSE:MT - Get Free Report) last issued its earnings results on Thursday, February 6th. The basic materials company reported $0.52 earnings per share 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, sell-side analysts predict that ArcelorMittal S.A. will post 3.72 earnings per share for the current fiscal year.

Remove Ads

ArcelorMittal Announces Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Wednesday, December 3rd. Stockholders of record on Thursday, November 13th will be issued a dividend of $0.275 per share. This represents a dividend yield of 1.5%. The ex-dividend date is Wednesday, November 12th. ArcelorMittal's dividend payout ratio is currently 27.88%.

Hedge Funds Weigh In On ArcelorMittal

Several large investors have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC raised its stake in shares of ArcelorMittal by 5.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 25,690 shares of the basic materials company's stock worth $594,000 after purchasing an additional 1,224 shares during the last quarter. Polar Asset Management Partners Inc. bought a new position in ArcelorMittal during the 4th quarter valued at $2,521,000. Vise Technologies Inc. purchased a new position in ArcelorMittal during the 4th quarter worth $217,000. Quantinno Capital Management LP grew its stake in shares of ArcelorMittal by 26.5% in the 4th quarter. Quantinno Capital Management LP now owns 144,604 shares of the basic materials company's stock worth $3,345,000 after acquiring an additional 30,280 shares in the last quarter. Finally, Nomura Holdings Inc. purchased a new stake in shares of ArcelorMittal in the fourth quarter valued at about $1,055,000. 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.