ArcelorMittal (NYSE:MT) Shares Gap Up - What's Next?

ArcelorMittal S.A. (NYSE:MT - Get Free Report)'s share price gapped up before the market opened on Thursday . The stock had previously closed at $25.48, but opened at $27.40. ArcelorMittal shares last traded at $27.98, with a volume of 1,114,629 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Bank of America raised shares of ArcelorMittal from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $30.00 to $32.90 in a report on Thursday, November 14th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $31.17.

ArcelorMittal Stock Up 1.0 %

The stock's 50 day moving average is $24.02 and its 200 day moving average is $23.89. The company has a market capitalization of $23.04 billion, a PE ratio of 17.05, a PEG ratio of 0.56 and a beta of 1.74. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.59 and a current ratio of 1.46.

ArcelorMittal (NYSE:MT - Get Free Report) last announced its quarterly earnings results 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 net margin of 2.14% and a return on equity of 4.24%. On average, sell-side analysts anticipate that ArcelorMittal S.A. will post 3.6 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MT. Geneos Wealth Management Inc. boosted its stake in ArcelorMittal by 89.6% during 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 during the period. GAMMA Investing LLC boosted its position in shares of ArcelorMittal by 68.5% during the 4th quarter. GAMMA Investing LLC now owns 1,464 shares of the basic materials company's stock valued at $34,000 after acquiring an additional 595 shares during the last quarter. Smartleaf Asset Management LLC grew its stake in ArcelorMittal by 76.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 5,963 shares of the basic materials company's stock worth $137,000 after buying an additional 2,586 shares in the last quarter. Callan Family Office LLC purchased a new stake in ArcelorMittal during the fourth quarter valued at about $207,000. Finally, PNC Financial Services Group Inc. raised its holdings in shares of ArcelorMittal by 23.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 9,076 shares of the basic materials company's stock valued at $210,000 after buying an additional 1,702 shares in the last quarter. 9.29% of the stock is owned by institutional investors.

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.