ArcelorMittal (NYSE:MT) Shares Gap Up - Time to Buy?

Shares of ArcelorMittal S.A. (NYSE:MT - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $24.00, but opened at $24.81. ArcelorMittal shares last traded at $24.85, with a volume of 379,702 shares trading hands.

Analyst Ratings Changes

MT has been the subject of a number of analyst reports. JPMorgan Chase & Co. cut ArcelorMittal from an "overweight" rating to a "neutral" rating in a report on Friday, October 11th. Bank of America raised ArcelorMittal from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $30.00 to $32.90 in a research report on Thursday, November 14th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $31.17.

ArcelorMittal Price Performance

The stock has a market capitalization of $20.39 billion, a price-to-earnings ratio of -17.65, a P/E/G ratio of 0.46 and a beta of 1.75. The company has a quick ratio of 0.59, a current ratio of 1.46 and a debt-to-equity ratio of 0.16. The business has a 50-day simple moving average of $23.90 and a two-hundred day simple moving average of $23.69.

ArcelorMittal (NYSE:MT - Get Free Report) last announced its quarterly earnings data on Thursday, November 7th. The basic materials company reported $0.63 EPS for the quarter, beating analysts' consensus estimates of $0.58 by $0.05. ArcelorMittal had a positive return on equity of 5.26% and a negative net margin of 1.99%. The company had revenue of $15.20 billion during the quarter, compared to the consensus estimate of $15.11 billion. During the same quarter in the prior year, the firm earned $1.10 EPS. The company's quarterly revenue was down 8.5% compared to the same quarter last year. As a group, research analysts predict that ArcelorMittal S.A. will post 2.63 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ArcelorMittal

A number of hedge funds have recently modified their holdings of MT. GAMMA Investing LLC increased 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 worth $34,000 after buying an additional 595 shares during the last quarter. Oppenheimer Asset Management Inc. increased 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 worth $1,500,000 after buying an additional 34,688 shares during the last quarter. Natixis Advisors LLC increased 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 worth $3,416,000 after buying an additional 82,164 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in ArcelorMittal during the third quarter worth $642,000. Finally, Envestnet Asset Management Inc. increased its position in ArcelorMittal by 61.0% during the second quarter. Envestnet Asset Management Inc. now owns 85,710 shares of the basic materials company's stock worth $1,965,000 after buying an additional 32,469 shares during the last quarter. 9.29% of the stock is owned by institutional investors and hedge funds.

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.