ArcelorMittal (NYSE:MT) Shares Gap Up - Here's Why

Shares of ArcelorMittal S.A. (NYSE:MT - Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $23.77, but opened at $24.95. ArcelorMittal shares last traded at $24.81, with a volume of 305,538 shares changing hands.

Analyst Upgrades and Downgrades

MT has been the subject of a number of recent research reports. JPMorgan Chase & Co. cut ArcelorMittal from an "overweight" rating to a "neutral" rating in a report on Friday, October 11th. Barclays raised ArcelorMittal from an "equal weight" rating to an "overweight" rating in a research report on Monday, August 19th. Bank of America upgraded ArcelorMittal from a "neutral" rating to a "buy" rating and lifted their price target for the company from $30.00 to $32.90 in a research report on Thursday. Finally, Deutsche Bank Aktiengesellschaft upgraded ArcelorMittal from a "hold" rating to a "buy" rating and raised their target price for the company from $29.00 to $31.00 in a research report on Wednesday, August 28th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $31.17.

ArcelorMittal Trading Up 3.0 %

The company has a fifty day simple moving average of $24.36 and a 200-day simple moving average of $24.03. The company has a current ratio of 1.46, a quick ratio of 0.59 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $19.72 billion, a PE ratio of -17.71, a PEG ratio of 0.47 and a beta of 1.77.

ArcelorMittal (NYSE:MT - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The basic materials company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.58 by $0.05. The business had revenue of $15.20 billion for the quarter, compared to analyst estimates of $15.11 billion. ArcelorMittal had a positive return on equity of 5.26% and a negative net margin of 1.99%. The company's quarterly revenue was down 8.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.10 EPS. Analysts predict that ArcelorMittal S.A. will post 3 EPS for the current year.

Institutional Investors Weigh In On ArcelorMittal

Hedge funds have recently added to or reduced their stakes in the business. Flow Traders U.S. LLC purchased a new stake in ArcelorMittal during the 3rd quarter worth about $369,000. Capstone Investment Advisors LLC purchased a new position in ArcelorMittal during the 3rd quarter worth $292,000. JB Capital Partners LP raised its holdings in ArcelorMittal by 17.1% during the third quarter. JB Capital Partners LP now owns 205,000 shares of the basic materials company's stock worth $5,383,000 after purchasing an additional 30,000 shares in the last quarter. FORA Capital LLC acquired a new position in ArcelorMittal during the 3rd quarter worth approximately $445,000. Finally, FMR LLC lifted 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 acquiring an additional 419,465 shares during the period. 9.88% of the stock is currently 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.