ArcelorMittal (NYSE:MT) Trading 3.5% Higher - Time to Buy?

ArcelorMittal S.A. (NYSE:MT - Get Free Report) rose 3.5% during trading on Friday . The company traded as high as $25.37 and last traded at $25.35. Approximately 274,418 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 1,605,081 shares. The stock had previously closed at $24.49.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MT. Barclays upgraded ArcelorMittal from an "equal weight" rating to an "overweight" rating in a research note on Monday, August 19th. Bank of America upgraded shares of ArcelorMittal from a "neutral" rating to a "buy" rating and raised their target price for the stock from $30.00 to $32.90 in a research note on Thursday. JPMorgan Chase & Co. lowered shares of ArcelorMittal from an "overweight" rating to a "neutral" rating in a research note on Friday, October 11th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of ArcelorMittal from a "hold" rating to a "buy" rating and raised their price objective 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's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $31.17.

ArcelorMittal Price Performance

The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.59 and a current ratio of 1.46. The stock's fifty day moving average price is $24.40 and its 200-day moving average price is $24.03. The firm has a market cap of $20.35 billion, a PE ratio of -17.91, a P/E/G ratio of 0.46 and a beta of 1.77.

ArcelorMittal (NYSE:MT - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The basic materials company reported $0.63 earnings per share for the quarter, topping analysts' consensus estimates of $0.58 by $0.05. The business had revenue of $15.20 billion for the quarter, compared to analysts' expectations 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 revenue was down 8.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.10 EPS. As a group, equities analysts forecast that ArcelorMittal S.A. will post 3 EPS for the current fiscal year.

Hedge Funds Weigh In On ArcelorMittal

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MT. Sei Investments Co. raised its stake in ArcelorMittal by 24.1% in the 1st quarter. Sei Investments Co. now owns 18,281 shares of the basic materials company's stock valued at $504,000 after purchasing an additional 3,553 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of ArcelorMittal during the first quarter valued at approximately $71,000. Maple Rock Capital Partners Inc. acquired a new stake in ArcelorMittal during the first quarter worth approximately $36,406,000. Robotti Robert purchased a new stake in ArcelorMittal in the 1st quarter worth approximately $1,435,000. Finally, Bayesian Capital Management LP purchased a new position in shares of ArcelorMittal during the 1st quarter worth $314,000. Institutional investors and hedge funds own 9.88% of the company's stock.

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.