ArcelorMittal (NYSE:MT) Stock Price Up 7.1% - Here's Why

Shares of ArcelorMittal S.A. (NYSE:MT - Get Free Report) shot up 7.1% on Wednesday . The company traded as high as $32.39 and last traded at $32.40. 2,496,272 shares traded hands during trading, an increase of 47% from the average session volume of 1,697,984 shares. The stock had previously closed at $30.26.

Analysts Set New Price Targets

A number of research firms recently weighed in on MT. Bank of America raised ArcelorMittal from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $30.00 to $32.90 in a report on Thursday, November 14th. Morgan Stanley downgraded ArcelorMittal from an "overweight" rating to an "equal weight" rating in a research note 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, ArcelorMittal has a consensus rating of "Moderate Buy" and a consensus price target of $31.17.

ArcelorMittal Price Performance

The company has a 50 day moving average of $25.95 and a 200-day moving average of $24.89. The firm has a market capitalization of $27.18 billion, a P/E ratio of 20.11, a P/E/G ratio of 0.14 and a beta of 1.79. The company has a current ratio of 1.35, a quick ratio of 0.59 and a debt-to-equity ratio of 0.17.

ArcelorMittal (NYSE:MT - Get Free Report) last released 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 net margin of 2.14% and a return on equity of 4.31%. On average, sell-side analysts predict that ArcelorMittal S.A. will post 3.72 EPS for the current year.

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Institutional Trading of ArcelorMittal

A number of institutional investors have recently modified their holdings of MT. Geneos Wealth Management Inc. lifted its position in shares of ArcelorMittal by 89.6% during the 4th quarter. Geneos Wealth Management Inc. now owns 1,134 shares of the basic materials company's stock valued at $26,000 after acquiring an additional 536 shares during the period. GAMMA Investing LLC lifted 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 period. BNP Paribas Financial Markets lifted its position in shares of ArcelorMittal by 76.2% during the 4th quarter. BNP Paribas Financial Markets now owns 4,878 shares of the basic materials company's stock valued at $113,000 after acquiring an additional 2,110 shares during the period. Smartleaf Asset Management LLC lifted its position in shares of ArcelorMittal by 76.6% during 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 during the last quarter. Finally, Callan Family Office LLC bought a new stake in shares of ArcelorMittal during the 4th quarter worth $207,000. 9.29% of the stock is currently owned by institutional investors.

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.