ArcelorMittal (NYSE:MT) Stock Price Down 2.7% - Time to Sell?

ArcelorMittal S.A. (NYSE:MT - Get Free Report) shares dropped 2.7% during mid-day trading on Friday . The company traded as low as $22.23 and last traded at $22.25. Approximately 315,438 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 747,768 shares. The stock had previously closed at $22.86.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on MT shares. JPMorgan Chase & Co. lowered ArcelorMittal from an "overweight" rating to a "neutral" rating in a report on Friday, October 11th. 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, November 14th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, ArcelorMittal presently has an average rating of "Moderate Buy" and a consensus target price of $31.17.

ArcelorMittal Stock Performance

The stock has a market cap of $17.87 billion, a P/E ratio of -15.74, a price-to-earnings-growth ratio of 0.61 and a beta of 1.75. 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 stock has a 50 day simple moving average of $24.57 and a 200 day simple moving average of $23.75.

ArcelorMittal (NYSE:MT - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The basic materials company reported $0.63 EPS for the quarter, topping 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 for the quarter, compared to analysts' expectations of $15.11 billion. During the same quarter last year, the business earned $1.10 earnings per share. ArcelorMittal's revenue was down 8.5% on a year-over-year basis. On average, equities analysts expect that ArcelorMittal S.A. will post 2.93 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in MT. GAMMA Investing LLC boosted its holdings in shares of ArcelorMittal by 68.5% in the 4th quarter. GAMMA Investing LLC now owns 1,464 shares of the basic materials company's stock valued at $34,000 after purchasing an additional 595 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in ArcelorMittal by 298.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 2,365 shares of the basic materials company's stock valued at $54,000 after acquiring an additional 1,771 shares during the last quarter. Atria Investments Inc bought a new position in ArcelorMittal in the third quarter valued at about $244,000. Rhumbline Advisers lifted its holdings in shares of ArcelorMittal by 6.8% in the second quarter. Rhumbline Advisers now owns 9,633 shares of the basic materials company's stock worth $221,000 after acquiring an additional 610 shares during the last quarter. Finally, Blue Trust Inc. boosted its stake in shares of ArcelorMittal by 382.9% in the 3rd quarter. Blue Trust Inc. now owns 9,735 shares of the basic materials company's stock valued at $256,000 after purchasing an additional 7,719 shares in the last quarter. 9.29% 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.