Short Interest in ArcelorMittal S.A. (NYSE:MT) Expands By 29.6%

ArcelorMittal S.A. (NYSE:MT - Get Free Report) was the recipient of a significant growth in short interest during the month of October. As of October 15th, there was short interest totalling 5,480,000 shares, a growth of 29.6% from the September 30th total of 4,230,000 shares. Based on an average daily volume of 1,640,000 shares, the short-interest ratio is currently 3.3 days. Approximately 0.7% of the company's stock are short sold.

Hedge Funds Weigh In On ArcelorMittal

Several hedge funds and other institutional investors have recently modified their holdings of MT. Maple Rock Capital Partners Inc. acquired a new stake in ArcelorMittal in the 1st quarter valued at approximately $36,406,000. Bank of New York Mellon Corp increased its holdings in shares of ArcelorMittal by 2,038.3% during the second quarter. Bank of New York Mellon Corp now owns 822,426 shares of the basic materials company's stock valued at $18,858,000 after purchasing an additional 783,965 shares during the period. MMCAP International Inc. SPC raised its stake in shares of ArcelorMittal by 103.4% during the first quarter. MMCAP International Inc. SPC now owns 650,820 shares of the basic materials company's stock valued at $17,950,000 after purchasing an additional 330,820 shares in the last quarter. Encompass Capital Advisors LLC acquired a new stake in ArcelorMittal in the second quarter worth about $12,679,000. Finally, Van ECK Associates Corp grew its position in ArcelorMittal by 1.8% in the 2nd quarter. Van ECK Associates Corp now owns 225,420 shares of the basic materials company's stock valued at $5,169,000 after buying an additional 3,994 shares in the last quarter. Institutional investors and hedge funds own 9.88% of the company's stock.

ArcelorMittal Stock Performance

Shares of NYSE MT traded down $0.12 during trading on Tuesday, reaching $24.82. The stock had a trading volume of 1,234,963 shares, compared to its average volume of 1,595,744. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.66 and a current ratio of 1.53. The stock has a market cap of $19.99 billion, a PE ratio of 27.88, a P/E/G ratio of 0.52 and a beta of 1.77. ArcelorMittal has a one year low of $20.52 and a one year high of $29.01. The firm's 50 day moving average price is $23.90 and its two-hundred day moving average price is $24.09.

ArcelorMittal (NYSE:MT - Get Free Report) last posted its quarterly earnings results on Thursday, August 1st. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.12 by ($0.49). ArcelorMittal had a positive return on equity of 6.00% and a negative net margin of 0.93%. The business had revenue of $16.25 billion during the quarter, compared to the consensus estimate of $16.32 billion. During the same quarter in the previous year, the business posted $2.20 earnings per share. The company's quarterly revenue was down 12.7% compared to the same quarter last year. On average, research analysts forecast that ArcelorMittal will post 3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

MT has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft upgraded ArcelorMittal from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $29.00 to $31.00 in a report on Wednesday, August 28th. JPMorgan Chase & Co. cut shares of ArcelorMittal from an "overweight" rating to a "neutral" rating in a report on Friday, October 11th. Finally, Barclays raised shares of ArcelorMittal from an "equal weight" rating to an "overweight" rating in a report on Monday, August 19th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $30.30.

ArcelorMittal Company Profile

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.