ArcelorMittal S.A. (NYSE:MT – Get Free Report) was the target of a large drop in short interest in the month of November. As of November 30th, there was short interest totalling 3,730,000 shares, a drop of 27.4% from the November 15th total of 5,140,000 shares. Based on an average daily volume of 2,020,000 shares, the days-to-cover ratio is currently 1.8 days. Currently, 0.4% of the company’s shares are sold short.
ArcelorMittal Stock Performance
MT traded up $0.76 during midday trading on Thursday, reaching $27.23. The company’s stock had a trading volume of 2,408,559 shares, compared to its average volume of 2,231,685. The stock has a market cap of $21.93 billion, a P/E ratio of 5.59 and a beta of 1.89. The company has a fifty day simple moving average of $23.70 and a 200 day simple moving average of $25.60. The company has a current ratio of 1.62, a quick ratio of 0.70 and a debt-to-equity ratio of 0.14. ArcelorMittal has a twelve month low of $21.30 and a twelve month high of $32.49.
ArcelorMittal (NYSE:MT – Get Free Report) last announced its quarterly earnings data on Wednesday, November 8th. The basic materials company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.07. ArcelorMittal had a return on equity of 8.93% and a net margin of 5.87%. The company had revenue of $16.62 billion for the quarter, compared to analyst estimates of $16.87 billion. During the same quarter last year, the firm earned $1.54 EPS. ArcelorMittal’s revenue for the quarter was down 12.4% compared to the same quarter last year. Research analysts expect that ArcelorMittal will post 4.9 earnings per share for the current year.
Wall Street Analyst Weigh In
A number of equities research analysts have commented on the company. StockNews.com lowered ArcelorMittal from a “buy” rating to a “hold” rating in a research report on Saturday, October 21st. JPMorgan Chase & Co. raised ArcelorMittal from a “neutral” rating to an “overweight” rating in a research note on Tuesday. Finally, Bank of America downgraded ArcelorMittal from a “buy” rating to a “neutral” rating in a research note on Wednesday, October 18th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $28.00.
Institutional Trading of ArcelorMittal
Several institutional investors have recently bought and sold shares of the stock. Wetherby Asset Management Inc. boosted its stake in ArcelorMittal by 3.7% in the 1st quarter. Wetherby Asset Management Inc. now owns 11,474 shares of the basic materials company’s stock valued at $367,000 after buying an additional 411 shares in the last quarter. US Bancorp DE boosted its stake in ArcelorMittal by 3.2% in the 2nd quarter. US Bancorp DE now owns 14,092 shares of the basic materials company’s stock valued at $385,000 after buying an additional 433 shares in the last quarter. Creative Planning boosted its stake in ArcelorMittal by 6.3% in the 2nd quarter. Creative Planning now owns 9,063 shares of the basic materials company’s stock valued at $205,000 after buying an additional 540 shares in the last quarter. Advisor Partners II LLC boosted its stake in ArcelorMittal by 4.9% in the 1st quarter. Advisor Partners II LLC now owns 14,686 shares of the basic materials company’s stock valued at $442,000 after buying an additional 681 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its position in ArcelorMittal by 10.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,874 shares of the basic materials company’s stock valued at $252,000 after purchasing an additional 758 shares during the last quarter. Institutional investors and hedge funds own 4.56% of the company’s stock.
ArcelorMittal Company Profile
ArcelorMittal SA, together with its subsidiaries, operates as integrated steel and mining companies in the Americas, Europe, Asia, and Africa. 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.