Short Interest in ArcelorMittal (NYSE:MT) Drops By 45.1%

ArcelorMittal (NYSE:MT – Get Free Report) was the recipient of a significant decrease in short interest in August. As of August 14th, there was short interest totaling 1,379,481 shares, a decrease of 45.1% from the July 30th total of 2,514,067 shares. Approximately 0.2% of the company’s stock are sold short. Based on an average daily trading volume, of 1,219,446 shares, the short-interest ratio is currently 1.1 days.

ArcelorMittal Stock Performance

Shares of MT traded up $0.24 during mid-day trading on Monday, hitting $74.63. 1,171,145 shares of the company traded hands, compared to its average volume of 1,840,812. The stock has a market cap of $57.84 billion, a price-to-earnings ratio of 31.62, a P/E/G ratio of 0.56 and a beta of 1.53. The stock has a 50-day moving average price of $68.23 and a two-hundred day moving average price of $63.51. ArcelorMittal has a 1 year low of $31.93 and a 1 year high of $75.93. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.57 and a current ratio of 1.43.

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ArcelorMittal (NYSE:MT – Get Free Report) last posted its earnings results on Thursday, July 30th. The basic materials company reported $0.90 EPS for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.28). The company had revenue of $16.76 billion during the quarter, compared to the consensus estimate of $17.56 billion. ArcelorMittal had a return on equity of 4.20% and a net margin of 2.88%.The company’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period last year, the firm posted $1.32 EPS. Equities analysts anticipate that ArcelorMittal will post 4.48 earnings per share for the current year.

Institutional Trading of ArcelorMittal

Hedge funds have recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of ArcelorMittal during the 4th quarter valued at about $44,000. Allworth Financial LP lifted its stake in shares of ArcelorMittal by 91.5% in the 4th quarter. Allworth Financial LP now owns 1,126 shares of the basic materials company’s stock worth $51,000 after purchasing an additional 538 shares during the period. CIBC Private Wealth Group LLC lifted its stake in shares of ArcelorMittal by 126.5% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,146 shares of the basic materials company’s stock worth $52,000 after purchasing an additional 640 shares during the period. Geneos Wealth Management Inc. boosted its holdings in shares of ArcelorMittal by 44.2% in the first quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock worth $47,000 after buying an additional 501 shares during the last quarter. Finally, Atlas Capital Advisors Inc. purchased a new position in shares of ArcelorMittal in the fourth quarter worth approximately $92,000. Hedge funds and other institutional investors own 9.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on MT shares. Weiss Ratings lowered shares of ArcelorMittal from a “buy (b-)” rating to a “hold (c)” rating in a report on Thursday, August 13th. Wells Fargo & Company increased their target price on ArcelorMittal from $62.00 to $69.00 and gave the company an “equal weight” rating in a research note on Friday, July 31st. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $75.00 target price on shares of ArcelorMittal in a report on Friday, July 31st. JPMorgan Chase & Co. upgraded ArcelorMittal from an “underweight” rating to a “neutral” rating in a research note on Friday, July 10th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of ArcelorMittal in a research report on Monday, July 6th. Five equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, ArcelorMittal has a consensus rating of “Hold” and an average target price of $74.80.

Get Our Latest Stock Analysis on MT

ArcelorMittal Company Profile

(Get Free Report)

ArcelorMittal is a multinational steel manufacturing company formed in 2006 through the merger of Arcelor and Mittal Steel. Headquartered in Luxembourg, the company is one of the world’s largest producers of steel and operates an integrated value chain that spans raw material extraction, steelmaking, processing and distribution. Its product portfolio includes flat and long carbon steel products, coated and specialty steels, tubular products and value-added solutions tailored for sectors such as automotive, construction, household appliances, energy and packaging.

ArcelorMittal’s operations are global in scope, with production facilities, distribution networks and commercial activities across Europe, the Americas, Asia, Africa and the Commonwealth of Independent States.

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