ArcelorMittal (NYSE:MT) Shares Gap Down – Should You Sell?

Shares of ArcelorMittal S.A. (NYSE:MT) gapped down prior to trading on Wednesday . The stock had previously closed at $23.93, but opened at $23.39. ArcelorMittal shares last traded at $23.45, with a volume of 128,899 shares changing hands.

Analysts Set New Price Targets

MT has been the topic of several research analyst reports. JPMorgan Chase & Co. lowered ArcelorMittal from an “overweight” rating to a “neutral” rating in a research note on Friday, October 11th. Bank of America upgraded ArcelorMittal from a “neutral” rating to a “buy” rating and increased their price target for the stock from $30.00 to $32.90 in a research report on Thursday, November 14th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, ArcelorMittal presently has an average rating of “Moderate Buy” and an average target price of $31.17.

ArcelorMittal Stock Down 2.1 %

The firm has a market capitalization of $19.19 billion, a P/E ratio of -16.63, a PEG ratio of 0.45 and a beta of 1.75. The firm’s 50-day moving average is $23.93 and its 200 day moving average is $23.68. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.59 and a current ratio of 1.46.

ArcelorMittal (NYSE:MT) last released its quarterly earnings data 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 negative net margin of 1.99% and a positive return on equity of 5.26%. The firm had revenue of $15.20 billion during the quarter, compared to analysts’ expectations of $15.11 billion. During the same period in the previous year, the business posted $1.10 earnings per share. The company’s revenue for the quarter was down 8.5% compared to the same quarter last year. As a group, equities research analysts predict that ArcelorMittal S.A. will post 2.79 EPS for the current fiscal year.

Institutional Trading of ArcelorMittal

Several large investors have recently modified their holdings of the stock. GAMMA Investing LLC boosted its holdings in ArcelorMittal by 68.5% in the 4th quarter. GAMMA Investing LLC now owns 1,464 shares of the basic materials company’s stock worth $34,000 after buying an additional 595 shares during the period. Oppenheimer Asset Management Inc. raised its holdings in shares of ArcelorMittal by 154.7% during the third quarter. Oppenheimer Asset Management Inc. now owns 57,106 shares of the basic materials company’s stock valued at $1,500,000 after acquiring an additional 34,688 shares in the last quarter. Natixis Advisors LLC boosted its stake in shares of ArcelorMittal by 171.4% during the 3rd quarter. Natixis Advisors LLC now owns 130,100 shares of the basic materials company’s stock valued at $3,416,000 after purchasing an additional 82,164 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in ArcelorMittal during the 3rd quarter valued at approximately $642,000. Finally, Envestnet Asset Management Inc. increased its stake in shares of ArcelorMittal by 61.0% in the 2nd quarter. Envestnet Asset Management Inc. now owns 85,710 shares of the basic materials company’s stock worth $1,965,000 after acquiring an additional 32,469 shares in the last quarter. Institutional investors and hedge funds own 9.29% of the company’s stock.

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.