ArcelorMittal (NYSE:MT) Sees Unusually-High Trading Volume – Time to Buy?

Shares of ArcelorMittal S.A. (NYSE:MT) saw an uptick in trading volume on Thursday . 3,179,128 shares were traded during trading, an increase of 85% from the previous session’s volume of 1,717,604 shares.The stock last traded at $34.62 and had previously closed at $33.69.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Morgan Stanley cut ArcelorMittal from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 14th. Bank of America raised shares of ArcelorMittal from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $30.00 to $32.90 in a research report on Thursday, November 14th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, ArcelorMittal currently has a consensus rating of “Moderate Buy” and an average price target of $31.17.

ArcelorMittal Stock Performance

The stock has a market capitalization of $27.78 billion, a P/E ratio of 20.55, a P/E/G ratio of 0.14 and a beta of 1.74. The company has a quick ratio of 0.59, a current ratio of 1.35 and a debt-to-equity ratio of 0.17. The stock has a 50 day simple moving average of $25.54 and a two-hundred day simple moving average of $24.73.

ArcelorMittal (NYSE:MT) last issued its earnings results on Thursday, February 6th. The basic materials company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.09). ArcelorMittal had a return on equity of 4.31% and a net margin of 2.14%. On average, equities analysts forecast that ArcelorMittal S.A. will post 3.72 EPS for the current fiscal year.

Institutional Investors Weigh In On ArcelorMittal

Several hedge funds have recently bought and sold shares of the company. Geneos Wealth Management Inc. increased its position in ArcelorMittal by 89.6% during the fourth quarter. Geneos Wealth Management Inc. now owns 1,134 shares of the basic materials company’s stock worth $26,000 after buying an additional 536 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of ArcelorMittal by 68.5% during the 4th quarter. GAMMA Investing LLC now owns 1,464 shares of the basic materials company’s stock worth $34,000 after acquiring an additional 595 shares during the last quarter. BNP Paribas Financial Markets raised its stake in ArcelorMittal by 76.2% in the 4th quarter. BNP Paribas Financial Markets now owns 4,878 shares of the basic materials company’s stock valued at $113,000 after acquiring an additional 2,110 shares during the period. Smartleaf Asset Management LLC lifted its holdings in ArcelorMittal by 76.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 5,963 shares of the basic materials company’s stock valued at $137,000 after purchasing an additional 2,586 shares during the last quarter. Finally, Callan Family Office LLC acquired a new stake in ArcelorMittal during the 4th quarter valued at $207,000. 9.29% of the stock is currently owned by institutional investors and hedge funds.

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.