Short Interest in ArcelorMittal SA (NYSE:MT) Drops By 7.9%

ArcelorMittal SA (NYSE:MT) was the recipient of a significant drop in short interest in the month of September. As of September 15th, there was short interest totalling 6,530,000 shares, a drop of 7.9% from the August 15th total of 7,090,000 shares. Based on an average trading volume of 2,930,000 shares, the short-interest ratio is presently 2.2 days. Currently, 0.7% of the shares of the company are sold short.

A number of institutional investors have recently bought and sold shares of MT. Luminus Management LLC boosted its position in ArcelorMittal by 116.1% during the second quarter. Luminus Management LLC now owns 3,729,282 shares of the basic materials company’s stock worth $67,239,000 after purchasing an additional 2,003,515 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its position in ArcelorMittal by 19.6% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 35,741 shares of the basic materials company’s stock worth $644,000 after purchasing an additional 5,867 shares in the last quarter. MidWestOne Financial Group Inc. purchased a new position in ArcelorMittal during the second quarter worth approximately $461,000. Morgan Stanley boosted its position in ArcelorMittal by 23.7% during the second quarter. Morgan Stanley now owns 417,678 shares of the basic materials company’s stock worth $7,531,000 after purchasing an additional 80,096 shares in the last quarter. Finally, Covalis Capital LLP boosted its position in ArcelorMittal by 8.9% during the second quarter. Covalis Capital LLP now owns 158,690 shares of the basic materials company’s stock worth $2,861,000 after purchasing an additional 13,000 shares in the last quarter. 2.59% of the stock is currently owned by hedge funds and other institutional investors.

ArcelorMittal stock traded up $0.08 during midday trading on Monday, hitting $14.24. 2,797,696 shares of the company were exchanged, compared to its average volume of 3,029,232. The firm has a market capitalization of $14.33 billion, a PE ratio of 2.47 and a beta of 2.41. ArcelorMittal has a fifty-two week low of $12.53 and a fifty-two week high of $31.37. The business has a fifty day simple moving average of $14.50 and a two-hundred day simple moving average of $17.45. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.52 and a current ratio of 1.41.

ArcelorMittal (NYSE:MT) last posted its earnings results on Thursday, August 1st. The basic materials company reported $0.49 EPS for the quarter, hitting the consensus estimate of $0.49. The firm had revenue of $19.28 billion for the quarter, compared to analyst estimates of $18.90 billion. ArcelorMittal had a return on equity of 8.39% and a net margin of 2.73%. ArcelorMittal’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same period last year, the company earned $1.83 earnings per share. As a group, equities analysts expect that ArcelorMittal will post 0.9 earnings per share for the current year.

Several analysts recently commented on the company. Credit Suisse Group reaffirmed a “buy” rating on shares of ArcelorMittal in a report on Tuesday, September 10th. Goldman Sachs Group raised ArcelorMittal from a “neutral” rating to a “buy” rating in a report on Wednesday, June 12th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $27.52.

About ArcelorMittal

ArcelorMittal, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia, and Africa. It operates through five segments: NAFTA, Brazil, Europe, ACIS, and Mining. The company produces finished and semi-finished steel products with various specifications.

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