ArcelorMittal S.A. (NYSE:MT) Sees Large Drop in Short Interest

ArcelorMittal S.A. (NYSE:MT) saw a significant drop in short interest in the month of January. As of January 31st, there was short interest totalling 4,110,000 shares, a drop of 25.0% from the January 15th total of 5,480,000 shares. Based on an average daily trading volume, of 1,780,000 shares, the days-to-cover ratio is currently 2.3 days. Currently, 0.5% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

MT has been the subject of several research analyst reports. Bank of America upgraded shares of ArcelorMittal from a “neutral” rating to a “buy” rating and upped their target price for the company from $30.00 to $32.90 in a research note on Thursday, November 14th. Morgan Stanley lowered shares of ArcelorMittal from an “overweight” rating to an “equal weight” rating in a report on Friday. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $31.17.

Hedge Funds Weigh In On ArcelorMittal

Hedge funds and other institutional investors have recently made changes to their positions in the company. Geneos Wealth Management Inc. grew its stake in shares of ArcelorMittal by 89.6% in the fourth quarter. Geneos Wealth Management Inc. now owns 1,134 shares of the basic materials company’s stock valued at $26,000 after buying an additional 536 shares in the last quarter. GAMMA Investing LLC lifted its holdings in ArcelorMittal by 68.5% during the 4th quarter. GAMMA Investing LLC now owns 1,464 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 595 shares during the last quarter. 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. Callan Family Office LLC acquired a new stake in ArcelorMittal during the 4th quarter valued at $207,000. Finally, PNC Financial Services Group Inc. lifted its holdings in ArcelorMittal by 23.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 9,076 shares of the basic materials company’s stock valued at $210,000 after purchasing an additional 1,702 shares during the last quarter. 9.29% of the stock is owned by institutional investors.

ArcelorMittal Stock Down 0.5 %

NYSE MT traded down $0.13 during trading hours on Friday, reaching $28.58. 1,547,140 shares of the company’s stock were exchanged, compared to its average volume of 2,024,448. The company’s 50-day moving average is $24.33 and its two-hundred day moving average is $24.08. ArcelorMittal has a one year low of $20.52 and a one year high of $29.38. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.59 and a current ratio of 1.46. The company has a market capitalization of $23.41 billion, a price-to-earnings ratio of 17.32, a price-to-earnings-growth ratio of 0.56 and a beta of 1.74.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings results on Thursday, February 6th. The basic materials company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.61 by ($0.09). ArcelorMittal had a return on equity of 4.24% and a net margin of 2.14%. On average, analysts forecast that ArcelorMittal will post 3.6 EPS for the current fiscal year.

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.