ArcelorMittal (MT) Shares Gap Up Following Strong Earnings

ArcelorMittal (NYSE:MT) last posted its quarterly earnings data on Friday, November 10th. ArcelorMittal should gain from its efforts to reduce debt.

On outlook, the company said the market conditions are favourable, adding that demand environment remains positive and steel spreads remain healthy.

MT has been the topic of a number of recent research reports. Zacks Investment Research lowered ArcelorMittal from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 7th. Finally, UBS AG reaffirmed a "buy" rating on shares of ArcelorMittal in a research report on Thursday, October 26th. Cowen and Company set a $32.00 price objective on shares of ArcelorMittal and gave the company a "buy" rating in a research report on Wednesday, August 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have assigned a buy rating to the company. Analysts reported that the Price Target for ArcelorMittal might touch $42.24 high while the Average Price Target and Low price Target is $31.6 and $20.12 respectively. 7,300,996 shares of the stock traded hands, compared to its average volume of 4,090,000.

For the current quarter, 1 analysts are projecting a mean EPS of $0.86/share. "(QCOM), ArcelorMittal SA (ADR) (MT) and Fastenal Company ..." on April 12, 2017. The company's P/E (price to earnings) ratio is 8.45 and Forward P/E ratio of 9.45.

ArcelorMittal SA (ADR)'s earnings report for the third quarter of the year includes earnings per share of $1.18. ArcelorMittal had a return on equity of 10.52% and a net margin of 5.50%. First Trust Advisors LP acquired a new stake in ArcelorMittal in the 1st quarter worth about $555,000.

In the third quarter, operating profit came in at $1.9 billion, a gain of 1.4 percent from the same period past year but was down nearly 9 percent from the second quarter.

Sales for the quarter were $17.64 billion, higher than $14.52 billion a year earlier.

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Several hedge funds have recently made changes to their positions in the company.

Pomelo Capital Llc, which manages about $366.34 million and $2.28 billion US Long portfolio, upped its stake in Herbalife Ltd (Prn) by 5.98M shares to 37.50 million shares, valued at $39.12M in 2017Q2, according to the filing.

Earnings-per-share (EPS) ratio for MT is 3.33, exhibiting the allocation of the profit to each of its outstanding share of common stock. TD Asset Management Inc. increased its position in shares of ArcelorMittal by 56.9% in the third quarter. BNP Paribas Arbitrage SA now owns 50,381 shares of the company's stock worth $235,000 after buying an additional 23,518 shares during the last quarter. Alpine Woods Capital Investors LLC increased its position in shares of ArcelorMittal by 71.3% in the third quarter. Ameriprise Financial Inc. now owns 53,502 shares of the basic materials company's stock worth $447,000 after purchasing an additional 285 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of ArcelorMittal during the 3rd quarter worth approximately $229,000.

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