ArcelorMittal (NYSE: MT) sees significant drop in short-term interest
ArcelorMittal (NYSE: MT) saw a significant drop in short-term interest in August. As of August 31, there was short interest totaling 3,570,000 shares, a decrease of 19.4% from the August 15 total of 4,430,000 shares. About 0.4% of the company’s shares are sold short. Based on an average daily volume of 3,730,000 shares, the short-term interest ratio is currently 1.0 day.
Several institutional investors have recently changed their positions in MT. Parametric Portfolio Associates LLC increased its stake in ArcelorMittal by 13.8% in the second quarter. Parametric Portfolio Associates LLC now owns 904,667 shares of the basic materials company valued at $ 28,099,000 after purchasing an additional 109,487 shares during the last quarter. Marshall Wace North America LP purchased a new stake in ArcelorMittal in the second quarter valued at approximately $ 1,922,000. Morgan Stanley increased its stake in ArcelorMittal by 29.8% in the second quarter. Morgan Stanley now owns 1,618,932 shares of the basic materials company valued at $ 50,283,000 after purchasing an additional 371,294 shares in the last quarter. Maverick Capital Ltd. purchased a new stake in ArcelorMittal in the second quarter for a value of approximately $ 36,000. Finally, Ameritas Investment Company LLC increased its stake in ArcelorMittal by 470.9% in the second quarter. Ameritas Investment Company LLC now owns 10,562 shares of the basic materials company valued at $ 328,000 after purchasing an additional 8,712 shares in the last quarter. 6.79% of the shares are currently held by hedge funds and other institutional investors.
NYSE MT opened at $ 29.39 on Tuesday. ArcelorMittal has a one-year low at $ 11.84 and a one-year high at $ 36.58. The company has a debt ratio of 0.14, a current ratio of 1.28, and a rapid ratio of 0.57. The company has a market cap of $ 29.75 billion, a price / earnings ratio of 4.76, a PEG ratio of 1.70 and a beta of 1.99. The company has a fifty-day moving average price of $ 33.41 and a 200-day moving average price of $ 31.25.
ArcelorMittal (NYSE: MT) last released its quarterly results on Thursday, July 29. The basic materials company reported earnings per share of $ 3.46 for the quarter, beating the Thomson Reuters consensus estimate of $ 2.70 by $ 0.76. The company posted revenue of $ 19.34 billion in the quarter, compared to analysts’ estimates of $ 19.67 billion. ArcelorMittal had a net margin of 11.49% and a return on equity of 15.22%. On average, research analysts predict ArcelorMittal will post 12.56 EPS for the current fiscal year.
A number of research analysts have weighed in on the stock recently. TheStreet downgraded ArcelorMittal’s shares from a “c” rating to a “b-” rating in a research report published on Wednesday, June 2. Morgan Stanley reaffirmed an “overweight” rating on ArcelorMittal shares in a research note on Tuesday, August 3. JPMorgan Chase & Co. reaffirmed an “overweight” rating on ArcelorMittal shares in a research note on Friday, July 30. Barclays reiterated an “overweight” rating on ArcelorMittal shares in a research note on Tuesday, September 14. Finally, Credit Suisse Group reaffirmed a “neutral” rating on ArcelorMittal shares in a research report on Monday, June 7. One analyst rated the stock with a conservation rating and eleven gave the stock a buy rating. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $ 32.98.
ArcelorMittal Company Profile
ArcelorMittal SA is a holding company engaged in steel and mining activities. It operates in the following business sectors: NAFTA, Brazil, Europe, Africa and the Commonwealth of Independent States (ACIS), mining and others. The NAFTA segment includes flat products such as slabs, hot-rolled coils, cold-rolled coils, coated steel and plate.
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