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

ArcelorMittal S.A. (NYSE:MT) was the recipient of a large decline in short interest during the month of May. As of May 31st, there was short interest totalling 4,020,000 shares, a decline of 18.0% from the May 15th total of 4,900,000 shares. Based on an average daily volume of 1,590,000 shares, the days-to-cover ratio is presently 2.5 days. Approximately 0.5% of the shares of the stock are short sold.

ArcelorMittal Trading Down 3.0 %

Shares of ArcelorMittal stock traded down $0.73 during trading on Friday, reaching $23.26. 3,314,079 shares of the company were exchanged, compared to its average volume of 1,415,954. The company has a quick ratio of 0.65, a current ratio of 1.55 and a debt-to-equity ratio of 0.15. ArcelorMittal has a twelve month low of $21.30 and a twelve month high of $29.15. The business has a 50-day moving average price of $25.75 and a 200-day moving average price of $26.56. The firm has a market capitalization of $18.73 billion, a price-to-earnings ratio of 26.13, a P/E/G ratio of 0.28 and a beta of 1.83.

ArcelorMittal (NYSE:MT) last posted its earnings results on Thursday, May 2nd. The basic materials company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.23. ArcelorMittal had a return on equity of 8.29% and a net margin of 1.15%. The firm had revenue of $16.28 billion during the quarter, compared to analysts’ expectations of $16.67 billion. During the same period in the previous year, the firm earned $1.27 earnings per share. The company’s revenue was down 12.0% on a year-over-year basis. Sell-side analysts anticipate that ArcelorMittal will post 4.13 EPS for the current fiscal year.

ArcelorMittal Dividend Announcement

The firm also recently announced a Semi-Annual dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 17th were paid a $0.213 dividend. The ex-dividend date was Thursday, May 16th. ArcelorMittal’s payout ratio is 48.31%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Principal Securities Inc. bought a new stake in ArcelorMittal during the fourth quarter worth about $25,000. GAMMA Investing LLC bought a new stake in ArcelorMittal in the fourth quarter valued at approximately $30,000. EverSource Wealth Advisors LLC raised its stake in ArcelorMittal by 84.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,128 shares of the basic materials company’s stock valued at $32,000 after buying an additional 517 shares during the period. Blue Trust Inc. raised its stake in ArcelorMittal by 336.3% in the fourth quarter. Blue Trust Inc. now owns 1,309 shares of the basic materials company’s stock valued at $37,000 after buying an additional 1,009 shares during the period. Finally, Headlands Technologies LLC bought a new stake in ArcelorMittal in the first quarter valued at approximately $71,000. 9.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MT has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $31.00 target price (down previously from $34.00) on shares of ArcelorMittal in a research report on Tuesday, April 16th. StockNews.com downgraded ArcelorMittal from a “buy” rating to a “hold” rating in a research report on Monday, March 4th. Finally, The Goldman Sachs Group initiated coverage on ArcelorMittal in a research report on Thursday, May 9th. They set a “neutral” rating and a $29.60 target price for the company. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $30.30.

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.