ArcelorMittal (NYSE:MT) Shares Gap Down to $29.28

Shares of ArcelorMittal S.A. (NYSE:MT – Get Rating) gapped down before the market opened on Wednesday . The stock had previously closed at $29.28, but opened at $27.01. ArcelorMittal shares last traded at $27.10, with a volume of 1,047,776 shares traded.

Analyst Ratings Changes

A number of research analysts have issued reports on MT shares. Deutsche Bank Aktiengesellschaft reduced their price target on ArcelorMittal from $36.00 to $33.00 in a research report on Thursday, February 23rd. UBS Group lowered ArcelorMittal from a “neutral” rating to a “sell” rating in a research report on Wednesday, January 18th. JPMorgan Chase & Co. cut their price objective on ArcelorMittal from €24.50 ($26.34) to €23.00 ($24.73) and set a “neutral” rating for the company in a report on Wednesday, December 14th. Bank of America lowered ArcelorMittal from a “buy” rating to a “neutral” rating in a report on Wednesday, December 14th. Finally, StockNews.com initiated coverage on ArcelorMittal in a report on Thursday. They issued a “buy” rating for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $28.68.

ArcelorMittal Stock Performance

The firm has a market cap of $25.48 billion, a price-to-earnings ratio of 2.74 and a beta of 1.91. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.66 and a quick ratio of 0.76. The company has a fifty day moving average price of $30.28 and a two-hundred day moving average price of $26.17.

ArcelorMittal Dividend Announcement

The business also recently announced an annual dividend, which will be paid on Thursday, June 15th. Stockholders of record on Monday, May 22nd will be issued a dividend of $0.38 per share. This represents a dividend yield of 1.2%. The ex-dividend date is Friday, May 19th. ArcelorMittal’s dividend payout ratio is 3.23%.

Institutional Investors Weigh In On ArcelorMittal

Several hedge funds have recently modified their holdings of MT. GQG Partners LLC raised its position in ArcelorMittal by 30.4% during the second quarter. GQG Partners LLC now owns 11,239,292 shares of the basic materials company’s stock valued at $254,072,000 after buying an additional 2,622,080 shares during the period. FMR LLC raised its position in ArcelorMittal by 48.7% during the second quarter. FMR LLC now owns 6,977,758 shares of the basic materials company’s stock valued at $157,697,000 after buying an additional 2,283,917 shares during the period. Arrowstreet Capital Limited Partnership raised its position in ArcelorMittal by 1,300.7% during the first quarter. Arrowstreet Capital Limited Partnership now owns 5,349,935 shares of the basic materials company’s stock valued at $171,251,000 after buying an additional 4,967,981 shares during the period. Dimensional Fund Advisors LP raised its position in ArcelorMittal by 5.6% during the third quarter. Dimensional Fund Advisors LP now owns 4,225,036 shares of the basic materials company’s stock valued at $84,119,000 after buying an additional 224,156 shares during the period. Finally, BlackRock Inc. raised its position in ArcelorMittal by 96.3% during the first quarter. BlackRock Inc. now owns 3,706,360 shares of the basic materials company’s stock valued at $118,642,000 after buying an additional 1,818,361 shares during the period. 5.40% of the stock is owned by hedge funds and other institutional investors.

About ArcelorMittal

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ArcelorMittal SA is a holding company, which engages in steelmaking and mining activities. It operates through the following business segments: NAFTA; Brazil; Europe; Africa and Commonwealth of Independent States (ACIS), Mining, and Others. The NAFTA segment consists of flat products such as slabs, hot-rolled coil, cold-rolled coil, coated steel, and plate.