ArcelorMittal SA (MT) Sees Significant Decrease in Short Interest
April 2nd, 2017 - By Scott Moore - 0 comments
ArcelorMittal SA logoArcelorMittal SA (NYSE:MT) was the recipient of a significant decline in short interest in March. As of March 15th, there was short interest totalling 9,627,221 shares, a decline of 21.6% from the February 28th total of 12,282,740 shares. Based on an average trading volume of 15,919,061 shares, the short-interest ratio is currently 0.6 days.
A number of brokerages have recently commented on MT. Goldman Sachs Group Inc restated a “buy” rating on shares of ArcelorMittal SA in a report on Friday, February 17th. Jefferies Group LLC restated a “buy” rating and issued a $10.50 price target on shares of ArcelorMittal SA in a report on Thursday, February 16th. Zacks Investment Research lowered ArcelorMittal SA from a “buy” rating to a “hold” rating in a report on Tuesday, March 21st. Cowen and Company upgraded ArcelorMittal SA from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $10.00 to $11.00 in a report on Thursday, March 23rd. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. upgraded ArcelorMittal SA from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $8.40 to $8.44 in a report on Friday. Four equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $7.35.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Appaloosa LP acquired a new position in ArcelorMittal SA during the fourth quarter worth $7,129,000. Putnam Investments LLC raised its position in ArcelorMittal SA by 18.2% in the fourth quarter. Putnam Investments LLC now owns 1,357,827 shares of the company’s stock worth $9,912,000 after buying an additional 209,430 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. raised its position in ArcelorMittal SA by 165.1% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 81,495 shares of the company’s stock worth $596,000 after buying an additional 50,748 shares in the last quarter. Two Sigma Investments LP raised its position in ArcelorMittal SA by 11,710.2% in the fourth quarter. Two Sigma Investments LP now owns 2,992,587 shares of the company’s stock worth $21,846,000 after buying an additional 2,967,248 shares in the last quarter. Finally, GSA Capital Partners LLP raised its position in ArcelorMittal SA by 324.5% in the fourth quarter. GSA Capital Partners LLP now owns 65,766 shares of the company’s stock worth $480,000 after buying an additional 50,273 shares in the last quarter. Institutional investors and hedge funds own 3.46% of the company’s stock.
Shares of ArcelorMittal SA (NYSE:MT) opened at 8.35 on Friday. The firm has a market cap of $25.54 billion, a P/E ratio of 13.47 and a beta of 2.06. The company has a 50 day moving average price of $8.79 and a 200-day moving average price of $7.56. ArcelorMittal SA has a 52-week low of $4.18 and a 52-week high of $9.37