ArcelorMittal SA (NYSE:MT) Short Interest Up 8.1% in May
ArcelorMittal SA (NYSE:MT) saw a large growth in short interest in the month of May. As of May 15th, there was short interest totalling 16,110,000 shares, a growth of 8.1% from the April 30th total of 14,900,000 shares. Based on an average trading volume of 4,490,000 shares, the days-to-cover ratio is currently 3.6 days. Approximately 1.6% of the shares of the company are sold short.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in MT. Aigen Investment Management LP acquired a new stake in shares of ArcelorMittal in the 4th quarter valued at $36,000. Tower Research Capital LLC TRC acquired a new stake in shares of ArcelorMittal in the 4th quarter valued at $48,000. Invesco Ltd. increased its stake in shares of ArcelorMittal by 17.5% in the 1st quarter. Invesco Ltd. now owns 13,934 shares of the basic materials company’s stock valued at $130,000 after buying an additional 2,079 shares during the period. Wetherby Asset Management Inc. increased its stake in shares of ArcelorMittal by 12.7% in the 1st quarter. Wetherby Asset Management Inc. now owns 16,839 shares of the basic materials company’s stock valued at $157,000 after buying an additional 1,903 shares during the period. Finally, Atlas Capital Advisors LLC increased its stake in shares of ArcelorMittal by 2,806.7% in the 1st quarter. Atlas Capital Advisors LLC now owns 18,341 shares of the basic materials company’s stock valued at $171,000 after buying an additional 17,710 shares during the period. 3.31% of the stock is owned by institutional investors.
Several equities analysts recently commented on the company. TheStreet downgraded ArcelorMittal from a “c-” rating to a “d+” rating in a research report on Thursday, April 2nd. KeyCorp raised their target price on ArcelorMittal from $13.00 to $15.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th. JPMorgan Chase & Co. restated a “neutral” rating on shares of ArcelorMittal in a research report on Thursday, May 14th. UBS Group restated a “buy” rating on shares of ArcelorMittal in a research report on Wednesday, April 8th. Finally, Morgan Stanley restated an “overweight” rating on shares of ArcelorMittal in a research report on Monday, May 18th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $19.25.
ArcelorMittal (NYSE:MT) last released its quarterly earnings results on Thursday, May 7th. The basic materials company reported ($0.56) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.05 by ($0.61). ArcelorMittal had a negative net margin of 6.02% and a negative return on equity of 2.12%. The business had revenue of $14.84 billion for the quarter, compared to analyst estimates of $15.75 billion. During the same period in the prior year, the business earned $0.52 earnings per share. The company’s revenue for the quarter was down 22.6% on a year-over-year basis. Equities research analysts forecast that ArcelorMittal will post -1.77 EPS for the current year.
ArcelorMittal Company Profile
ArcelorMittal, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia, and Africa. It operates through five segments: NAFTA, Brazil, Europe, ACIS, and Mining. The company produces finished and semi-finished steel products with various specifications.
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