Breaking: Could ArcelorMittal SA (ADR) Change Direction After Reaching 52-Week High?

Breaking: Could ArcelorMittal SA (ADR) Change Direction After Reaching 52 Week High?

The stock of ArcelorMittal SA (ADR) (NYSE:MT) hit a new 52-week high and has $10.83 target or 54.00% above today’s $7.03 share price. The 6 months bullish chart indicates low risk for the $20.47B company. The 1-year high was reported on Nov, 9 by Barchart.com. If the $10.83 price target is reached, the company will be worth $11.05B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 16.14 million shares traded hands. ArcelorMittal SA (ADR) (NYSE:MT) has risen 42.09% since April 7, 2016 and is uptrending. It has outperformed by 37.31% the S&P500.

ArcelorMittal SA (ADR) (NYSE:MT) Ratings Coverage

Out of 13 analysts covering Arcelormittal (NYSE:MT), 7 rate it a “Buy”, 0 “Sell”, while 6 “Hold”. This means 54% are positive. Arcelormittal has been the topic of 31 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The rating was downgraded by RBC Capital Markets to “Sector Perform” on Friday, December 18. The firm has “Buy” rating given on Monday, October 5 by Citigroup. On Friday, August 19 the stock rating was upgraded by JP Morgan to “Neutral”. Citigroup downgraded the shares of MT in a report on Wednesday, December 2 to “Neutral” rating. The firm has “Neutral” rating by Goldman Sachs given on Tuesday, February 9. The firm has “Buy” rating by Citigroup given on Wednesday, June 1. The stock of ArcelorMittal SA (ADR) (NYSE:MT) earned “Hold” rating by Jefferies on Monday, March 7. The firm has “Neutral” rating given on Friday, October 23 by Credit Suisse. On Wednesday, April 20 the stock rating was upgraded by Jefferies to “Buy”. The stock has “Overweight” rating given by Morgan Stanley on Thursday, March 10.

According to Zacks Investment Research, “ArcelorMittal (MT) is the world’s leading steel and mining company. With a presence in more than 60 countries, it operates a balanced portfolio of cost competitive steel plants across both the developed and developing world. It is the leader in all the main sectors automotive, household appliances, packaging and construction. The company is also the world’s fourth largest producer of iron ore, with a global portfolio of 16 operating units with mines in operation or development.”

More news for ArcelorMittal SA (ADR) (NYSE:MT) were recently published by: Investorplace.com, which released: “Why Valeant Pharmaceuticals Intl Inc (VRX), CVS Health Corp (CVS) and …” on November 08, 2016. Investorplace.com‘s article titled: “Bull of the Day: ArcelorMittal SA (ADR) (MT)” and published on August 02, 2016 is yet another important article.

MT Company Profile

ArcelorMittal S.A. (ArcelorMittal), incorporated on June 21, 2001, is a holding company. The Firm is an integrated steel and mining company. ArcelorMittal operates through five divisions: NAFTA; Europe; Brazil; Africa and Commonwealth of Independent States (ACIS), and Mining. It produces a range of finished and semi-finished steel products (semis). ArcelorMittal produces flat steel products, including sheet and plate, and long steel products, including bars, rods and structural shapes. In addition, ArcelorMittal produces pipes and tubes for various applications.

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