The stock of ArcelorMittal SA (ADR) (NYSE:MT) hit a new 52-week high and has $8.12 target or 9.00% above today’s $7.45 share price. The 5 months bullish chart indicates low risk for the $22.90 billion company. The 1-year high was reported on Nov, 22 by Barchart.com. If the $8.12 price target is reached, the company will be worth $2.06B 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 7.95 million shares traded hands. ArcelorMittal SA (ADR) (NYSE:MT) has risen 17.28% since April 20, 2016 and is uptrending. It has outperformed by 12.72% 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. Berenberg upgraded the stock to “Buy” rating in Thursday, March 31 report. JP Morgan downgraded the shares of MT in a report on Tuesday, February 9 to “Neutral” rating. The stock of ArcelorMittal SA (ADR) (NYSE:MT) has “Underweight” rating given on Monday, April 18 by JP Morgan. As per Wednesday, December 2, the company rating was downgraded by Citigroup. The company was downgraded on Tuesday, February 9 by ING Group. The stock of ArcelorMittal SA (ADR) (NYSE:MT) earned “Buy” rating by Goldman Sachs on Tuesday, April 12. On Wednesday, January 13 the stock rating was downgraded by Jefferies to “Underperform”. The stock of ArcelorMittal SA (ADR) (NYSE:MT) has “Buy” rating given on Wednesday, June 1 by Citigroup. On Wednesday, August 5 the stock rating was upgraded by ABN Amro to “Buy”. JP Morgan initiated the shares of MT in a report on Thursday, August 27 with “Neutral” rating.
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 recent ArcelorMittal SA (ADR) (NYSE:MT) news were published by: Investorplace.com which released: “Bull of the Day: ArcelorMittal SA (ADR) (MT)” on August 02, 2016. Also Fool.com published the news titled: “ArcelorMittal SA (ADR) Stock Weighted Down by Capital-Raising Plans” on February 05, 2016. Schaeffersresearch.com‘s news article titled: “Buzz Stocks: Honeywell International Inc., ArcelorMittal SA (ADR), and Silicon …” with publication date: October 07, 2016 was also an interesting one.
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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