ArcelorMittal (MT) Upgraded at Zacks Investment Research
ArcelorMittal (NYSE:MT) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday. The brokerage presently has a $29.00 price target on the basic materials company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 16.28% from the stock’s previous close.
According to Zacks, “ArcelorMittal has outperformed the industry it belongs to over the past year. ArcelorMittal should gain from its efforts to reduce debt, expand capacity and improve efficiency. It is also making a significant progress in reducing costs and expanding its advanced high strength steel product line under the Action 2020 program. The proposed acquisition of Ilva represents another attractive growth opportunity for the company. The company has also raised its steel demand outlook for 2017.”
MT has been the topic of a number of other reports. BidaskClub upgraded shares of ArcelorMittal from a “sell” rating to a “hold” rating in a research report on Saturday, June 24th. ValuEngine downgraded shares of ArcelorMittal from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. SBG Securities downgraded shares of ArcelorMittal from a “buy” rating to a “hold” rating in a research report on Sunday, July 30th. Jefferies Group LLC restated a “buy” rating on shares of ArcelorMittal in a research report on Monday, September 18th. Finally, Cowen and Company set a $32.00 price target on shares of ArcelorMittal and gave the stock a “buy” rating in a research report on Wednesday, August 23rd. One analyst has rated the stock with a sell rating, three have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $30.77.
ArcelorMittal (NYSE MT) opened at 25.08 on Tuesday. ArcelorMittal has a 12 month low of $17.58 and a 12 month high of $28.11. The firm has a market capitalization of $25.58 billion, a price-to-earnings ratio of 7.89 and a beta of 2.10. The firm’s 50-day moving average is $26.50 and its 200 day moving average is $24.31.
ArcelorMittal (NYSE:MT) last released its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.55. ArcelorMittal had a net margin of 5.50% and a return on equity of 10.52%. The company had revenue of $17.24 billion for the quarter, compared to the consensus estimate of $16.88 billion. During the same period in the previous year, the firm earned $0.38 EPS. ArcelorMittal’s revenue was up 17.0% on a year-over-year basis. Equities analysts predict that ArcelorMittal will post $3.12 earnings per share for the current year.
Several institutional investors have recently added to or reduced their stakes in the company. Cambiar Investors LLC purchased a new position in shares of ArcelorMittal in the second quarter worth approximately $114,710,000. Renaissance Technologies LLC increased its position in shares of ArcelorMittal by 311.2% in the first quarter. Renaissance Technologies LLC now owns 4,760,754 shares of the basic materials company’s stock worth $39,755,000 after acquiring an additional 3,603,075 shares in the last quarter. Credit Suisse AG increased its position in shares of ArcelorMittal by 2,724.4% in the first quarter. Credit Suisse AG now owns 4,540,212 shares of the basic materials company’s stock worth $37,910,000 after acquiring an additional 4,379,463 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of ArcelorMittal by 2.7% in the first quarter. Dimensional Fund Advisors LP now owns 3,756,562 shares of the basic materials company’s stock worth $31,367,000 after acquiring an additional 97,928 shares in the last quarter. Finally, FMR LLC increased its position in shares of ArcelorMittal by 2.3% in the first quarter. FMR LLC now owns 2,937,110 shares of the basic materials company’s stock worth $24,525,000 after acquiring an additional 67,100 shares in the last quarter. 3.57% of the stock is currently owned by institutional investors and hedge funds.
ArcelorMittal SA (ArcelorMittal) is a holding company. The Company, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia and Africa. ArcelorMittal operates through five segments, which include NAFTA; Europe; Brazil; Africa and Commonwealth of Independent States (ACIS), and Mining.
Receive News & Ratings for ArcelorMittal Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ArcelorMittal and related companies with MarketBeat.com's FREE daily email newsletter.