A number of other equities research analysts have also weighed in on MT. Bank of America lowered shares of ArcelorMittal from a buy rating to a neutral rating in a research note on Wednesday, October 18th. JPMorgan Chase & Co. upgraded shares of ArcelorMittal from a neutral rating to an overweight rating in a research note on Tuesday, December 12th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, ArcelorMittal has a consensus rating of Moderate Buy and an average price target of $33.00.
ArcelorMittal Price Performance
ArcelorMittal (NYSE:MT – Get Free Report) last announced its quarterly earnings data on Thursday, February 8th. The basic materials company reported ($3.57) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.08) by ($1.49). ArcelorMittal had a return on equity of 8.55% and a net margin of 1.35%. The firm had revenue of $14.55 billion during the quarter, compared to analysts’ expectations of $16.39 billion. During the same quarter in the previous year, the firm earned $1.37 earnings per share. ArcelorMittal’s revenue was down 13.8% on a year-over-year basis. As a group, research analysts expect that ArcelorMittal will post 4.08 EPS for the current fiscal year.
Institutional Investors Weigh In On ArcelorMittal
Several hedge funds and other institutional investors have recently modified their holdings of MT. Raymond James & Associates increased its stake in shares of ArcelorMittal by 36.5% in the 1st quarter. Raymond James & Associates now owns 77,799 shares of the basic materials company’s stock worth $2,490,000 after purchasing an additional 20,821 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of ArcelorMittal by 15.0% in the 1st quarter. Bank of New York Mellon Corp now owns 17,618 shares of the basic materials company’s stock worth $564,000 after purchasing an additional 2,294 shares in the last quarter. American Century Companies Inc. increased its stake in shares of ArcelorMittal by 11.3% in the 1st quarter. American Century Companies Inc. now owns 79,895 shares of the basic materials company’s stock worth $2,557,000 after purchasing an additional 8,085 shares in the last quarter. US Bancorp DE increased its stake in shares of ArcelorMittal by 75.4% in the 1st quarter. US Bancorp DE now owns 23,765 shares of the basic materials company’s stock worth $760,000 after purchasing an additional 10,217 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in ArcelorMittal by 10.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,874 shares of the basic materials company’s stock worth $252,000 after buying an additional 758 shares during the period. 4.56% of the stock is currently owned by hedge funds and other institutional investors.
ArcelorMittal Company Profile
ArcelorMittal SA, together with its subsidiaries, operates as integrated steel and mining companies in the Americas, Europe, Asia, and Africa. It offers semi-finished flat products, including slabs; finished flat products comprising plates, hot- and cold-rolled coils and sheets, hot-dipped and electro-galvanized coils and sheets, tinplate, and color coated coils and sheets; semi-finished long products, such as blooms and billets; finished long products consisting of bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes.
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