ArcelorMittal (NYSE:MT) Receives $38.98 Consensus Price Target from Brokerages

Shares of ArcelorMittal (NYSE:MT) have been given a consensus rating of “Hold” by the eleven brokerages that are covering the company, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $38.9750.

A number of research analysts have recently issued reports on MT shares. Morgan Stanley raised ArcelorMittal from an “equal weight” rating to an “overweight” rating in a report on Tuesday, January 6th. Oddo Bhf raised shares of ArcelorMittal from a “neutral” rating to an “outperform” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $49.00 target price on shares of ArcelorMittal in a research note on Wednesday, November 26th. Wells Fargo & Company reiterated a “cautious” rating and set a $39.00 price target (up from $33.00) on shares of ArcelorMittal in a research note on Thursday, October 23rd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of ArcelorMittal in a report on Wednesday, October 8th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Contravisory Investment Management Inc. purchased a new position in ArcelorMittal in the 2nd quarter valued at about $270,000. Park Avenue Securities LLC purchased a new stake in shares of ArcelorMittal during the second quarter worth about $400,000. American Century Companies Inc. lifted its stake in shares of ArcelorMittal by 39.1% in the second quarter. American Century Companies Inc. now owns 392,644 shares of the basic materials company’s stock worth $12,400,000 after acquiring an additional 110,420 shares in the last quarter. Covalis Capital LLP purchased a new position in ArcelorMittal in the second quarter valued at about $3,644,000. Finally, Vise Technologies Inc. purchased a new stake in ArcelorMittal during the 2nd quarter worth approximately $430,000. Institutional investors and hedge funds own 9.29% of the company’s stock.

ArcelorMittal Trading Down 1.4%

MT opened at $48.36 on Tuesday. The company has a quick ratio of 0.58, a current ratio of 1.39 and a debt-to-equity ratio of 0.19. ArcelorMittal has a 52 week low of $23.12 and a 52 week high of $49.33. The business’s 50 day moving average is $44.01 and its two-hundred day moving average is $38.16. The firm has a market cap of $37.48 billion, a price-to-earnings ratio of 14.39, a price-to-earnings-growth ratio of 0.18 and a beta of 1.52.

ArcelorMittal (NYSE:MT) last announced its earnings results on Thursday, November 6th. The basic materials company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.04. The business had revenue of $15.66 billion for the quarter, compared to analysts’ expectations of $15.88 billion. ArcelorMittal had a net margin of 4.23% and a return on equity of 4.94%. The company’s quarterly revenue was up 3.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.63 EPS. On average, research analysts predict that ArcelorMittal will post 3.72 EPS for the current year.

ArcelorMittal Company Profile

ArcelorMittal is a multinational steel manufacturing company formed in 2006 through the merger of Arcelor and Mittal Steel. Headquartered in Luxembourg, the company is one of the world’s largest producers of steel and operates an integrated value chain that spans raw material extraction, steelmaking, processing and distribution. Its product portfolio includes flat and long carbon steel products, coated and specialty steels, tubular products and value-added solutions tailored for sectors such as automotive, construction, household appliances, energy and packaging.

ArcelorMittal’s operations are global in scope, with production facilities, distribution networks and commercial activities across Europe, the Americas, Asia, Africa and the Commonwealth of Independent States.