ArcelorMittal (NYSE:MT) Receives $61.07 Average Price Target from Analysts

ArcelorMittal (NYSE:MT) has been given an average rating of “Hold” by the thirteen ratings firms that are covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and six have given a buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $61.0667.

A number of analysts recently issued reports on the company. Citigroup reissued a “buy” rating on shares of ArcelorMittal in a research report on Wednesday, May 20th. Weiss Ratings raised ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, May 4th. JPMorgan Chase & Co. downgraded ArcelorMittal from an “overweight” rating to an “underweight” rating in a research report on Monday, March 9th. Santander downgraded ArcelorMittal from an “outperform” rating to a “neutral” rating in a research report on Tuesday, April 21st. Finally, KeyCorp started coverage on ArcelorMittal in a report on Wednesday, March 25th. They set a “sector weight” rating for the company.

ArcelorMittal Stock Down 2.4%

Shares of NYSE:MT opened at $63.50 on Friday. The business has a 50-day moving average price of $63.80 and a 200 day moving average price of $56.51. The company has a current ratio of 1.39, a quick ratio of 0.54 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $49.21 billion, a price-to-earnings ratio of 16.67, a PEG ratio of 0.53 and a beta of 1.53. ArcelorMittal has a 12-month low of $29.86 and a 12-month high of $72.50.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings data on Thursday, April 30th. The basic materials company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.04. The firm had revenue of $15.46 billion during the quarter, compared to the consensus estimate of $17.04 billion. ArcelorMittal had a return on equity of 4.77% and a net margin of 4.71%.The company’s quarterly revenue was up 4.5% on a year-over-year basis. During the same period last year, the company earned $1.05 EPS. Sell-side analysts expect that ArcelorMittal will post 4.69 EPS for the current year.

Hedge Funds Weigh In On ArcelorMittal

Hedge funds and other institutional investors have recently bought and sold shares of the company. True Wealth Design LLC boosted its holdings in ArcelorMittal by 41.4% during the 4th quarter. True Wealth Design LLC now owns 799 shares of the basic materials company’s stock valued at $36,000 after acquiring an additional 234 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in ArcelorMittal during the 4th quarter valued at about $44,000. State of Wyoming purchased a new position in ArcelorMittal during the 3rd quarter valued at about $36,000. Allworth Financial LP boosted its stake in shares of ArcelorMittal by 91.5% in the 4th quarter. Allworth Financial LP now owns 1,126 shares of the basic materials company’s stock valued at $51,000 after buying an additional 538 shares during the period. Finally, CIBC Private Wealth Group LLC boosted its stake in shares of ArcelorMittal by 126.5% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,146 shares of the basic materials company’s stock valued at $52,000 after buying an additional 640 shares during the period. 9.29% of the stock is currently owned by hedge funds and other institutional investors.

About ArcelorMittal

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.