ArcelorMittal (NYSE:MT) Given New $62.00 Price Target at Wells Fargo & Company

ArcelorMittal (NYSE:MT) had its target price increased by equities research analysts at Wells Fargo & Company from $61.00 to $62.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the basic materials company’s stock. Wells Fargo & Company‘s target price indicates a potential downside of 1.95% from the stock’s current price.

A number of other research firms also recently commented on MT. Jefferies Financial Group reaffirmed a “buy” rating on shares of ArcelorMittal in a report on Monday. KeyCorp began coverage on shares of ArcelorMittal in a research note on Wednesday, March 25th. They issued a “sector weight” rating on the stock. Santander lowered shares of ArcelorMittal from an “outperform” rating to a “neutral” rating in a research report on Tuesday, April 21st. Weiss Ratings upgraded shares of ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, May 4th. Finally, Citigroup reaffirmed a “buy” rating on shares of ArcelorMittal in a report on Wednesday, May 20th. Six investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $68.40.

ArcelorMittal Price Performance

Shares of NYSE:MT opened at $63.23 on Thursday. The firm has a market capitalization of $49.00 billion, a PE ratio of 16.60, a PEG ratio of 0.51 and a beta of 1.55. The company has a current ratio of 1.39, a quick ratio of 0.54 and a debt-to-equity ratio of 0.19. ArcelorMittal has a 1-year low of $30.17 and a 1-year high of $72.50. The business’s 50 day moving average is $64.23 and its 200-day moving average is $58.27.

ArcelorMittal (NYSE:MT) last issued its earnings results on Thursday, April 30th. The basic materials company reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.04. ArcelorMittal had a return on equity of 4.77% and a net margin of 4.71%.The business had revenue of $15.46 billion during the quarter, compared to analyst estimates of $17.04 billion. During the same period in the prior year, the company posted $1.05 earnings per share. ArcelorMittal’s revenue was up 4.5% on a year-over-year basis. Sell-side analysts predict that ArcelorMittal will post 4.72 earnings per share for the current year.

Hedge Funds Weigh In On ArcelorMittal

Institutional investors and hedge funds have recently bought and sold shares of the business. True Wealth Design LLC increased its stake in shares of ArcelorMittal by 41.4% in the fourth quarter. True Wealth Design LLC now owns 799 shares of the basic materials company’s stock valued at $36,000 after buying an additional 234 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in ArcelorMittal in the fourth quarter valued at about $44,000. Geneos Wealth Management Inc. boosted its stake in shares of ArcelorMittal by 44.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock valued at $47,000 after purchasing an additional 501 shares during the last quarter. Allworth Financial LP boosted its stake in ArcelorMittal by 91.5% in the fourth quarter. Allworth Financial LP now owns 1,126 shares of the basic materials company’s stock valued at $51,000 after acquiring an additional 538 shares during the last quarter. Finally, CIBC Private Wealth Group LLC boosted its position 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 worth $52,000 after purchasing an additional 640 shares during the last quarter. Institutional investors and hedge funds own 9.29% of the company’s stock.

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.