ArcelorMittal S.A. (NYSE:MT) Receives $31.17 Average Target Price from Analysts

Shares of ArcelorMittal S.A. (NYSE:MT) have been given a consensus rating of “Moderate Buy” by the five research firms that are currently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $31.17.

A number of brokerages have recently commented on MT. Bank of America upgraded shares of ArcelorMittal from a “neutral” rating to a “buy” rating and increased their target price for the company from $30.00 to $32.90 in a research report on Thursday, November 14th. JPMorgan Chase & Co. cut shares of ArcelorMittal from an “overweight” rating to a “neutral” rating in a research report on Friday, October 11th.

ArcelorMittal Price Performance

Shares of NYSE MT opened at $21.83 on Friday. The firm has a 50-day simple moving average of $24.31 and a 200-day simple moving average of $23.69. The stock has a market capitalization of $17.58 billion, a price-to-earnings ratio of -15.48, a price-to-earnings-growth ratio of 0.61 and a beta of 1.75. The company has a quick ratio of 0.59, a current ratio of 1.46 and a debt-to-equity ratio of 0.16. ArcelorMittal has a 52 week low of $20.52 and a 52 week high of $28.95.

ArcelorMittal (NYSE:MT) last issued its earnings results on Thursday, November 7th. The basic materials company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05. The business had revenue of $15.20 billion during the quarter, compared to analysts’ expectations of $15.11 billion. ArcelorMittal had a negative net margin of 1.99% and a positive return on equity of 5.26%. The company’s quarterly revenue was down 8.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.10 earnings per share. On average, equities analysts predict that ArcelorMittal will post 2.93 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC raised its holdings in ArcelorMittal by 46.7% during the third quarter. FMR LLC now owns 1,317,833 shares of the basic materials company’s stock worth $34,606,000 after purchasing an additional 419,465 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of ArcelorMittal by 2,038.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 822,426 shares of the basic materials company’s stock valued at $18,858,000 after acquiring an additional 783,965 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of ArcelorMittal by 90.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 622,335 shares of the basic materials company’s stock valued at $16,343,000 after acquiring an additional 295,682 shares during the period. Encompass Capital Advisors LLC acquired a new position in shares of ArcelorMittal in the 2nd quarter valued at $12,679,000. Finally, Cerity Partners LLC increased its holdings in shares of ArcelorMittal by 128.0% in the 3rd quarter. Cerity Partners LLC now owns 464,315 shares of the basic materials company’s stock valued at $12,193,000 after acquiring an additional 260,633 shares during the period. Hedge funds and other institutional investors own 9.29% of the company’s stock.

About ArcelorMittal

ArcelorMittal SA, together with its subsidiaries, operates as integrated steel and mining companies in the United States, Europe, and internationally. 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.