ArcelorMittal (MT) Given New $32.00 Price Target at Cowen and Company

ArcelorMittal (NYSE:MT) had its price target hoisted by Cowen and Company from $27.00 to $32.00 in a research note published on Monday. Cowen and Company currently has a market perform rating on the basic materials company’s stock.

Several other equities research analysts also recently commented on the company. Zacks Investment Research upgraded ArcelorMittal from a strong sell rating to a hold rating in a report on Wednesday, October 25th. BidaskClub upgraded ArcelorMittal from a buy rating to a strong-buy rating in a report on Wednesday, July 19th. Jefferies Group LLC reiterated a buy rating and issued a $34.00 price objective (up from $31.50) on shares of ArcelorMittal in a report on Tuesday, July 18th. UBS AG upgraded ArcelorMittal from a neutral rating to a buy rating in a report on Friday, October 20th. Finally, SBG Securities cut ArcelorMittal from a buy rating to a hold rating in a research report on Sunday, July 30th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $33.55.

ArcelorMittal (NYSE MT) traded down $0.12 during midday trading on Monday, reaching $29.02. The company had a trading volume of 3,973,600 shares, compared to its average volume of 5,858,347. ArcelorMittal has a 52 week low of $19.59 and a 52 week high of $30.50. The company has a market cap of $29,610.00, a P/E ratio of 7.32 and a beta of 2.18. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.23 and a quick ratio of 0.42.

ArcelorMittal (NYSE:MT) last released its quarterly earnings data on Friday, November 10th. The basic materials company reported $1.18 EPS for the quarter, topping the consensus estimate of $0.86 by $0.32. ArcelorMittal had a return on equity of 11.94% and a net margin of 6.04%. The company had revenue of $17.64 billion during the quarter, compared to the consensus estimate of $17.08 billion. During the same period last year, the company earned $0.22 EPS. ArcelorMittal’s revenue for the quarter was up 21.5% on a year-over-year basis. equities research analysts anticipate that ArcelorMittal will post 3.3 EPS for the current year.

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Several hedge funds have recently bought and sold shares of the company. BB&T Corp lifted its position in shares of ArcelorMittal by 0.4% during the 2nd quarter. BB&T Corp now owns 35,799 shares of the basic materials company’s stock valued at $813,000 after buying an additional 137 shares in the last quarter. Ameriprise Financial Inc. lifted its position in shares of ArcelorMittal by 0.5% during the 1st quarter. Ameriprise Financial Inc. now owns 53,502 shares of the basic materials company’s stock valued at $447,000 after buying an additional 285 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of ArcelorMittal by 1.2% during the 1st quarter. Alliancebernstein L.P. now owns 59,901 shares of the basic materials company’s stock valued at $500,000 after buying an additional 720 shares in the last quarter. Quadrant Capital Group LLC lifted its position in shares of ArcelorMittal by 24.9% during the 2nd quarter. Quadrant Capital Group LLC now owns 7,412 shares of the basic materials company’s stock valued at $157,000 after buying an additional 1,479 shares in the last quarter. Finally, BNP Paribas Arbitrage SA lifted its position in shares of ArcelorMittal by 5.2% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 50,533 shares of the basic materials company’s stock valued at $1,149,000 after buying an additional 2,491 shares in the last quarter. 3.62% of the stock is currently owned by hedge funds and other institutional investors.

ArcelorMittal Company Profile

ArcelorMittal SA (ArcelorMittal) is a holding company. The Company, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia and Africa. ArcelorMittal operates through five segments, which include NAFTA; Europe; Brazil; Africa and Commonwealth of Independent States (ACIS), and Mining.

Analyst Recommendations for ArcelorMittal (NYSE:MT)

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