ArcelorMittal (NYSE:MT) Stock Has Consensus Price Target of $74.55 According to Analysts

ArcelorMittal (NYSE:MT) has been given an average recommendation of “Moderate Buy” by the fifteen research firms that are presently covering the company, MarketBeat reports. Seven investment analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $74.55.

Several equities analysts have commented on the stock. Jefferies Financial Group reissued a “buy” rating on shares of ArcelorMittal in a research note on Wednesday, September 23rd. JPMorgan Chase & Co. raised shares of ArcelorMittal from a “neutral” rating to an “overweight” rating in a research note on Thursday, October 15th. Citigroup reiterated a “buy” rating on shares of ArcelorMittal in a report on Tuesday, August 4th. Barclays reiterated a “neutral” rating on shares of ArcelorMittal in a report on Tuesday, July 7th. Finally, Wells Fargo & Company lowered their price objective on shares of ArcelorMittal from $69.00 to $64.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 6th.

Hedge Funds Weigh In On ArcelorMittal

Several hedge funds have recently modified their holdings of MT. Maple Rock Capital Partners Inc. boosted its stake in ArcelorMittal by 54.9% during the second quarter. Maple Rock Capital Partners Inc. now owns 2,190,860 shares of the basic materials company’s stock valued at $131,934,000 after buying an additional 776,595 shares in the last quarter. Auto Owners Insurance Co grew its holdings in ArcelorMittal by 4,457.0% during the fourth quarter. Auto Owners Insurance Co now owns 367,568 shares of the basic materials company’s stock worth $1,675,000 after acquiring an additional 359,502 shares during the period. Amanah Holdings Trust acquired a new position in ArcelorMittal during the fourth quarter worth about $6,744,000. Castle Hook Partners LP bought a new stake in ArcelorMittal in the fourth quarter worth about $5,955,000. Finally, ABC Arbitrage SA bought a new stake in ArcelorMittal in the first quarter worth about $3,819,000. 9.29% of the stock is currently owned by institutional investors and hedge funds.

ArcelorMittal Price Performance

Shares of NYSE MT opened at $62.63 on Thursday. ArcelorMittal has a fifty-two week low of $36.70 and a fifty-two week high of $79.68. The firm’s 50-day simple moving average is $70.89 and its 200 day simple moving average is $66.54. The company has a quick ratio of 0.57, a current ratio of 1.43 and a debt-to-equity ratio of 0.21. The stock has a market cap of $48.54 billion, a P/E ratio of 20.21, a P/E/G ratio of 0.53 and a beta of 1.54.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.90 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.28). The company had revenue of $16.76 billion during the quarter, compared to analyst estimates of $17.56 billion. ArcelorMittal had a return on equity of 4.20% and a net margin of 2.88%. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.32 EPS. Equities analysts expect that ArcelorMittal will post 4.03 EPS for the current year.

ArcelorMittal Company Profile

ArcelorMittal SA (NYSE: MT) is one of the world’s largest integrated steel and mining companies. The company produces steel products for the automotive, construction, appliance, energy, engineering and packaging industries, serving customers through a combination of primary steelmaking, finishing and distribution operations.

Its product portfolio includes flat steel, long steel, tubular products, bars, wire rod and specialized automotive steels. ArcelorMittal also operates iron ore mining and pelletizing activities that support its steel production and supply chain.

The company was formed in 2006 through the merger of Arcelor and Mittal Steel.