ArcelorMittal (NYSE:MT) Stock Has Consensus Target Price of $74.80

ArcelorMittal (NYSE:MT) has been assigned a consensus rating of “Hold” from the twelve analysts that are covering the stock, Marketbeat reports. Seven equities research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $74.80.

A number of analysts have recently issued reports on the stock. Citigroup reaffirmed a “buy” rating on shares of ArcelorMittal in a report on Tuesday, August 4th. Morgan Stanley began coverage on ArcelorMittal in a report on Monday, August 24th. They set an “overweight” rating and a $82.00 price target on the stock. Jefferies Financial Group reaffirmed a “buy” rating on shares of ArcelorMittal in a research report on Monday, July 6th. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of ArcelorMittal in a research report on Friday, September 4th. Finally, Weiss Ratings raised shares of ArcelorMittal from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, September 11th.

ArcelorMittal Stock Down 0.9%

MT stock opened at $70.69 on Friday. The company’s 50 day moving average is $72.58 and its 200 day moving average is $65.06. The stock has a market cap of $54.79 billion, a price-to-earnings ratio of 29.95, a price-to-earnings-growth ratio of 0.51 and a beta of 1.55. The company has a current ratio of 1.43, a quick ratio of 0.57 and a debt-to-equity ratio of 0.21. ArcelorMittal has a 1-year low of $35.71 and a 1-year high of $79.68.

ArcelorMittal (NYSE:MT) last announced its earnings results on Thursday, July 30th. The basic materials company reported $0.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.28). The company had revenue of $16.76 billion for the quarter, compared to the consensus estimate of $17.56 billion. ArcelorMittal had a net margin of 2.88% and a return on equity of 4.20%. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.32 earnings per share. Sell-side analysts predict that ArcelorMittal will post 4.41 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Maple Rock Capital Partners Inc. increased its position in shares of 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 acquiring an additional 776,595 shares in the last quarter. Senator Investment Group LP bought a new position in ArcelorMittal in the 4th quarter valued at approximately $26,431,000. Auto Owners Insurance Co boosted its stake in ArcelorMittal by 4,457.0% during the 4th quarter. Auto Owners Insurance Co now owns 367,568 shares of the basic materials company’s stock valued at $1,675,000 after purchasing an additional 359,502 shares during the last quarter. BW Gestao de Investimentos Ltda. bought a new stake in shares of ArcelorMittal in the 4th quarter worth $9,114,000. Finally, Impala Asset Management LLC bought a new stake in shares of ArcelorMittal in the 4th quarter worth $7,281,000. Institutional investors own 9.29% of the company’s stock.

About ArcelorMittal

ArcelorMittal SA is a global steel and mining company with operations spanning the Americas, Europe and Africa. The company produces and sells steel products for industries including automotive, construction, infrastructure, energy, packaging and general manufacturing.

Its portfolio includes flat steel, long steel, tubular products and tailored solutions designed for specific industrial applications. ArcelorMittal also operates iron ore mining and processing activities, which supply raw materials for its steelmaking operations and support its vertically integrated business model.

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