ArcelorMittal (NYSE:MT) Price Target Cut to $64.00 by Analysts at Wells Fargo & Company

ArcelorMittal (NYSE:MT) had its target price lowered by Wells Fargo & Company from $69.00 to $64.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an equal weight rating on the basic materials company’s stock.

MT has been the topic of a number of other reports. JPMorgan Chase & Co. raised shares of ArcelorMittal from an “underweight” rating to a “neutral” rating in a research note on Friday, July 10th. Deutsche Bank Aktiengesellschaft set a $79.00 price target on ArcelorMittal in a research report on Monday. Jefferies Financial Group reaffirmed a “buy” rating on shares of ArcelorMittal in a report on Monday, July 6th. Morgan Stanley began coverage on ArcelorMittal in a research report on Monday, August 24th. They set an “overweight” rating and a $82.00 price objective on the stock. Finally, Weiss Ratings lowered ArcelorMittal from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, September 29th. Five analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $74.55.

ArcelorMittal Trading Up 0.8%

Shares of MT opened at $65.26 on Tuesday. ArcelorMittal has a 52-week low of $36.70 and a 52-week high of $79.68. 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 firm’s fifty day moving average is $72.53 and its two-hundred day moving average is $65.76. The stock has a market cap of $50.57 billion, a PE ratio of 27.65, a price-to-earnings-growth ratio of 0.48 and a beta of 1.54.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings results 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 business had revenue of $16.76 billion during the quarter, compared to analysts’ expectations of $17.56 billion. ArcelorMittal had a return on equity of 4.20% and a net margin of 2.88%.The business’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.32 earnings per share. Research analysts forecast that ArcelorMittal will post 4.28 earnings per share for the current fiscal year.

Institutional Trading of ArcelorMittal

Several hedge funds have recently made changes to their positions in the company. Moody National Bank Trust Division increased its holdings in shares of ArcelorMittal by 5.7% during the 3rd quarter. Moody National Bank Trust Division now owns 3,606 shares of the basic materials company’s stock worth $241,000 after buying an additional 195 shares during the last quarter. Versant Capital Management Inc lifted its holdings in ArcelorMittal by 3.1% in the third quarter. Versant Capital Management Inc now owns 9,811 shares of the basic materials company’s stock valued at $654,000 after acquiring an additional 298 shares during the last quarter. Sequoia Financial Advisors LLC lifted its holdings in ArcelorMittal by 7.6% in the second quarter. Sequoia Financial Advisors LLC now owns 23,035 shares of the basic materials company’s stock valued at $1,387,000 after acquiring an additional 1,622 shares during the last quarter. Engineers Gate Manager LP grew its position in ArcelorMittal by 118.3% in the second quarter. Engineers Gate Manager LP now owns 47,151 shares of the basic materials company’s stock worth $2,839,000 after acquiring an additional 25,551 shares during the period. Finally, Integrated Wealth Concepts LLC purchased a new position in ArcelorMittal in the second quarter worth approximately $35,000. Hedge funds and other institutional investors own 9.29% of the company’s stock.

About ArcelorMittal

ArcelorMittal is a global steel and mining company headquartered in Luxembourg. The company produces a broad range of steel products, including flat steel, long steel, tubular products and specialty grades used in automotive manufacturing, construction, appliances, energy, packaging and other industrial applications.

Its operations span major steel-producing and consuming regions, including Europe, North and South America, and Africa. In addition to steelmaking and processing, ArcelorMittal owns and operates mining assets that supply iron ore for its production activities.