ArcelorMittal’s (MT) Buy Rating Reiterated at Jefferies Group LLC

Jefferies Group LLC reaffirmed their buy rating on shares of ArcelorMittal (NYSE:MT) in a research report sent to investors on Tuesday morning. Jefferies Group LLC currently has a $34.00 price objective on the basic materials company’s stock, up from their prior price objective of $31.50.

Other analysts also recently issued research reports about the company. TheStreet upgraded ArcelorMittal from a c rating to a b- rating in a research note on Monday, May 15th. Credit Suisse Group set a $45.00 target price on ArcelorMittal and gave the stock a buy rating in a research note on Saturday, March 25th. Zacks Investment Research upgraded ArcelorMittal from a hold rating to a buy rating and set a $30.00 target price on the stock in a research note on Wednesday, March 22nd. Cowen and Company restated a buy rating and issued a $11.00 target price on shares of ArcelorMittal in a research note on Friday, May 19th. Finally, BidaskClub upgraded ArcelorMittal from a hold rating to a buy rating in a research note on Thursday, July 6th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have assigned a buy rating and three have issued a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $29.72.

Shares of ArcelorMittal (MT) traded down 1.79% on Tuesday, reaching $25.21. The company’s stock had a trading volume of 4,046,840 shares. The stock has a market cap of $25.71 billion, a PE ratio of 8.36 and a beta of 2.06. The firm has a 50 day moving average price of $22.37 and a 200-day moving average price of $23.90. ArcelorMittal has a 12-month low of $16.14 and a 12-month high of $28.11.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings results on Friday, May 12th. The basic materials company reported $0.99 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.18. The business had revenue of $16.09 billion for the quarter, compared to the consensus estimate of $16.81 billion. ArcelorMittal had a return on equity of 10.08% and a net margin of 5.38%. The company’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.69) EPS. Equities research analysts expect that ArcelorMittal will post $2.99 EPS for the current year.

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Several large investors have recently bought and sold shares of the stock. Marshall Wace North America L.P. bought a new stake in ArcelorMittal during the first quarter valued at approximately $4,632,000. Nepsis Capital Management Inc. bought a new stake in ArcelorMittal during the first quarter valued at approximately $6,325,000. Russell Investments Group Ltd. bought a new stake in ArcelorMittal during the fourth quarter valued at approximately $1,810,000. Commerzbank Aktiengesellschaft FI boosted its stake in ArcelorMittal by 389.0% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 142,932 shares of the basic materials company’s stock valued at $1,193,000 after buying an additional 113,705 shares in the last quarter. Finally, Comerica Bank boosted its stake in ArcelorMittal by 12.4% in the fourth quarter. Comerica Bank now owns 177,008 shares of the basic materials company’s stock valued at $1,423,000 after buying an additional 19,459 shares in the last quarter. 9.58% of the stock is owned by hedge funds and other institutional investors.

About ArcelorMittal

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.