ArcelorMittal (NYSE:MT) posted its quarterly earnings results on Thursday. The basic materials company reported $1.33 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.55, Morningstar.com reports. The firm had revenue of $17.24 billion for the quarter, compared to analyst estimates of $16.88 billion. ArcelorMittal had a return on equity of 10.79% and a net margin of 5.50%. The business’s quarterly revenue was up 17.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.38 EPS.
ArcelorMittal (NYSE:MT) traded down 0.70% during mid-day trading on Friday, reaching $25.70. The company had a trading volume of 5,422,499 shares. ArcelorMittal has a 12-month low of $16.14 and a 12-month high of $28.11. The stock has a 50-day moving average of $23.14 and a 200 day moving average of $24.01. The company has a market capitalization of $26.21 billion, a price-to-earnings ratio of 8.09 and a beta of 2.06.
Several research analysts have weighed in on the company. BidaskClub raised ArcelorMittal from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 19th. Cowen and Company reaffirmed a “buy” rating and set a $32.00 price target on shares of ArcelorMittal in a research report on Wednesday, July 19th. Zacks Investment Research lowered ArcelorMittal from a “buy” rating to a “hold” rating in a research report on Tuesday. Jefferies Group LLC reaffirmed a “buy” rating and set a $34.00 price target (up previously from $31.50) on shares of ArcelorMittal in a research report on Tuesday, July 18th. Finally, J P Morgan Chase & Co raised ArcelorMittal from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $25.20 to $25.32 in a research report on Friday, March 31st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $29.72.
Hedge funds have recently modified their holdings of the stock. Cambiar Investors LLC acquired a new stake in shares of ArcelorMittal during the second quarter worth approximately $114,710,000. Credit Suisse AG increased its stake in ArcelorMittal by 2,724.4% in the first quarter. Credit Suisse AG now owns 4,540,212 shares of the basic materials company’s stock worth $37,910,000 after buying an additional 4,379,463 shares in the last quarter. Renaissance Technologies LLC increased its stake in ArcelorMittal by 311.2% in the first quarter. Renaissance Technologies LLC now owns 4,760,754 shares of the basic materials company’s stock worth $39,755,000 after buying an additional 3,603,075 shares in the last quarter. FMR LLC increased its stake in ArcelorMittal by 735.3% in the fourth quarter. FMR LLC now owns 2,870,010 shares of the basic materials company’s stock worth $20,951,000 after buying an additional 2,526,400 shares in the last quarter. Finally, Jane Street Group LLC increased its stake in ArcelorMittal by 775.6% in the first quarter. Jane Street Group LLC now owns 2,127,765 shares of the basic materials company’s stock worth $17,767,000 after buying an additional 1,884,765 shares in the last quarter. 9.50% of the stock is owned by 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.
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