Jefferies Group LLC restated their buy rating on shares of ArcelorMittal (NYSE:MT) in a research report sent to investors on Tuesday, July 18th. The firm currently has a $34.00 price target on the basic materials company’s stock, up from their previous price target of $31.50. Jefferies Group also issued estimates for ArcelorMittal’s FY2018 earnings at $3.22 EPS.
Several other research firms have also recently issued reports on MT. Zacks Investment Research cut shares of ArcelorMittal from a buy rating to a hold rating in a research report on Tuesday, March 21st. Cowen and Company raised shares of ArcelorMittal from a market perform rating to an outperform rating and lifted their price objective for the stock from $30.00 to $33.00 in a research report on Thursday, March 23rd. They noted that the move was a valuation call. Deutsche Bank AG raised shares of ArcelorMittal from a hold rating to a buy rating and lifted their price objective for the stock from $25.00 to $32.00 in a research report on Wednesday, July 12th. BidaskClub raised shares of ArcelorMittal from a sell rating to a hold rating in a research report on Saturday, June 24th. Finally, ValuEngine raised shares of ArcelorMittal from a buy rating to a strong-buy rating in a research report on Friday, June 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $29.72.
Shares of ArcelorMittal (NYSE MT) opened at 25.63 on Tuesday. ArcelorMittal has a one year low of $16.14 and a one year high of $28.11. The stock’s 50 day moving average price is $25.01 and its 200 day moving average price is $24.16. The stock has a market cap of $26.14 billion, a price-to-earnings ratio of 8.06 and a beta of 2.09.
ArcelorMittal (NYSE:MT) last posted its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.33 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.55. The business had revenue of $17.24 billion during the quarter, compared to the consensus estimate of $16.88 billion. ArcelorMittal had a net margin of 5.50% and a return on equity of 10.52%. The company’s quarterly revenue was up 17.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.38 earnings per share. Analysts forecast that ArcelorMittal will post $3.07 earnings per share for the current year.
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Several large investors have recently made changes to their positions in MT. Integrated Investment Consultants LLC purchased a new position in shares of ArcelorMittal during the second quarter worth about $111,000. Iron Financial LLC raised its position in shares of ArcelorMittal by 50.0% in the first quarter. Iron Financial LLC now owns 15,000 shares of the basic materials company’s stock worth $125,000 after buying an additional 5,000 shares during the period. Jacobi Capital Management LLC purchased a new position in shares of ArcelorMittal during the first quarter worth about $127,000. US Bancorp DE raised its position in shares of ArcelorMittal by 14.2% in the first quarter. US Bancorp DE now owns 15,540 shares of the basic materials company’s stock worth $129,000 after buying an additional 1,934 shares during the period. Finally, MAVEN SECURITIES Ltd purchased a new position in shares of ArcelorMittal during the first quarter worth about $139,000. 9.34% of the stock is owned by institutional investors and hedge funds.
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.
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