A number of other research firms have also weighed in on MT. Deutsche Bank restated a buy rating on shares of ArcelorMittal in a report on Friday, November 17th. ValuEngine lowered ArcelorMittal from a strong-buy rating to a buy rating in a report on Thursday, November 9th. UBS Group restated a buy rating on shares of ArcelorMittal in a report on Thursday, October 26th. Zacks Investment Research lowered ArcelorMittal from a buy rating to a hold rating in a report on Wednesday, November 8th. Finally, Cowen restated a hold rating and set a $35.00 target price on shares of ArcelorMittal in a report on Thursday, January 4th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $36.89.
Shares of ArcelorMittal (MT) traded up $0.03 during midday trading on Monday, hitting $32.53. The company had a trading volume of 3,191,500 shares, compared to its average volume of 4,180,000. The company has a quick ratio of 0.41, a current ratio of 1.25 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $33,380.00, a price-to-earnings ratio of 7.29, a price-to-earnings-growth ratio of 0.66 and a beta of 2.28. ArcelorMittal has a 12-month low of $19.59 and a 12-month high of $37.50.
ArcelorMittal declared that its Board of Directors has initiated a share repurchase program on Tuesday, March 13th that allows the company to buyback $280.00 million in outstanding shares. This buyback authorization allows the basic materials company to repurchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
Several hedge funds have recently modified their holdings of MT. Anchor Bolt Capital LP acquired a new position in shares of ArcelorMittal during the fourth quarter worth $35,842,000. Capital Growth Management LP acquired a new position in shares of ArcelorMittal during the fourth quarter worth $32,310,000. Jane Street Group LLC increased its position in shares of ArcelorMittal by 174.4% during the third quarter. Jane Street Group LLC now owns 267,704 shares of the basic materials company’s stock worth $6,896,000 after purchasing an additional 627,661 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of ArcelorMittal by 32.0% during the third quarter. Dimensional Fund Advisors LP now owns 2,341,298 shares of the basic materials company’s stock worth $60,312,000 after purchasing an additional 567,841 shares in the last quarter. Finally, State Street Corp acquired a new position in shares of ArcelorMittal during the second quarter worth $8,658,000. 4.79% of the stock is currently owned by institutional investors and hedge funds.
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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