ArcelorMittal (NYSE:MT) Receives $72.40 Consensus Target Price from Brokerages

ArcelorMittal (NYSE:MT) has received an average rating of “Moderate Buy” from the twelve ratings firms that are currently covering the company, Marketbeat reports. Six investment analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $72.40.

Several research analysts have commented on MT shares. JPMorgan Chase & Co. raised shares of ArcelorMittal from an “underweight” rating to a “neutral” rating in a report on Friday, July 10th. Morgan Stanley reissued an “overweight” rating on shares of ArcelorMittal in a research note on Wednesday. Jefferies Financial Group restated a “buy” rating on shares of ArcelorMittal in a report on Monday, July 6th. Wells Fargo & Company upped their price objective on ArcelorMittal from $62.00 to $69.00 and gave the stock an “equal weight” rating in a report on Friday, July 31st. Finally, Citigroup reissued a “buy” rating on shares of ArcelorMittal in a report on Tuesday.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of ArcelorMittal in the 4th quarter worth approximately $44,000. Geneos Wealth Management Inc. lifted its position in ArcelorMittal by 44.2% in the first quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock worth $47,000 after buying an additional 501 shares during the last quarter. Allworth Financial LP boosted its stake in ArcelorMittal by 91.5% during the fourth quarter. Allworth Financial LP now owns 1,126 shares of the basic materials company’s stock worth $51,000 after buying an additional 538 shares during the period. CIBC Private Wealth Group LLC increased its position in ArcelorMittal by 126.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,146 shares of the basic materials company’s stock valued at $52,000 after acquiring an additional 640 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in shares of ArcelorMittal by 268.6% in the second quarter. EverSource Wealth Advisors LLC now owns 2,422 shares of the basic materials company’s stock valued at $76,000 after acquiring an additional 1,765 shares during the period. Hedge funds and other institutional investors own 9.29% of the company’s stock.

ArcelorMittal Trading Up 0.3%

ArcelorMittal stock opened at $75.46 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.43 and a quick ratio of 0.57. The firm’s 50 day moving average price is $66.42 and its 200-day moving average price is $61.26. ArcelorMittal has a 1 year low of $31.06 and a 1 year high of $75.66. The stock has a market cap of $58.48 billion, a P/E ratio of 31.97, a PEG ratio of 0.57 and a beta of 1.53.

ArcelorMittal Company Profile

ArcelorMittal is a multinational steel manufacturing company formed in 2006 through the merger of Arcelor and Mittal Steel. Headquartered in Luxembourg, the company is one of the world’s largest producers of steel and operates an integrated value chain that spans raw material extraction, steelmaking, processing and distribution. Its product portfolio includes flat and long carbon steel products, coated and specialty steels, tubular products and value-added solutions tailored for sectors such as automotive, construction, household appliances, energy and packaging.

ArcelorMittal’s operations are global in scope, with production facilities, distribution networks and commercial activities across Europe, the Americas, Asia, Africa and the Commonwealth of Independent States.