ArcelorMittal (NYSE:MT) Given Consensus Recommendation of “Hold” by Analysts

ArcelorMittal (NYSE:MT) has been assigned a consensus recommendation of “Hold” from the twelve ratings firms that are presently covering the firm, MarketBeat.com reports. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $74.80.

MT has been the topic of several research reports. Morgan Stanley initiated coverage on shares of ArcelorMittal in a report on Monday, August 24th. They issued an “overweight” rating and a $82.00 target price on the stock. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $75.00 target price on shares of ArcelorMittal in a research note on Friday, July 31st. JPMorgan Chase & Co. upgraded ArcelorMittal from an “underweight” rating to a “neutral” rating in a research note on Friday, July 10th. Citigroup reaffirmed a “buy” rating on shares of ArcelorMittal in a report on Tuesday, August 4th. Finally, Weiss Ratings cut ArcelorMittal from a “buy (b-)” rating to a “hold (c)” rating in a research report on Thursday, August 13th.

ArcelorMittal Price Performance

Shares of NYSE:MT opened at $74.38 on Wednesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.57 and a current ratio of 1.43. The firm has a market cap of $57.64 billion, a price-to-earnings ratio of 31.52, a price-to-earnings-growth ratio of 0.56 and a beta of 1.53. The business has a 50-day simple moving average of $68.23 and a two-hundred day simple moving average of $63.51. ArcelorMittal has a fifty-two week low of $31.93 and a fifty-two week high of $75.93.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.28). ArcelorMittal had a net margin of 2.88% and a return on equity of 4.20%. The company had revenue of $16.76 billion for the quarter, compared to analysts’ expectations of $17.56 billion. During the same period in the previous year, the business earned $1.32 EPS. The business’s revenue was up 5.2% compared to the same quarter last year. On average, analysts expect that ArcelorMittal will post 4.48 earnings per share for the current year.

Institutional Investors Weigh In On ArcelorMittal

Hedge funds and other institutional investors have recently made changes to their positions in the business. Maple Rock Capital Partners Inc. bought a new stake in ArcelorMittal during the third quarter valued at approximately $41,399,000. UBS Group AG raised its position in ArcelorMittal by 405.2% in the third quarter. UBS Group AG now owns 1,181,358 shares of the basic materials company’s stock worth $42,706,000 after acquiring an additional 947,532 shares during the period. Senator Investment Group LP purchased a new position in shares of ArcelorMittal during the 4th quarter worth $26,431,000. Auto Owners Insurance Co boosted its stake in shares of ArcelorMittal by 4,457.0% during the 4th quarter. Auto Owners Insurance Co now owns 367,568 shares of the basic materials company’s stock worth $1,675,000 after acquiring an additional 359,502 shares during the last quarter. Finally, Man Group plc bought a new stake in shares of ArcelorMittal during the 3rd quarter valued at $11,720,000. Hedge funds and other institutional investors own 9.29% of the company’s stock.

About ArcelorMittal

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.