Zacks Investment Research upgraded shares of ArcelorMittal (NYSE:MT) from a hold rating to a buy rating in a report issued on Friday morning. Zacks Investment Research currently has $31.00 target price on the basic materials company’s stock.
According to Zacks, “Earnings estimates for full-year 2018 for ArcelorMittal are going up of late. The company is making a significant progress in reducing costs and expanding its advanced high strength steel product line under the Action 2020 program. These actions should boost its margins. The company should also gain from its efforts to reduce debt. The planned acquisition of Ilva S.p.A. in Italy represents another attractive growth opportunity.”
MT has been the topic of a number of other research reports. Jefferies Financial Group reaffirmed a buy rating on shares of ArcelorMittal in a report on Monday, September 17th. Credit Suisse Group reiterated a buy rating on shares of ArcelorMittal in a research report on Tuesday, June 26th. ValuEngine upgraded shares of ArcelorMittal from a sell rating to a hold rating in a research report on Wednesday, September 26th. Macquarie initiated coverage on shares of ArcelorMittal in a research report on Friday, July 6th. They set an outperform rating for the company. Finally, Citigroup reiterated a buy rating on shares of ArcelorMittal in a research report on Thursday, July 12th. Two analysts have rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus price target of $37.00.
Shares of NYSE MT traded up $0.48 during midday trading on Friday, reaching $28.49. 2,884,049 shares of the company were exchanged, compared to its average volume of 2,966,868. ArcelorMittal has a 1 year low of $27.17 and a 1 year high of $37.50. The firm has a market cap of $31.47 billion, a P/E ratio of 5.34, a P/E/G ratio of 1.15 and a beta of 2.31. The company has a quick ratio of 0.60, a current ratio of 1.38 and a debt-to-equity ratio of 0.21.
ArcelorMittal (NYSE:MT) last announced its quarterly earnings data on Wednesday, August 1st. The basic materials company reported $1.83 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.55 by $0.28. ArcelorMittal had a return on equity of 12.62% and a net margin of 7.11%. The company had revenue of $20 billion for the quarter, compared to analyst estimates of $20.25 billion. During the same quarter in the previous year, the company earned $1.29 EPS. The firm’s revenue for the quarter was up 16.0% compared to the same quarter last year. As a group, analysts anticipate that ArcelorMittal will post 5.59 earnings per share for the current year.
Several hedge funds have recently bought and sold shares of MT. Campbell & CO Investment Adviser LLC acquired a new position in shares of ArcelorMittal during the 2nd quarter worth approximately $305,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of ArcelorMittal during the 2nd quarter worth approximately $2,730,000. Stevens Capital Management LP acquired a new position in shares of ArcelorMittal during the 2nd quarter worth approximately $1,296,000. Marshall Wace LLP acquired a new position in shares of ArcelorMittal during the 2nd quarter worth approximately $13,949,000. Finally, Renaissance Technologies LLC raised its position in shares of ArcelorMittal by 92.2% during the 2nd quarter. Renaissance Technologies LLC now owns 820,401 shares of the basic materials company’s stock worth $23,815,000 after purchasing an additional 393,607 shares during the last quarter. Institutional investors own 3.38% of the company’s stock.
ArcelorMittal, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia, and Africa. It operates through NAFTA, Brazil, Europe, ACIS, and Mining segments. The company produces finished and semi-finished steel products with various specifications.
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