ArcelorMittal Shares Down 5.3% on Disappointing Earnings (MT)
ArcelorMittal (NYSE:MT) traded down 5.3% on Monday following a weaker than expected earnings announcement, American Banking and Market News reports. The stock traded as low as $16.31 and last traded at $16.35, with a volume of 7,790,886 shares changing hands. The stock had previously closed at $17.27.
The company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by $1.08. The company had revenue of $19.85 billion for the quarter, compared to the consensus estimate of $19.31 billion. During the same quarter last year, the company posted ($0.58) earnings per share. ArcelorMittal’s revenue was up 2.8% compared to the same quarter last year.
A number of research firms have recently commented on MT. Analysts at Deutsche Bank raised their price target on shares of ArcelorMittal from $19.50 to $23.00 in a research note on Monday. They now have a “buy” rating on the stock. Separately, analysts at Bank of America downgraded shares of ArcelorMittal from a “buy” rating to a “neutral” rating in a research note on Monday. Finally, analysts at HSBC upgraded shares of ArcelorMittal from a “neutral” rating to an “overweight” rating in a research note on Wednesday, February 5th. Six analysts have rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $19.75.
The stock has a 50-day moving average of $17.04 and a 200-day moving average of $15.46.
ArcelorMittal is a global steel producer. The Company has steel-making operations in 20 countries on four continents, including 65 integrated, mini-mill and integrated mini-mill steel-making facilities.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.