ArcelorMittal (NYSE:MT) Upgraded to “Buy” at Zacks Investment Research
ArcelorMittal (NYSE:MT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $26.00 price target on the basic materials company’s stock. Zacks Investment Research‘s price target points to a potential upside of 10.92% from the stock’s previous close.
According to Zacks, “ArcelorMittal outperformed the Zacks categorized Steel-Producers industry over the past one year. ArcelorMittal should gain from its efforts to reduce debt, lower costs, expand capacity and improve efficiency. It is making a significant progress in its cost reduction initiatives under the Action 2020 program. Moreover, ArcelorMittal is looking to sell its non-core assets to focus on important operations and also expanding its advanced high strength steel product line.”
Several other brokerages have also recently weighed in on MT. Cowen and Company raised ArcelorMittal from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $30.00 to $33.00 in a research note on Thursday, March 23rd. They noted that the move was a valuation call. J P Morgan Chase & Co raised ArcelorMittal from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $25.20 to $25.32 in a research note on Friday, March 31st. Credit Suisse Group set a $45.00 price target on ArcelorMittal and gave the stock a “buy” rating in a research note on Saturday, March 25th. BidaskClub raised ArcelorMittal from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Finally, ValuEngine cut ArcelorMittal from a “buy” rating to a “hold” rating in a research note on Tuesday, May 23rd. One analyst has rated the stock with a sell rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $25.82.
Shares of ArcelorMittal (MT) traded up 3.648% during mid-day trading on Tuesday, hitting $24.295. 8,855,010 shares of the stock traded hands. The stock has a market cap of $24.77 billion, a price-to-earnings ratio of 8.055 and a beta of 2.06. The firm’s 50-day moving average is $21.60 and its 200-day moving average is $23.74. ArcelorMittal has a 52 week low of $14.40 and a 52 week high of $28.11.
ArcelorMittal (NYSE:MT) last posted its earnings results on Friday, May 12th. The basic materials company reported $0.99 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.18. ArcelorMittal had a return on equity of 10.08% and a net margin of 5.38%. The firm had revenue of $16.09 billion for the quarter, compared to analysts’ expectations of $16.81 billion. During the same period in the previous year, the firm earned ($0.69) earnings per share. The business’s revenue was up 20.1% compared to the same quarter last year. On average, analysts forecast that ArcelorMittal will post $2.91 earnings per share for the current year.
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Several large investors have recently added to or reduced their stakes in the company. Ameriprise Financial Inc. boosted its stake in ArcelorMittal by 0.5% in the first quarter. Ameriprise Financial Inc. now owns 53,502 shares of the basic materials company’s stock worth $447,000 after buying an additional 285 shares in the last quarter. Alliancebernstein L.P. boosted its stake in ArcelorMittal by 1.2% in the first quarter. Alliancebernstein L.P. now owns 59,901 shares of the basic materials company’s stock worth $500,000 after buying an additional 720 shares in the last quarter. Wetherby Asset Management Inc. boosted its stake in ArcelorMittal by 2.1% in the first quarter. Wetherby Asset Management Inc. now owns 38,550 shares of the basic materials company’s stock worth $322,000 after buying an additional 783 shares in the last quarter. Bank of Montreal Can boosted its stake in ArcelorMittal by 7.8% in the first quarter. Bank of Montreal Can now owns 22,020 shares of the basic materials company’s stock worth $184,000 after buying an additional 1,599 shares in the last quarter. Finally, US Bancorp DE boosted its stake in ArcelorMittal by 14.2% in the first quarter. US Bancorp DE now owns 15,540 shares of the basic materials company’s stock worth $129,000 after buying an additional 1,934 shares in the last quarter. 9.60% of the stock is currently owned by hedge funds and other institutional investors.
ArcelorMittal Company Profile
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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