ArcelorMittal to Post FY2018 Earnings of $3.22 Per Share, Jefferies Group Forecasts (NYSE:MT)
ArcelorMittal (NYSE:MT) – Equities researchers at Jefferies Group raised their FY2018 earnings per share estimates for ArcelorMittal in a report issued on Tuesday. Jefferies Group analyst S. Rosenfeld now anticipates that the basic materials company will post earnings of $3.22 per share for the year, up from their prior estimate of $2.97. Jefferies Group currently has a “Buy” rating and a $34.00 target price on the stock.
ArcelorMittal (NYSE:MT) last posted its earnings results on Friday, May 12th. The basic materials company reported $0.99 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.18. The company had revenue of $16.09 billion for the quarter, compared to analyst estimates of $16.81 billion. ArcelorMittal had a return on equity of 10.08% and a net margin of 5.38%. ArcelorMittal’s revenue was up 20.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.69) earnings per share. TRADEMARK VIOLATION WARNING: This piece was originally reported by American Banking News and is owned by of American Banking News. If you are viewing this piece on another website, it was illegally stolen and reposted in violation of US & international trademark and copyright law. The correct version of this piece can be read at https://www.americanbankingnews.com/2017/07/21/arcelormittal-to-post-fy2018-earnings-of-3-22-per-share-jefferies-group-forecasts-nysemt.html.
A number of other research firms also recently commented on MT. Cowen and Company raised ArcelorMittal from a “market perform” rating to an “outperform” rating and boosted their price objective 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. BidaskClub raised ArcelorMittal from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. J P Morgan Chase & Co raised ArcelorMittal from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $25.20 to $25.32 in a research note on Friday, March 31st. ING Group raised ArcelorMittal from a “hold” rating to a “buy” rating in a research note on Friday, July 14th. Finally, Credit Suisse Group set a $45.00 price objective on ArcelorMittal and gave the stock a “buy” rating in a research note on Saturday, March 25th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have assigned a buy rating and three have given a strong buy rating to the stock. ArcelorMittal presently has a consensus rating of “Buy” and a consensus target price of $29.72.
ArcelorMittal (NYSE MT) traded down 1.617% during mid-day trading on Friday, reaching $25.255. The company’s stock had a trading volume of 4,607,984 shares. The firm has a 50 day moving average price of $22.37 and a 200-day moving average price of $23.90. The company has a market capitalization of $25.75 billion, a PE ratio of 8.374 and a beta of 2.06. ArcelorMittal has a 1-year low of $16.14 and a 1-year high of $28.11.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. acquired a new position in shares of ArcelorMittal during the fourth quarter worth $1,810,000. FMR LLC increased its position in shares of ArcelorMittal by 735.3% in the fourth quarter. FMR LLC now owns 2,870,010 shares of the basic materials company’s stock worth $20,951,000 after buying an additional 2,526,400 shares in the last quarter. Nepsis Capital Management Inc. acquired a new position in shares of ArcelorMittal during the first quarter worth $6,325,000. Highland Capital Management LLC increased its position in shares of ArcelorMittal by 16.1% in the first quarter. Highland Capital Management LLC now owns 54,625 shares of the basic materials company’s stock worth $456,000 after buying an additional 7,590 shares in the last quarter. Finally, Bank of Montreal Can increased its position in shares of 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. Institutional investors and hedge funds own 9.58% of the company’s stock.
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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