ArcelorMittal (NYSE:MT) received a $32.00 price target from stock analysts at Cowen and Company in a report issued on Wednesday. The firm currently has a “buy” rating on the basic materials company’s stock. Cowen and Company’s price objective indicates a potential upside of 22.32% from the stock’s previous close.

MT has been the topic of a number of other research reports. Bank of America Corporation downgraded ArcelorMittal from a “buy” rating to an “underperform” rating in a research note on Tuesday, June 6th. TheStreet raised ArcelorMittal from a “c” rating to a “b-” rating in a research note on Monday, May 15th. ValuEngine raised ArcelorMittal from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 2nd. Zacks Investment Research raised ArcelorMittal from a “hold” rating to a “buy” rating and set a $26.00 price objective on the stock in a research note on Tuesday, July 11th. Finally, ING Group raised ArcelorMittal from a “hold” rating to a “buy” rating in a research note on Friday, July 14th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $29.72.

ArcelorMittal (NYSE:MT) traded down 0.68% during mid-day trading on Wednesday, reaching $26.16. The company’s stock had a trading volume of 1,780,010 shares. ArcelorMittal has a 1-year low of $16.14 and a 1-year high of $28.11. The firm has a 50 day moving average price of $25.52 and a 200-day moving average price of $24.25. The company has a market capitalization of $26.68 billion, a PE ratio of 8.23 and a beta of 2.09.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.33 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.78 by $0.55. The company had revenue of $17.24 billion for the quarter, compared to the consensus estimate of $16.88 billion. ArcelorMittal had a return on equity of 10.52% and a net margin of 5.50%. The firm’s quarterly revenue was up 17.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.38 EPS. On average, equities analysts predict that ArcelorMittal will post $3.07 EPS for the current fiscal year.

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Several institutional investors have recently made changes to their positions in MT. Cetera Investment Advisers acquired a new position in ArcelorMittal during the second quarter worth approximately $2,165,000. Banco BTG Pactual S.A. acquired a new position in ArcelorMittal during the second quarter worth approximately $1,130,000. Quadrant Capital Group LLC boosted its position in ArcelorMittal by 24.9% in the second quarter. Quadrant Capital Group LLC now owns 7,412 shares of the basic materials company’s stock worth $157,000 after buying an additional 1,479 shares during the last quarter. Alpine Global Management LLC acquired a new position in ArcelorMittal during the second quarter worth approximately $568,000. Finally, State Street Corp acquired a new position in ArcelorMittal during the second quarter worth approximately $8,658,000. Institutional investors own 9.34% of the company’s stock.

About ArcelorMittal

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.

Analyst Recommendations for ArcelorMittal (NYSE:MT)

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