ArcelorMittal (MT) Lowered to “Market Perform” at Cowen and Company
ArcelorMittal (NYSE:MT) was downgraded by research analysts at Cowen and Company from an “outperform” rating to a “market perform” rating in a note issued to investors on Friday, The Fly reports.
Other analysts have also recently issued research reports about the company. BidaskClub raised ArcelorMittal from a “sell” rating to a “hold” rating in a report on Saturday, June 24th. Jefferies Group LLC reissued a “buy” rating on shares of ArcelorMittal in a report on Friday, June 30th. SBG Securities cut ArcelorMittal from a “buy” rating to a “hold” rating in a report on Sunday, July 30th. Zacks Investment Research cut ArcelorMittal from a “strong-buy” rating to a “hold” rating in a report on Monday, August 7th. Finally, Macquarie raised ArcelorMittal from a “neutral” rating to an “outperform” rating in a report on Thursday, May 25th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. ArcelorMittal has a consensus rating of “Buy” and a consensus price target of $31.06.
ArcelorMittal (NYSE:MT) opened at 25.99 on Friday. The company has a 50 day moving average price of $26.50 and a 200-day moving average price of $24.31. The company has a market cap of $26.51 billion, a PE ratio of 8.18 and a beta of 2.10. ArcelorMittal has a 12 month low of $16.65 and a 12 month high of $28.11.
ArcelorMittal (NYSE:MT) last issued its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.55. The business had revenue of $17.24 billion for the quarter, compared to analysts’ expectations 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 firm posted $0.38 EPS. Equities analysts predict that ArcelorMittal will post $3.12 earnings per share for the current fiscal year.
Several institutional investors have recently made changes to their positions in MT. Bank of Montreal Can increased its position in shares of ArcelorMittal by 7.8% during the 1st quarter. Bank of Montreal Can now owns 22,020 shares of the basic materials company’s stock valued at $184,000 after purchasing an additional 1,599 shares during the last quarter. First Trust Advisors LP bought a new position in shares of ArcelorMittal during the 1st quarter valued at about $555,000. US Bancorp DE increased its position in shares of ArcelorMittal by 14.2% during the 1st quarter. US Bancorp DE now owns 15,540 shares of the basic materials company’s stock valued at $129,000 after purchasing an additional 1,934 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of ArcelorMittal by 17.9% during the 1st quarter. Bank of New York Mellon Corp now owns 62,732 shares of the basic materials company’s stock valued at $524,000 after purchasing an additional 9,539 shares during the last quarter. Finally, BNP Paribas Arbitrage SA increased its position in shares of ArcelorMittal by 272.7% during the 1st quarter. BNP Paribas Arbitrage SA now owns 48,042 shares of the basic materials company’s stock valued at $401,000 after purchasing an additional 35,153 shares during the last quarter. Hedge funds and other institutional investors own 3.57% 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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