ArcelorMittal (MT) Rating Lowered to Sell at Zacks Investment Research
ArcelorMittal (NYSE:MT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Thursday.
According to Zacks, “Falling iron ore prices due to concerns over Chinese demand and lower steel prices pose headwinds for the company. Lower expected steel demand in the United States and Brazil is another concern. ArcelorMittal also continues to contend with challenging steel market conditions in Europe. Moreover, cheap steel exports from China is still causing a problem.”
A number of other research analysts also recently issued reports on MT. ValuEngine downgraded ArcelorMittal from a “strong-buy” rating to a “buy” rating in a report on Tuesday, September 26th. Cowen and Company set a $32.00 price objective on ArcelorMittal and gave the stock a “buy” rating in a report on Wednesday, August 23rd. BidaskClub downgraded ArcelorMittal from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Deutsche Bank AG reiterated a “buy” rating on shares of ArcelorMittal in a report on Thursday, August 17th. Finally, Jefferies Group LLC reiterated a “buy” rating on shares of ArcelorMittal in a report on Monday, September 18th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. ArcelorMittal has an average rating of “Buy” and an average price target of $30.77.
ArcelorMittal (NYSE MT) traded up 0.91% during trading on Thursday, reaching $26.74. The company’s stock had a trading volume of 876,043 shares. The stock’s 50 day moving average is $26.40 and its 200-day moving average is $24.29. The firm has a market cap of $27.27 billion, a P/E ratio of 8.41 and a beta of 2.10. ArcelorMittal has a 52 week low of $18.24 and a 52 week high of $28.11.
ArcelorMittal (NYSE:MT) last posted its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.33 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.55. The business had revenue of $17.24 billion during 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%. ArcelorMittal’s quarterly revenue was up 17.0% on a year-over-year basis. During the same period last year, the company earned $0.38 earnings per share. On average, equities research analysts forecast that ArcelorMittal will post $3.12 earnings per share for the current fiscal year.
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A number of hedge funds have recently bought and sold shares of MT. Cambiar Investors LLC bought a new position in ArcelorMittal in the second quarter valued at approximately $114,710,000. Credit Suisse AG boosted its stake in shares of ArcelorMittal by 2,724.4% during the 1st quarter. Credit Suisse AG now owns 4,540,212 shares of the basic materials company’s stock worth $37,910,000 after acquiring an additional 4,379,463 shares during the period. Renaissance Technologies LLC boosted its stake in shares of ArcelorMittal by 311.2% during the 1st quarter. Renaissance Technologies LLC now owns 4,760,754 shares of the basic materials company’s stock worth $39,755,000 after acquiring an additional 3,603,075 shares during the period. Jane Street Group LLC boosted its stake in shares of ArcelorMittal by 775.6% during the 1st quarter. Jane Street Group LLC now owns 2,127,765 shares of the basic materials company’s stock worth $17,767,000 after acquiring an additional 1,884,765 shares during the period. Finally, Morgan Stanley boosted its stake in shares of ArcelorMittal by 55.5% during the 1st quarter. Morgan Stanley now owns 2,270,841 shares of the basic materials company’s stock worth $18,961,000 after acquiring an additional 810,291 shares during the period. 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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