ArcelorMittal (MT) Lifted 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 on Tuesday. The firm presently has a $42.00 price target on the basic materials company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 13.02% from the stock’s current price.
According to Zacks, “ArcelorMittal has outperformed the industry it belongs to over a year. ArcelorMittal should gain from its efforts to reduce debt. It is also making a significant progress in reducing costs and expanding its advanced high strength steel product line under the Action 2020 program. The planned acquisition of Ilva S.p.A. in Italy represents another attractive growth opportunity for the company.”
Several other research analysts have also recently issued reports on the company. TheStreet cut ArcelorMittal from a “b-” rating to a “c+” rating in a research report on Friday, November 10th. Deutsche Bank reiterated a “buy” rating on shares of ArcelorMittal in a research report on Friday, November 17th. UBS Group upgraded ArcelorMittal from a “neutral” rating to a “buy” rating in a research report on Friday, October 20th. Goldman Sachs Group reiterated a “buy” rating on shares of ArcelorMittal in a research report on Friday, November 17th. Finally, Jefferies Group reiterated a “buy” rating on shares of ArcelorMittal in a research report on Monday, September 18th. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $36.89.
ArcelorMittal (NYSE:MT) last released its quarterly earnings results on Friday, November 10th. The basic materials company reported $1.18 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.32. ArcelorMittal had a return on equity of 11.57% and a net margin of 6.04%. The business had revenue of $17.64 billion during the quarter, compared to analysts’ expectations of $17.08 billion. During the same quarter in the prior year, the business earned $0.22 earnings per share. The company’s quarterly revenue was up 21.5% compared to the same quarter last year. sell-side analysts expect that ArcelorMittal will post 3.87 EPS for the current fiscal year.
Several hedge funds have recently made changes to their positions in MT. Integrated Investment Consultants LLC acquired a new stake in shares of ArcelorMittal during the second quarter valued at $111,000. Quadrant Capital Group LLC boosted its stake in shares of ArcelorMittal by 24.9% during the second quarter. Quadrant Capital Group LLC now owns 7,412 shares of the basic materials company’s stock valued at $157,000 after acquiring an additional 1,479 shares during the last quarter. Rathbone Brothers plc acquired a new stake in shares of ArcelorMittal during the third quarter valued at $202,000. Campbell & CO Investment Adviser LLC acquired a new stake in shares of ArcelorMittal during the third quarter valued at $228,000. Finally, SG Americas Securities LLC acquired a new stake in shares of ArcelorMittal during the third quarter valued at $229,000. Institutional investors and hedge funds own 4.11% of the company’s stock.
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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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