Wells Fargo & Company Raises ArcelorMittal (NYSE:MT) Price Target to $47.00

ArcelorMittal (NYSE:MT) had its target price lifted by Wells Fargo & Company from $39.00 to $47.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the basic materials company’s stock. Wells Fargo & Company‘s price target indicates a potential downside of 11.95% from the stock’s previous close.

Other research analysts also recently issued research reports about the company. Wall Street Zen downgraded ArcelorMittal from a “buy” rating to a “hold” rating in a report on Saturday, October 11th. Citigroup reaffirmed a “buy” rating on shares of ArcelorMittal in a research note on Wednesday, October 8th. JPMorgan Chase & Co. upgraded ArcelorMittal from a “neutral” rating to an “overweight” rating in a research report on Friday, November 7th. Morgan Stanley upgraded shares of ArcelorMittal from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, January 6th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of ArcelorMittal in a research report on Wednesday, October 8th. Five equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $40.98.

ArcelorMittal Stock Up 4.2%

Shares of NYSE MT opened at $53.38 on Wednesday. ArcelorMittal has a 12-month low of $23.19 and a 12-month high of $54.59. The firm’s 50-day simple moving average is $45.03 and its 200 day simple moving average is $38.78. The company has a quick ratio of 0.58, a current ratio of 1.39 and a debt-to-equity ratio of 0.19. The company has a market cap of $41.37 billion, a price-to-earnings ratio of 15.89, a price-to-earnings-growth ratio of 0.19 and a beta of 1.52.

ArcelorMittal (NYSE:MT) last announced its earnings results on Thursday, November 6th. The basic materials company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.04. ArcelorMittal had a net margin of 4.23% and a return on equity of 4.94%. The company had revenue of $15.66 billion during the quarter, compared to the consensus estimate of $15.88 billion. During the same period in the previous year, the firm posted $0.63 earnings per share. The company’s revenue was up 3.0% on a year-over-year basis. On average, research analysts expect that ArcelorMittal will post 3.72 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. AQR Capital Management LLC grew its holdings in shares of ArcelorMittal by 75.0% in the 1st quarter. AQR Capital Management LLC now owns 34,038 shares of the basic materials company’s stock valued at $982,000 after acquiring an additional 14,593 shares in the last quarter. Geneos Wealth Management Inc. boosted its position in ArcelorMittal by 44.2% during the first quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock valued at $47,000 after purchasing an additional 501 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in ArcelorMittal by 4.1% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 21,873 shares of the basic materials company’s stock valued at $714,000 after purchasing an additional 860 shares in the last quarter. Park Avenue Securities LLC acquired a new position in shares of ArcelorMittal during the 2nd quarter worth approximately $400,000. Finally, GAMMA Investing LLC raised its stake in shares of ArcelorMittal by 26.4% during the 2nd quarter. GAMMA Investing LLC now owns 2,426 shares of the basic materials company’s stock worth $77,000 after purchasing an additional 506 shares in the last quarter. 9.29% of the stock is currently owned by institutional investors.

About ArcelorMittal

ArcelorMittal is a multinational steel manufacturing company formed in 2006 through the merger of Arcelor and Mittal Steel. Headquartered in Luxembourg, the company is one of the world’s largest producers of steel and operates an integrated value chain that spans raw material extraction, steelmaking, processing and distribution. Its product portfolio includes flat and long carbon steel products, coated and specialty steels, tubular products and value-added solutions tailored for sectors such as automotive, construction, household appliances, energy and packaging.

ArcelorMittal’s operations are global in scope, with production facilities, distribution networks and commercial activities across Europe, the Americas, Asia, Africa and the Commonwealth of Independent States.