The Goldman Sachs Group Initiates Coverage on ArcelorMittal (NYSE:MT)

The Goldman Sachs Group initiated coverage on shares of ArcelorMittal (NYSE:MT) in a report released on Thursday morning, Marketbeat.com reports. The brokerage issued a neutral rating and a $29.60 price objective on the basic materials company’s stock.

MT has been the topic of a number of other research reports. Deutsche Bank Aktiengesellschaft reiterated a hold rating and set a $31.00 price objective (down previously from $34.00) on shares of ArcelorMittal in a research report on Tuesday, April 16th. StockNews.com downgraded shares of ArcelorMittal from a buy rating to a hold rating in a report on Monday, March 4th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, ArcelorMittal presently has an average rating of Hold and an average price target of $30.30.

ArcelorMittal Stock Up 0.1 %

Shares of NYSE:MT opened at $25.52 on Thursday. The company has a market cap of $20.55 billion, a price-to-earnings ratio of 28.67, a PEG ratio of 0.37 and a beta of 1.93. ArcelorMittal has a 12 month low of $21.30 and a 12 month high of $29.15. The company has a current ratio of 1.55, a quick ratio of 0.65 and a debt-to-equity ratio of 0.15. The company has a 50-day moving average price of $26.36 and a 200 day moving average price of $26.14.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings data on Thursday, May 2nd. The basic materials company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.23. The business had revenue of $16.28 billion for the quarter, compared to the consensus estimate of $16.67 billion. ArcelorMittal had a return on equity of 8.29% and a net margin of 1.15%. The company’s quarterly revenue was down 12.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.27 earnings per share. As a group, equities research analysts predict that ArcelorMittal will post 4.13 earnings per share for the current year.

ArcelorMittal Announces Dividend

The business also recently declared a Semi-Annual dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 17th will be issued a $0.213 dividend. The ex-dividend date is Thursday, May 16th. ArcelorMittal’s dividend payout ratio is currently 41.57%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of MT. Clearbridge Investments LLC raised its holdings in shares of ArcelorMittal by 0.7% during the fourth quarter. Clearbridge Investments LLC now owns 2,704,891 shares of the basic materials company’s stock valued at $76,792,000 after acquiring an additional 18,099 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in ArcelorMittal by 8.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 839,485 shares of the basic materials company’s stock valued at $23,833,000 after purchasing an additional 66,813 shares in the last quarter. MMCAP International Inc. SPC boosted its stake in ArcelorMittal by 103.4% during the 1st quarter. MMCAP International Inc. SPC now owns 650,820 shares of the basic materials company’s stock worth $17,950,000 after purchasing an additional 330,820 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of ArcelorMittal by 10.2% during the third quarter. Wellington Management Group LLP now owns 370,804 shares of the basic materials company’s stock worth $9,281,000 after buying an additional 34,205 shares in the last quarter. Finally, Van ECK Associates Corp lifted its stake in shares of ArcelorMittal by 1.2% in the fourth quarter. Van ECK Associates Corp now owns 246,001 shares of the basic materials company’s stock worth $6,984,000 after buying an additional 3,031 shares in the last quarter. 9.88% of the stock is owned by institutional investors and hedge funds.

About ArcelorMittal

ArcelorMittal SA, together with its subsidiaries, operates as integrated steel and mining companies in the United States, Europe, and internationally. It offers semi-finished flat products, including slabs; finished flat products comprising plates, hot- and cold-rolled coils and sheets, hot-dipped and electro-galvanized coils and sheets, tinplate, and color coated coils and sheets; semi-finished long products, such as blooms and billets; finished long products consisting of bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes.