Analysts Set ArcelorMittal (NYSE:MT) Target Price at $68.07

ArcelorMittal (NYSE:MT) has been assigned an average rating of “Hold” from the thirteen analysts that are covering the firm, MarketBeat.com reports. Seven equities research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $68.40.

MT has been the subject of a number of recent research reports. KeyCorp assumed coverage on ArcelorMittal in a research report on Wednesday, March 25th. They issued a “sector weight” rating for the company. Citigroup reissued a “buy” rating on shares of ArcelorMittal in a research note on Wednesday, May 20th. JPMorgan Chase & Co. upgraded shares of ArcelorMittal from an “underweight” rating to a “neutral” rating in a report on Friday. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $70.00 target price on shares of ArcelorMittal in a report on Tuesday. Finally, Weiss Ratings upgraded shares of ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, May 4th.

ArcelorMittal Price Performance

ArcelorMittal stock traded up $3.16 during mid-day trading on Tuesday, hitting $66.12. 1,965,241 shares of the company traded hands, compared to its average volume of 1,541,859. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.54 and a current ratio of 1.39. ArcelorMittal has a one year low of $30.17 and a one year high of $72.50. The stock has a market cap of $51.24 billion, a price-to-earnings ratio of 17.35, a price-to-earnings-growth ratio of 0.53 and a beta of 1.55. The stock has a fifty day moving average price of $64.53 and a 200-day moving average price of $58.46.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings data on Thursday, April 30th. The basic materials company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.04. ArcelorMittal had a net margin of 4.71% and a return on equity of 4.77%. The firm had revenue of $15.46 billion for the quarter, compared to analysts’ expectations of $17.04 billion. During the same quarter last year, the company posted $1.05 EPS. The business’s quarterly revenue was up 4.5% on a year-over-year basis. On average, equities analysts predict that ArcelorMittal will post 4.68 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ArcelorMittal

Several institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its stake in ArcelorMittal by 0.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,232,495 shares of the basic materials company’s stock worth $168,008,000 after purchasing an additional 11,503 shares during the period. Maple Rock Capital Partners Inc. grew its holdings in shares of ArcelorMittal by 42.4% in the fourth quarter. Maple Rock Capital Partners Inc. now owns 1,630,600 shares of the basic materials company’s stock worth $74,306,000 after purchasing an additional 485,400 shares during the last quarter. UBS Group AG grew its holdings in shares of ArcelorMittal by 405.2% in the third quarter. UBS Group AG now owns 1,181,358 shares of the basic materials company’s stock worth $42,706,000 after purchasing an additional 947,532 shares during the last quarter. Bank of America Corp DE increased its stake in shares of ArcelorMittal by 15.6% in the third quarter. Bank of America Corp DE now owns 947,909 shares of the basic materials company’s stock worth $34,267,000 after buying an additional 128,045 shares during the period. Finally, Retirement Systems of Alabama bought a new stake in ArcelorMittal during the 4th quarter valued at $30,721,000. 9.29% of the stock is currently owned by hedge funds and other 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.