ArcelorMittal (NYSE:MT) Price Target Raised to $47.00

ArcelorMittal (NYSE:MT) had its price objective hoisted by Wells Fargo & Company from $39.00 to $47.00 in a report issued on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the basic materials company’s stock.

Several other research analysts have also weighed in on MT. JPMorgan Chase & Co. upgraded ArcelorMittal from a “neutral” rating to an “overweight” rating in a research report on Friday, November 7th. Oddo Bhf upgraded ArcelorMittal from a “neutral” rating to an “outperform” rating in a report on Wednesday, January 14th. The Goldman Sachs Group reissued a “neutral” rating on shares of ArcelorMittal in a research report on Friday, October 10th. Wall Street Zen cut shares of ArcelorMittal from a “buy” rating to a “hold” rating in a research report on Saturday, October 11th. Finally, Citigroup reaffirmed a “buy” rating on shares of ArcelorMittal in a research note on Wednesday, October 8th. Five research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, ArcelorMittal presently has a consensus rating of “Hold” and a consensus price target of $40.98.

ArcelorMittal Trading Up 1.6%

Shares of MT opened at $54.26 on Wednesday. ArcelorMittal has a 12-month low of $23.19 and a 12-month high of $54.59. The firm has a market capitalization of $42.05 billion, a P/E ratio of 16.15, a P/E/G ratio of 0.19 and a beta of 1.52. The firm has a 50-day moving average price of $45.33 and a 200 day moving average price of $38.94. The company has a current ratio of 1.39, a quick ratio of 0.58 and a debt-to-equity ratio of 0.19.

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

Hedge Funds Weigh In On ArcelorMittal

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP grew its position in shares of ArcelorMittal by 1.8% during the third quarter. Dimensional Fund Advisors LP now owns 3,171,378 shares of the basic materials company’s stock worth $114,647,000 after buying an additional 55,549 shares in the last quarter. UBS Group AG lifted its stake in 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 acquiring an additional 947,532 shares during the last quarter. Maple Rock Capital Partners Inc. acquired a new position in ArcelorMittal during the 3rd quarter worth approximately $41,399,000. Bank of America Corp DE grew its holdings in ArcelorMittal by 15.6% during the 3rd quarter. Bank of America Corp DE now owns 947,909 shares of the basic materials company’s stock worth $34,267,000 after acquiring an additional 128,045 shares in the last quarter. Finally, Retirement Systems of Alabama purchased a new stake in shares of ArcelorMittal in the 4th quarter valued at approximately $30,721,000. Hedge funds and other institutional investors own 9.29% of the company’s stock.

ArcelorMittal Company Profile

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.