ArcelorMittal (NYSE:MT) Price Target Raised to $62.00

ArcelorMittal (NYSE:MT) had its price target lifted by research analysts at Wells Fargo & Company from $61.00 to $62.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the basic materials company’s stock. Wells Fargo & Company‘s price objective suggests a potential downside of 1.95% from the company’s current price.

MT has been the subject of several other reports. Weiss Ratings raised shares of ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, May 4th. Jefferies Financial Group reissued a “buy” rating on shares of ArcelorMittal in a research report on Monday. Santander cut shares of ArcelorMittal from an “outperform” rating to a “neutral” rating in a report on Tuesday, April 21st. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $70.00 target price on shares of ArcelorMittal in a research report on Tuesday. Finally, KeyCorp began coverage on shares of ArcelorMittal in a research report on Wednesday, March 25th. They set a “sector weight” rating on the stock. Six research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $68.40.

ArcelorMittal Stock Performance

MT stock opened at $63.23 on Thursday. ArcelorMittal has a 1-year low of $30.17 and a 1-year high of $72.50. The company has a current ratio of 1.39, a quick ratio of 0.54 and a debt-to-equity ratio of 0.19. The firm has a market cap of $49.00 billion, a PE ratio of 16.60, a P/E/G ratio of 0.51 and a beta of 1.55. The business’s 50-day moving average price is $64.23 and its two-hundred day moving average price is $58.27.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings data on Thursday, April 30th. The basic materials company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.04. The business had revenue of $15.46 billion for the quarter, compared to analyst estimates of $17.04 billion. ArcelorMittal had a net margin of 4.71% and a return on equity of 4.77%. The firm’s quarterly revenue was up 4.5% on a year-over-year basis. During the same period last year, the business posted $1.05 earnings per share. As a group, research analysts forecast that ArcelorMittal will post 4.72 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. True Wealth Design LLC grew its holdings in ArcelorMittal by 41.4% during the fourth quarter. True Wealth Design LLC now owns 799 shares of the basic materials company’s stock worth $36,000 after purchasing an additional 234 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in ArcelorMittal in the fourth quarter valued at approximately $44,000. Geneos Wealth Management Inc. raised its stake in ArcelorMittal by 44.2% in the first quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock valued at $47,000 after buying an additional 501 shares during the period. Allworth Financial LP lifted its position in shares of ArcelorMittal by 91.5% in the fourth quarter. Allworth Financial LP now owns 1,126 shares of the basic materials company’s stock valued at $51,000 after buying an additional 538 shares during the last quarter. Finally, CIBC Private Wealth Group LLC lifted its position in shares of ArcelorMittal by 126.5% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,146 shares of the basic materials company’s stock valued at $52,000 after buying an additional 640 shares during the last quarter. 9.29% of the stock is currently owned by institutional investors and hedge funds.

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.