Stock Repurchase Plan Declared by ArcelorMittal (MT) Board of Directors

ArcelorMittal (NYSE:MT) announced that its Board of Directors has initiated a share buyback program, which permits the company to repurchase $280.00 million in shares on Tuesday, March 13th, EventVestor reports. This repurchase authorization permits the basic materials company to purchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Shares of ArcelorMittal (MT) opened at $32.50 on Friday. The company has a market cap of $33,490.00, a P/E ratio of 7.29, a P/E/G ratio of 0.66 and a beta of 2.28. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.41 and a current ratio of 1.25. ArcelorMittal has a 52 week low of $19.59 and a 52 week high of $37.50.

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ArcelorMittal (NYSE:MT) last announced its quarterly earnings results on Wednesday, January 31st. The basic materials company reported $1.01 EPS for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.21. The company had revenue of $17.71 billion for the quarter, compared to analysts’ expectations of $18.34 billion. ArcelorMittal had a net margin of 6.65% and a return on equity of 12.03%. During the same period in the prior year, the company posted $0.39 EPS. research analysts predict that ArcelorMittal will post 3.69 earnings per share for the current fiscal year.

A number of research analysts have recently weighed in on MT shares. Goldman Sachs Group reissued a “buy” rating on shares of ArcelorMittal in a research report on Friday, November 17th. Deutsche Bank reissued a “buy” rating on shares of ArcelorMittal in a research report on Friday, November 17th. Zacks Investment Research downgraded shares of ArcelorMittal from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 22nd. Cowen reissued a “hold” rating and set a $35.00 target price on shares of ArcelorMittal in a research report on Thursday, January 4th. Finally, Jefferies Group reissued a “buy” rating and set a $42.00 target price on shares of ArcelorMittal in a research report on Tuesday, January 9th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $36.89.

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ArcelorMittal Company Profile

ArcelorMittal SA (ArcelorMittal) is a holding company. The Company, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia and Africa. ArcelorMittal operates through five segments, which include NAFTA; Europe; Brazil; Africa and Commonwealth of Independent States (ACIS), and Mining.

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