ArcelorMittal SA (MT) Rating Lowered to Hold at Zacks Investment Research
ArcelorMittal SA (NYSE:MT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.
According to Zacks, “ArcelorMittal swung to a profit in the third quarter of 2016. Revenues, however, fell year over year on lower steel shipments and steel prices. The company sees a decline in profitability in the fourth quarter on a sequential comparison basis. ArcelorMittal remains highly focused on reducing debt, lowering costs and improving efficiency. Moreover, it is looking to sell its non-core assets and increase focus on important operations. However, ArcelorMittal faces neat-term headwind from rising metallurgical coal prices. The company also continues to contend with soft economic conditions in Europe and China and volatility in steel prices. Moreover, China, which has built up a massive excess steel capacity, still remains a concern.”
Several other research analysts also recently commented on MT. Credit Suisse Group AG set a $10.00 target price on ArcelorMittal SA and gave the stock a “buy” rating in a report on Saturday, October 1st. Bank of America Corp. downgraded ArcelorMittal SA from a “buy” rating to a “neutral” rating and set a $7.70 target price on the stock. in a report on Tuesday, November 8th. Jefferies Group reaffirmed a “buy” rating on shares of ArcelorMittal SA in a report on Wednesday, November 9th. Vetr raised ArcelorMittal SA from a “hold” rating to a “buy” rating and set a $5.70 target price on the stock in a report on Tuesday, July 19th. Finally, Citigroup Inc. reaffirmed a “buy” rating on shares of ArcelorMittal SA in a report on Friday, October 7th. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $5.50.
ArcelorMittal SA (NYSE:MT) opened at 7.25 on Monday. The company’s market capitalization is $22.18 billion. The company’s 50 day moving average price is $6.43 and its 200-day moving average price is $5.73. ArcelorMittal SA has a 12-month low of $2.93 and a 12-month high of $7.32.
ArcelorMittal SA (NYSE:MT) last announced its earnings results on Tuesday, November 8th. The company reported $0.22 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.04. The firm had revenue of $14.52 billion for the quarter, compared to the consensus estimate of $15.59 million. ArcelorMittal SA had a positive return on equity of 4.14% and a negative net margin of 9.37%. The business’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.09) EPS. Equities analysts forecast that ArcelorMittal SA will post $0.45 earnings per share for the current fiscal year.
A number of institutional investors have recently bought and sold shares of the stock. Fifth Third Bancorp increased its position in ArcelorMittal SA by 70.0% in the second quarter. Fifth Third Bancorp now owns 21,760 shares of the company’s stock valued at $101,000 after buying an additional 8,960 shares during the last quarter. Rhumbline Advisers increased its position in ArcelorMittal SA by 45.1% in the second quarter. Rhumbline Advisers now owns 22,952 shares of the company’s stock valued at $107,000 after buying an additional 7,133 shares during the last quarter. Baird Financial Group Inc. increased its position in ArcelorMittal SA by 7.9% in the second quarter. Baird Financial Group Inc. now owns 19,609 shares of the company’s stock valued at $112,000 after buying an additional 1,440 shares during the last quarter. Eagle Asset Management Inc. increased its position in ArcelorMittal SA by 71.3% in the second quarter. Eagle Asset Management Inc. now owns 24,632 shares of the company’s stock valued at $114,000 after buying an additional 10,250 shares during the last quarter. Finally, Advisor Partners LLC purchased a new position in ArcelorMittal SA during the third quarter valued at approximately $115,000. Institutional investors and hedge funds own 3.99% of the company’s stock.
ArcelorMittal SA Company Profile
ArcelorMittal SA (ArcelorMittal) is a holding company. The Company is an integrated steel and mining company. ArcelorMittal operates through five segments: NAFTA; Europe; Brazil; Africa and Commonwealth of Independent States (ACIS), and Mining. The NAFTA segment produces flat, long and tubular products.
Receive News & Stock Ratings for ArcelorMittal SA Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ArcelorMittal SA and related stocks with our FREE daily email newsletter.