ArcelorMittal SA (MT) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of ArcelorMittal SA (NYSE:MT) from a hold rating to a buy rating in a report published on Wednesday morning. They currently have $8.00 target price on the stock.
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 should gain from its efforts to reduce debt, lower costs and improve efficiency. Moreover, the company is looking to sell its non-core assets and increase focus on important operations.”
MT has been the topic of several other reports. Jefferies Group reissued a buy rating on shares of ArcelorMittal SA in a research note on Wednesday, November 9th. Credit Suisse Group AG set a $10.00 target price on shares of ArcelorMittal SA and gave the stock a buy rating in a research note on Wednesday, November 9th. Vetr raised shares of ArcelorMittal SA from a hold rating to a buy rating and set a $5.70 target price on the stock in a research note on Tuesday, July 19th. TheStreet raised shares of ArcelorMittal SA from a sell rating to a hold rating in a research note on Friday, July 29th. Finally, JPMorgan Chase & Co. raised shares of ArcelorMittal SA from an underweight rating to a neutral rating and increased their target price for the stock from $2.93 to $6.55 in a research note on Friday, August 19th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. ArcelorMittal SA has a consensus rating of Hold and an average target price of $5.58.
Shares of ArcelorMittal SA (NYSE:MT) traded down 0.628% during midday trading on Wednesday, reaching $7.125. 12,640,524 shares of the company’s stock traded hands. ArcelorMittal SA has a 52-week low of $2.93 and a 52-week high of $7.32. The firm’s market cap is $21.80 billion. The company has a 50 day moving average of $6.53 and a 200 day moving average of $5.77.
ArcelorMittal SA (NYSE:MT) last posted its quarterly earnings data on Tuesday, November 8th. The company reported $0.22 EPS for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.04. ArcelorMittal SA had a negative net margin of 9.37% and a positive return on equity of 4.14%. The company had revenue of $14.52 billion for the quarter, compared to analyst estimates of $15.59 million. During the same period in the prior year, the firm posted ($0.09) EPS. The company’s quarterly revenue was down 1.5% on a year-over-year basis. On average, equities analysts predict that ArcelorMittal SA will post $0.45 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Jane Street Group LLC increased its position in shares of ArcelorMittal SA by 2,925.5% in the third quarter. Jane Street Group LLC now owns 2,492,979 shares of the company’s stock valued at $15,058,000 after buying an additional 2,410,579 shares during the last quarter. OLD Mission Capital LLC increased its position in shares of ArcelorMittal SA by 107.8% in the third quarter. OLD Mission Capital LLC now owns 165,820 shares of the company’s stock valued at $1,101,000 after buying an additional 86,012 shares during the last quarter. Two Sigma Securities LLC purchased a new position in shares of ArcelorMittal SA during the third quarter valued at approximately $584,000. AMP Capital Investors Ltd purchased a new position in shares of ArcelorMittal SA during the third quarter valued at approximately $1,306,000. Finally, Profund Advisors LLC increased its position in shares of ArcelorMittal SA by 9.0% in the third quarter. Profund Advisors LLC now owns 75,810 shares of the company’s stock valued at $458,000 after buying an additional 6,270 shares during the last quarter. 3.99% of the stock is currently owned by institutional investors.
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.
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