ArcelorMittal (NYSE:MT) Posts Earnings Results

ArcelorMittal (NYSE:MT) released its quarterly earnings results on Thursday. The basic materials company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.04, Zacks reports. ArcelorMittal had a return on equity of 4.99% and a net margin of 4.11%.The company had revenue of $15.66 billion during the quarter, compared to the consensus estimate of $15.88 billion. During the same quarter in the prior year, the company posted $0.63 EPS. The firm’s revenue was up 3.0% on a year-over-year basis.

ArcelorMittal Stock Performance

Shares of MT traded up $1.32 during trading hours on Friday, reaching $39.18. 2,699,787 shares of the company traded hands, compared to its average volume of 1,845,963. The stock’s fifty day moving average is $36.92 and its 200 day moving average is $33.55. The stock has a market cap of $32.10 billion, a P/E ratio of 12.09, a price-to-earnings-growth ratio of 0.17 and a beta of 1.72. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.59 and a current ratio of 1.40. ArcelorMittal has a 1-year low of $21.59 and a 1-year high of $41.28.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. The Goldman Sachs Group reaffirmed a “neutral” rating on shares of ArcelorMittal in a research report on Friday, October 10th. Citigroup restated a “buy” rating on shares of ArcelorMittal in a research note on Wednesday, October 8th. Wall Street Zen lowered shares of ArcelorMittal from a “buy” rating to a “hold” rating in a research note on Saturday, October 11th. JPMorgan Chase & Co. raised shares of ArcelorMittal from a “neutral” rating to an “overweight” rating in a research report on Friday. Finally, Weiss Ratings restated a “hold (c)” rating on shares of ArcelorMittal in a report on Wednesday, October 8th. Four investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $34.95.

Institutional Trading of ArcelorMittal

A number of hedge funds have recently modified their holdings of the company. Geneos Wealth Management Inc. grew its holdings in shares of ArcelorMittal by 44.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock worth $47,000 after purchasing an additional 501 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in ArcelorMittal by 268.6% in the second quarter. EverSource Wealth Advisors LLC now owns 2,422 shares of the basic materials company’s stock worth $76,000 after purchasing an additional 1,765 shares during the period. Cetera Investment Advisers acquired a new stake in ArcelorMittal during the second quarter worth $232,000. Osaic Holdings Inc. boosted its stake in ArcelorMittal by 16.2% during the second quarter. Osaic Holdings Inc. now owns 16,796 shares of the basic materials company’s stock worth $530,000 after buying an additional 2,338 shares in the last quarter. Finally, Vident Advisory LLC increased its holdings in ArcelorMittal by 4.8% in the 2nd quarter. Vident Advisory LLC now owns 18,878 shares of the basic materials company’s stock valued at $596,000 after buying an additional 869 shares during the period. Institutional investors own 9.29% of the company’s stock.

About ArcelorMittal

ArcelorMittal SA, together with its subsidiaries, operates as integrated steel and mining companies in the United States, Europe, and internationally. It offers semi-finished flat products, including slabs; finished flat products comprising plates, hot- and cold-rolled coils and sheets, hot-dipped and electro-galvanized coils and sheets, tinplate, and color coated coils and sheets; semi-finished long products, such as blooms and billets; finished long products consisting of bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes.