ArcelorMittal (NYSE:MT) Receives $38.98 Consensus Price Target from Analysts

ArcelorMittal (NYSE:MT) has been assigned a consensus rating of “Hold” from the ten brokerages that are presently covering the stock, Marketbeat.com reports. Seven research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $38.9750.

A number of research firms recently weighed in on MT. UBS Group lowered shares of ArcelorMittal from a “buy” rating to a “neutral” rating in a research report on Monday, November 17th. Wall Street Zen cut ArcelorMittal from a “buy” rating to a “hold” rating in a report on Saturday, October 11th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $49.00 price target on shares of ArcelorMittal in a report on Wednesday, November 26th. The Goldman Sachs Group reiterated a “neutral” rating on shares of ArcelorMittal in a research report on Friday, October 10th. Finally, Citigroup restated a “buy” rating on shares of ArcelorMittal in a report on Wednesday, October 8th.

ArcelorMittal Stock Up 0.3%

Shares of MT opened at $45.22 on Friday. The stock has a 50 day moving average price of $41.18 and a 200 day moving average price of $36.34. ArcelorMittal has a one year low of $21.59 and a one year high of $46.60. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.58 and a current ratio of 1.39. The stock has a market capitalization of $35.05 billion, a price-to-earnings ratio of 13.46, a PEG ratio of 0.19 and a beta of 1.58.

ArcelorMittal (NYSE:MT) last announced its earnings results on Thursday, November 6th. The basic materials company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.04. ArcelorMittal had a net margin of 4.23% and a return on equity of 4.94%. The company had revenue of $15.66 billion for the quarter, compared to analysts’ expectations of $15.88 billion. During the same quarter in the previous year, the company posted $0.63 EPS. The firm’s quarterly revenue was up 3.0% on a year-over-year basis. Equities research analysts forecast that ArcelorMittal will post 3.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ArcelorMittal

A number of institutional investors have recently bought and sold shares of MT. Maple Rock Capital Partners Inc. purchased a new stake in shares of ArcelorMittal during the 3rd quarter valued at approximately $41,399,000. UBS Group AG increased its stake in ArcelorMittal by 405.2% during the third quarter. UBS Group AG now owns 1,181,358 shares of the basic materials company’s stock worth $42,706,000 after acquiring an additional 947,532 shares during the last quarter. Man Group plc purchased a new stake in ArcelorMittal in the third quarter valued at $11,720,000. Balyasny Asset Management L.P. lifted its stake in shares of ArcelorMittal by 202.2% in the 3rd quarter. Balyasny Asset Management L.P. now owns 368,984 shares of the basic materials company’s stock valued at $13,339,000 after purchasing an additional 246,904 shares during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of ArcelorMittal during the 1st quarter worth $5,263,000. 9.29% of the stock is owned by hedge funds and other institutional investors.

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.