Wells Fargo & Company Boosts ArcelorMittal (NYSE:MT) Price Target to $47.00

ArcelorMittal (NYSE:MT) had its price objective boosted by analysts at Wells Fargo & Company from $39.00 to $47.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the basic materials company’s stock. Wells Fargo & Company‘s price target indicates a potential downside of 7.39% from the company’s previous close.

Several other research firms also recently commented on MT. Morgan Stanley raised shares of ArcelorMittal from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, January 6th. JPMorgan Chase & Co. raised ArcelorMittal from a “neutral” rating to an “overweight” rating in a research report on Friday, November 7th. UBS Group cut shares of ArcelorMittal from a “buy” rating to a “neutral” rating in a research note on Monday, November 17th. The Goldman Sachs Group reaffirmed a “neutral” rating on shares of ArcelorMittal in a report on Friday, October 10th. Finally, Wall Street Zen cut ArcelorMittal from a “buy” rating to a “hold” rating in a research report on Saturday, October 11th. Five analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, ArcelorMittal currently has an average rating of “Hold” and an average price target of $40.98.

ArcelorMittal Stock Up 3.9%

MT opened at $50.75 on Wednesday. The company has a quick ratio of 0.58, a current ratio of 1.39 and a debt-to-equity ratio of 0.19. The business’s fifty day simple moving average is $44.56 and its 200 day simple moving average is $38.59. ArcelorMittal has a 52 week low of $23.19 and a 52 week high of $50.51. The stock has a market cap of $39.33 billion, a PE ratio of 15.11, a P/E/G ratio of 0.18 and a beta of 1.52.

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

Institutional Investors Weigh In On ArcelorMittal

Several large investors have recently bought and sold shares of MT. State of Wyoming bought a new position in ArcelorMittal during the third quarter valued at $36,000. True Wealth Design LLC lifted its holdings in shares of ArcelorMittal by 41.4% in the 4th quarter. True Wealth Design LLC now owns 799 shares of the basic materials company’s stock valued at $36,000 after acquiring an additional 234 shares during the last quarter. Geneos Wealth Management Inc. increased its stake in ArcelorMittal by 44.2% during the first quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock worth $47,000 after acquiring an additional 501 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of ArcelorMittal by 392.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,752 shares of the basic materials company’s stock worth $63,000 after acquiring an additional 1,396 shares during the last quarter. Finally, CWM LLC raised its holdings in shares of ArcelorMittal by 23.3% in the third quarter. CWM LLC now owns 1,826 shares of the basic materials company’s stock valued at $66,000 after acquiring an additional 345 shares in the last quarter. Institutional investors own 9.29% of the company’s stock.

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.