Wells Fargo & Company Cuts ArcelorMittal (NYSE:MT) Price Target to $64.00

ArcelorMittal (NYSE:MT) had its price target lowered by Wells Fargo & Company from $69.00 to $64.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an equal weight rating on the basic materials company’s stock.

A number of other analysts have also recently weighed in on MT. JPMorgan Chase & Co. raised ArcelorMittal from an “underweight” rating to a “neutral” rating in a research report on Friday, July 10th. Jefferies Financial Group reissued a “buy” rating on shares of ArcelorMittal in a report on Monday, July 6th. Morgan Stanley started coverage on ArcelorMittal in a report on Monday, August 24th. They set an “overweight” rating and a $82.00 price objective on the stock. Deutsche Bank Aktiengesellschaft set a $79.00 price objective on ArcelorMittal in a research note on Monday. Finally, Weiss Ratings lowered ArcelorMittal from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, September 29th. Five analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $74.55.

ArcelorMittal Stock Down 1.6%

ArcelorMittal stock opened at $61.34 on Tuesday. The company has a current ratio of 1.43, a quick ratio of 0.57 and a debt-to-equity ratio of 0.21. ArcelorMittal has a 1-year low of $36.70 and a 1-year high of $79.68. The firm’s fifty day simple moving average is $72.30 and its 200-day simple moving average is $65.94. The company has a market capitalization of $47.54 billion, a P/E ratio of 25.99, a P/E/G ratio of 0.52 and a beta of 1.54.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.28). The business had revenue of $16.76 billion during the quarter, compared to the consensus estimate of $17.56 billion. ArcelorMittal had a return on equity of 4.20% and a net margin of 2.88%.The company’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.32 earnings per share. Sell-side analysts forecast that ArcelorMittal will post 4.06 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of MT. Maple Rock Capital Partners Inc. increased its stake in shares of ArcelorMittal by 54.9% in the second quarter. Maple Rock Capital Partners Inc. now owns 2,190,860 shares of the basic materials company’s stock worth $131,934,000 after purchasing an additional 776,595 shares during the period. TD Waterhouse Canada Inc. grew its holdings in ArcelorMittal by 822.3% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 16,491 shares of the basic materials company’s stock valued at $978,000 after buying an additional 14,703 shares during the last quarter. First Trust Advisors LP grew its holdings in ArcelorMittal by 275.8% in the 1st quarter. First Trust Advisors LP now owns 55,311 shares of the basic materials company’s stock valued at $2,875,000 after buying an additional 40,593 shares during the last quarter. Quantinno Capital Management LP increased its position in ArcelorMittal by 11.7% in the 1st quarter. Quantinno Capital Management LP now owns 335,931 shares of the basic materials company’s stock worth $17,461,000 after buying an additional 35,298 shares during the period. Finally, Icon Advisers Inc. Co. increased its position in ArcelorMittal by 140.7% in the 1st quarter. Icon Advisers Inc. Co. now owns 65,000 shares of the basic materials company’s stock worth $3,379,000 after buying an additional 38,000 shares during the period. Institutional investors and hedge funds own 9.29% of the company’s stock.

About ArcelorMittal

ArcelorMittal is a global steel and mining company headquartered in Luxembourg. The company produces a broad range of steel products, including flat steel, long steel, tubular products and specialty grades used in automotive manufacturing, construction, appliances, energy, packaging and other industrial applications.

Its operations span major steel-producing and consuming regions, including Europe, North and South America, and Africa. In addition to steelmaking and processing, ArcelorMittal owns and operates mining assets that supply iron ore for its production activities.