Analysts Set ArcelorMittal (NYSE:MT) Target Price at $38.98

Shares of ArcelorMittal (NYSE:MT) have earned a consensus recommendation of “Hold” from the eleven brokerages that are presently covering the company, MarketBeat reports. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $38.9750.

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. upgraded shares of ArcelorMittal from a “neutral” rating to an “overweight” rating in a report on Friday, November 7th. Wall Street Zen lowered shares of ArcelorMittal from a “buy” rating to a “hold” rating in a report on Saturday, October 11th. UBS Group downgraded ArcelorMittal from a “buy” rating to a “neutral” rating in a research report on Monday, November 17th. Citigroup reissued a “buy” rating on shares of ArcelorMittal in a research report on Wednesday, October 8th. Finally, Oddo Bhf upgraded ArcelorMittal from a “neutral” rating to an “outperform” rating in a research note on Wednesday.

Hedge Funds Weigh In On ArcelorMittal

Hedge funds and other institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC boosted its stake in ArcelorMittal by 75.0% in the 1st quarter. AQR Capital Management LLC now owns 34,038 shares of the basic materials company’s stock worth $982,000 after purchasing an additional 14,593 shares in the last quarter. Geneos Wealth Management Inc. lifted its stake in shares of 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 buying an additional 501 shares during the period. Gallacher Capital Management LLC grew its holdings in shares of ArcelorMittal by 4.5% during the second quarter. Gallacher Capital Management LLC now owns 12,840 shares of the basic materials company’s stock valued at $406,000 after buying an additional 553 shares during the last quarter. GK Wealth Management LLC acquired a new position in shares of ArcelorMittal in the 2nd quarter valued at $216,000. Finally, Wealth Enhancement Advisory Services LLC raised its stake in ArcelorMittal by 4.1% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 21,873 shares of the basic materials company’s stock worth $714,000 after acquiring an additional 860 shares during the last quarter. 9.29% of the stock is owned by hedge funds and other institutional investors.

ArcelorMittal Trading Up 0.6%

Shares of NYSE:MT opened at $48.72 on Tuesday. The company has a market capitalization of $37.76 billion, a PE ratio of 14.50, a P/E/G ratio of 0.18 and a beta of 1.52. The company has a current ratio of 1.39, a quick ratio of 0.58 and a debt-to-equity ratio of 0.19. ArcelorMittal has a 12-month low of $23.14 and a 12-month high of $49.33. The business’s fifty day simple moving average is $44.20 and its 200-day simple moving average is $38.33.

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

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.