ArcelorMittal (NYSE:MT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday, July 25th.
According to Zacks, “ArcelorMittal outperformed the industry it belongs to over the past one year. ArcelorMittal should gain from its efforts to reduce debt, lower costs, expand capacity and improve efficiency. It is making a significant progress in its cost reduction initiatives under the Action 2020 program. Moreover, ArcelorMittal is looking to sell its non-core assets to focus on important operations and also expanding its advanced high strength steel product line. However, ArcelorMittal continues to contend with soft economic conditions in Europe and China and volatility in steel prices. Demand for steel remains weak in Europe and China. Moreover, cheap steel exports from China is still causing a problem.”
A number of other equities analysts have also recently issued reports on MT. UBS AG upgraded ArcelorMittal from a “sell” rating to a “neutral” rating in a report on Tuesday, May 23rd. ValuEngine lowered ArcelorMittal from a “buy” rating to a “hold” rating in a research report on Tuesday, May 23rd. Bank of America Corporation lowered ArcelorMittal from a “buy” rating to an “underperform” rating in a research report on Tuesday, June 6th. Cowen and Company reaffirmed a “buy” rating and set a $32.00 target price on shares of ArcelorMittal in a research report on Wednesday, July 19th. Finally, Macquarie raised ArcelorMittal from a “neutral” rating to an “outperform” rating in a research report on Thursday, May 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $29.72.
ArcelorMittal (MT) traded up 2.08% during mid-day trading on Tuesday, reaching $25.97. 4,117,322 shares of the company’s stock traded hands. ArcelorMittal has a 12 month low of $16.14 and a 12 month high of $28.11. The stock has a market cap of $26.49 billion, a P/E ratio of 8.17 and a beta of 2.09. The company has a 50 day moving average price of $25.33 and a 200-day moving average price of $24.20.
ArcelorMittal (NYSE:MT) last announced its earnings results on Thursday, July 27th. The basic materials company reported $1.33 EPS for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.55. The firm had revenue of $17.24 billion during the quarter, compared to analysts’ expectations of $16.88 billion. ArcelorMittal had a return on equity of 10.52% and a net margin of 5.50%. The company’s quarterly revenue was up 17.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.38 EPS. On average, analysts anticipate that ArcelorMittal will post $3.07 EPS for the current year.
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A number of institutional investors have recently modified their holdings of the company. Integrated Investment Consultants LLC purchased a new position in shares of ArcelorMittal during the second quarter worth approximately $111,000. Iron Financial LLC boosted its position in shares of ArcelorMittal by 50.0% in the first quarter. Iron Financial LLC now owns 15,000 shares of the basic materials company’s stock worth $125,000 after buying an additional 5,000 shares during the last quarter. Jacobi Capital Management LLC purchased a new position in shares of ArcelorMittal during the first quarter worth approximately $127,000. US Bancorp DE boosted its position in shares of ArcelorMittal by 14.2% in the first quarter. US Bancorp DE now owns 15,540 shares of the basic materials company’s stock worth $129,000 after buying an additional 1,934 shares during the last quarter. Finally, MAVEN SECURITIES Ltd purchased a new position in shares of ArcelorMittal during the first quarter worth approximately $139,000. Institutional investors own 9.34% of the company’s stock.
ArcelorMittal Company Profile
ArcelorMittal SA (ArcelorMittal) is a holding company. The Company, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia and Africa. ArcelorMittal operates through five segments, which include NAFTA; Europe; Brazil; Africa and Commonwealth of Independent States (ACIS), and Mining.
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