ArcelorMittal (NYSE:MT) Given New $64.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo cut ArcelorMittal’s price target from $69 to $64 while maintaining an “equal weight” rating, implying about 3.06% downside from the prior close.
• Analyst sentiment remains mixed, with five Buy and seven Hold ratings, resulting in a consensus “Hold” rating and an average price target of $74.55.
• ArcelorMittal’s latest quarterly results fell short of expectations, reporting $0.90 in EPS versus the $1.18 consensus estimate and revenue of $16.76 billion versus $17.56 billion expected.

ArcelorMittal (NYSE:MT - Get Free Report) had its price target decreased by analysts at Wells Fargo & Company from $69.00 to $64.00 in a report released on Tuesday, Benzinga reports. The firm presently has an "equal weight" rating on the basic materials company's stock. Wells Fargo & Company's price objective would suggest a potential downside of 3.06% from the company's previous close.

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

ArcelorMittal Trading Up 2.0%

Shares of NYSE MT opened at $66.02 on Tuesday. The firm's 50 day moving average price is $72.57 and its 200-day moving average price is $65.66. The company has a market cap of $51.17 billion, a PE ratio of 27.99, a P/E/G ratio of 0.48 and a beta of 1.54. ArcelorMittal has a 52-week low of $36.70 and a 52-week high of $79.68. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.57 and a current ratio of 1.43.

ArcelorMittal (NYSE:MT - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.90 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.28). The firm had revenue of $16.76 billion for the quarter, compared to the consensus estimate of $17.56 billion. ArcelorMittal had a net margin of 2.88% and a return on equity of 4.20%. ArcelorMittal's revenue was up 5.2% on a year-over-year basis. During the same period last year, the business earned $1.32 EPS. On average, equities research analysts expect that ArcelorMittal will post 4.28 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in MT. Dimensional Fund Advisors LP grew its position in shares of ArcelorMittal by 0.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,232,495 shares of the basic materials company's stock valued at $168,008,000 after acquiring an additional 11,503 shares during the period. Maple Rock Capital Partners Inc. raised its holdings in ArcelorMittal by 54.9% in the 2nd 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. Senator Investment Group LP purchased a new position in ArcelorMittal during the fourth quarter valued at $26,431,000. Quantinno Capital Management LP grew its holdings in ArcelorMittal by 11.7% during the first quarter. Quantinno Capital Management LP now owns 335,931 shares of the basic materials company's stock valued at $17,461,000 after purchasing an additional 35,298 shares during the period. Finally, Capital Wealth Planning LLC grew its holdings in ArcelorMittal by 156.3% during the fourth quarter. Capital Wealth Planning LLC now owns 235,750 shares of the basic materials company's stock valued at $11,127,000 after purchasing an additional 143,758 shares during the period. 9.29% of the stock is currently owned by institutional investors.

ArcelorMittal Company Profile

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.

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