Brokerages Set ArcelorMittal (NYSE:MT) Target Price at $33.45

Key Points

• ArcelorMittal has received a consensus rating of "Hold" from eight analysts, with five recommending a hold and three a buy; the average target price is $33.45.
• Institutional investors have recently increased their stakes, with notable increases from Connor Clark & Lunn (up 22.0%) and Bank of America (up 56.7%).
• The company reported $1.32 earnings per share for the last quarter, slightly missing consensus estimates, while revenue was $15.93 billion, exceeding expectations.

Shares of ArcelorMittal (NYSE:MT - Get Free Report) have received a consensus rating of "Hold" from the eight research firms that are currently covering the company, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $33.45.

MT has been the subject of several research analyst reports. Wells Fargo & Company upgraded ArcelorMittal to a "hold" rating in a research note on Thursday, August 14th. Barclays downgraded ArcelorMittal from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, July 16th. Finally, Wall Street Zen upgraded ArcelorMittal from a "hold" rating to a "buy" rating in a research note on Saturday.

ArcelorMittal Stock Down 0.9%

MT stock traded down $0.30 during mid-day trading on Wednesday, reaching $34.75. The company had a trading volume of 957,641 shares, compared to its average volume of 1,353,360. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.40 and a quick ratio of 0.59. The stock has a 50 day simple moving average of $33.30 and a two-hundred day simple moving average of $31.15. The company has a market capitalization of $28.47 billion, a price-to-earnings ratio of 10.73, a PEG ratio of 0.16 and a beta of 1.64. ArcelorMittal has a 52 week low of $21.59 and a 52 week high of $35.13.

ArcelorMittal (NYSE:MT - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The basic materials company reported $1.32 earnings per share for the quarter, missing analysts' consensus estimates of $1.33 by ($0.01). The company had revenue of $15.93 billion during the quarter, compared to the consensus estimate of $15.48 billion. ArcelorMittal had a net margin of 4.11% and a return on equity of 4.99%. The firm's revenue for the quarter was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.63 earnings per share. As a group, equities analysts predict that ArcelorMittal will post 3.72 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Osaic Holdings Inc. boosted its stake in shares of ArcelorMittal by 16.2% during the 2nd quarter. Osaic Holdings Inc. now owns 16,796 shares of the basic materials company's stock worth $530,000 after acquiring an additional 2,338 shares during the period. Tower Research Capital LLC TRC lifted its holdings in ArcelorMittal by 8.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 123,457 shares of the basic materials company's stock worth $3,899,000 after purchasing an additional 9,401 shares during the last quarter. Vident Advisory LLC lifted its holdings in ArcelorMittal by 4.8% during the 2nd quarter. Vident Advisory LLC now owns 18,878 shares of the basic materials company's stock worth $596,000 after purchasing an additional 869 shares during the last quarter. Cubist Systematic Strategies LLC lifted its holdings in ArcelorMittal by 15.9% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 211,326 shares of the basic materials company's stock worth $6,674,000 after purchasing an additional 28,915 shares during the last quarter. Finally, Boothbay Fund Management LLC lifted its holdings in ArcelorMittal by 22.8% during the 2nd quarter. Boothbay Fund Management LLC now owns 113,884 shares of the basic materials company's stock worth $3,596,000 after purchasing an additional 21,130 shares during the last quarter. 9.29% of the stock is currently owned by institutional investors.

ArcelorMittal Company Profile

ArcelorMittal SA, together with its subsidiaries, operates as integrated steel and mining companies in the United States, Europe, and internationally. It offers semi-finished flat products, including slabs; finished flat products comprising plates, hot- and cold-rolled coils and sheets, hot-dipped and electro-galvanized coils and sheets, tinplate, and color coated coils and sheets; semi-finished long products, such as blooms and billets; finished long products consisting of bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes.