ArcelorMittal (NYSE:MT) Price Target Raised to $61.00 at Wells Fargo & Company

Key Points

• Wells Fargo raised its price target on ArcelorMittal from $60 to $61 and kept an "equal weight" rating, implying roughly a 5.9% upside from the prior close.
• Consensus from analysts is a Hold (5 Buys, 7 Holds, 1 Sell) with an average price target of $61.07.
• Recent performance: MT traded at $57.62, has a market cap around $44.7B and a PE of 14.06; last quarter EPS was $0.86 (beat estimates) while revenue slightly missed consensus.

ArcelorMittal (NYSE:MT - Get Free Report) had its target price lifted by analysts at Wells Fargo & Company from $60.00 to $61.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an "equal weight" rating on the basic materials company's stock. Wells Fargo & Company's price target suggests a potential upside of 5.87% from the company's previous close.

Other research analysts also recently issued reports about the company. Morgan Stanley reaffirmed an "overweight" rating on shares of ArcelorMittal in a research note on Tuesday, February 17th. Weiss Ratings restated a "hold (c)" rating on shares of ArcelorMittal in a research note on Monday, April 20th. KeyCorp started coverage on ArcelorMittal in a research note on Wednesday, March 25th. They set a "sector weight" rating on the stock. Santander downgraded ArcelorMittal from an "outperform" rating to a "neutral" rating in a research report on Tuesday, April 21st. Finally, Citigroup reiterated a "buy" rating on shares of ArcelorMittal in a research report on Friday, February 13th. Five analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $61.07.

ArcelorMittal Stock Performance

NYSE:MT traded up $0.41 during trading hours on Friday, reaching $57.62. The company had a trading volume of 379,221 shares, compared to its average volume of 1,847,127. ArcelorMittal has a 1-year low of $29.62 and a 1-year high of $67.60. The firm has a market cap of $44.66 billion, a PE ratio of 14.06, a price-to-earnings-growth ratio of 0.47 and a beta of 1.49. The business's 50 day moving average price is $57.32 and its 200-day moving average price is $50.24. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 0.53.

ArcelorMittal (NYSE:MT - Get Free Report) last announced its quarterly earnings results on Thursday, February 5th. The basic materials company reported $0.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.56 by $0.30. ArcelorMittal had a return on equity of 5.27% and a net margin of 5.14%.The company had revenue of $14.97 billion during the quarter, compared to the consensus estimate of $15.56 billion. During the same period in the previous year, the company posted $0.52 earnings per share. ArcelorMittal's revenue for the quarter was up 1.7% on a year-over-year basis. Research analysts forecast that ArcelorMittal will post 4.61 EPS for the current year.

Institutional Trading of ArcelorMittal

Several hedge funds and other institutional investors have recently modified their holdings of MT. Dimensional Fund Advisors LP boosted its position in ArcelorMittal by 1.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,220,992 shares of the basic materials company's stock valued at $146,780,000 after purchasing an additional 49,614 shares during the last quarter. Maple Rock Capital Partners Inc. increased its stake in ArcelorMittal by 42.4% during the fourth quarter. Maple Rock Capital Partners Inc. now owns 1,630,600 shares of the basic materials company's stock valued at $74,306,000 after acquiring an additional 485,400 shares during the period. UBS Group AG increased its stake in ArcelorMittal by 405.2% during the third quarter. UBS Group AG now owns 1,181,358 shares of the basic materials company's stock valued at $42,706,000 after acquiring an additional 947,532 shares during the period. Bank of America Corp DE increased its stake in ArcelorMittal by 15.6% during the third quarter. Bank of America Corp DE now owns 947,909 shares of the basic materials company's stock valued at $34,267,000 after acquiring an additional 128,045 shares during the period. Finally, Retirement Systems of Alabama bought a new position in ArcelorMittal during the fourth quarter valued at about $30,721,000. Institutional investors and hedge funds own 9.29% of the company's stock.

About ArcelorMittal

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.

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