ArcelorMittal (NYSE:MT) Stock Has Consensus Target Price of $74.55 According to Brokerages

Key Points

• Analyst consensus is “Hold”: Eight of 15 analysts rate ArcelorMittal neutral, while seven recommend buying. The average 12-month price target is $74.55, with targets ranging from $64 at Wells Fargo to $82 at Morgan Stanley.
• Shares opened at $62.41, below the consensus target, with a 52-week range of $36.70 to $79.68. The stock’s 50-day and 200-day moving averages were $71.51 and $66.26, respectively.
• Quarterly results fell short of expectations: ArcelorMittal reported $0.90 in EPS versus the $1.18 consensus and revenue of $16.76 billion versus $17.56 billion expected, although revenue increased 5.2% year over year.

ArcelorMittal (NYSE:MT - Get Free Report) has been assigned an average recommendation of "Hold" from the fifteen ratings firms that are covering the company, MarketBeat Ratings reports. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $74.55.

MT has been the subject of a number of research reports. JPMorgan Chase & Co. reiterated a "neutral" rating on shares of ArcelorMittal in a research report on Wednesday, July 29th. Wells Fargo & Company lowered their price target on ArcelorMittal from $69.00 to $64.00 and set an "equal weight" rating on the stock in a report on Tuesday, October 6th. Morgan Stanley initiated coverage on ArcelorMittal in a research note on Monday, August 24th. They issued an "overweight" rating and a $82.00 price objective for the company. Deutsche Bank Aktiengesellschaft set a $79.00 price objective on ArcelorMittal and gave the stock a "buy" rating in a report on Monday, October 5th. Finally, UBS Group upgraded ArcelorMittal from a "neutral" rating to a "buy" rating in a research report on Friday, October 9th.

ArcelorMittal Stock Performance

Shares of MT opened at $62.41 on Thursday. The company has a 50-day simple moving average of $71.51 and a 200-day simple moving average of $66.26. The company has a quick ratio of 0.57, a current ratio of 1.43 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $48.36 billion, a PE ratio of 26.44, a P/E/G ratio of 0.53 and a beta of 1.54. ArcelorMittal has a 52-week low of $36.70 and a 52-week high of $79.68.

ArcelorMittal (NYSE:MT - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.90 EPS for the quarter, missing analysts' consensus estimates of $1.18 by ($0.28). ArcelorMittal had a return on equity of 4.20% and a net margin of 2.88%. The company had revenue of $16.76 billion for the quarter, compared to analysts' expectations of $17.56 billion. During the same period in the prior year, the firm posted $1.32 EPS. The firm's quarterly revenue was up 5.2% on a year-over-year basis. Equities research analysts predict that ArcelorMittal will post 4.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ArcelorMittal

Several institutional investors and hedge funds have recently made changes to their positions in MT. Moody National Bank Trust Division increased its stake in shares of ArcelorMittal by 5.7% during the 3rd quarter. Moody National Bank Trust Division now owns 3,606 shares of the basic materials company's stock worth $241,000 after purchasing an additional 195 shares in the last quarter. Aaron Wealth Advisors LLC raised its position in shares of ArcelorMittal by 4.9% during the 1st quarter. Aaron Wealth Advisors LLC now owns 5,671 shares of the basic materials company's stock worth $295,000 after purchasing an additional 263 shares during the last quarter. Versant Capital Management Inc lifted its stake in ArcelorMittal by 3.1% in the 3rd quarter. Versant Capital Management Inc now owns 9,811 shares of the basic materials company's stock valued at $654,000 after buying an additional 298 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in ArcelorMittal by 10.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 3,949 shares of the basic materials company's stock valued at $264,000 after buying an additional 380 shares in the last quarter. Finally, GC Wealth Management RIA LLC lifted its stake in ArcelorMittal by 4.2% in the 1st quarter. GC Wealth Management RIA LLC now owns 10,186 shares of the basic materials company's stock valued at $529,000 after buying an additional 413 shares in the last quarter. 9.29% of the stock is currently owned by hedge funds and other institutional investors.

About ArcelorMittal

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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