Wells Fargo & Company Issues Positive Forecast for ArcelorMittal (NYSE:MT) Stock Price

Key Points

• Wells Fargo & Company has raised its price target for ArcelorMittal (NYSE:MT) from $33.00 to $39.00, indicating a potential upside of 0.24% from the previous close.
• In addition to Wells Fargo, analysts from Goldman Sachs, Barclays, and Citigroup have varying ratings on ArcelorMittal, resulting in a consensus rating of "Hold" and an average price target of $34.95.
• ArcelorMittal's latest quarterly earnings revealed a miss on EPS estimates, reporting $1.32 while analysts anticipated $1.33, even though its revenue exceeded expectations at $15.93 billion.

ArcelorMittal (NYSE:MT - Get Free Report) had its target price lifted by analysts at Wells Fargo & Company from $33.00 to $39.00 in a report released on Thursday,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 upside of 0.24% from the stock's previous close.

Other equities analysts have also recently issued research reports about the company. The Goldman Sachs Group reiterated a "neutral" rating on shares of ArcelorMittal in a report on Friday, October 10th. Barclays lowered shares of ArcelorMittal from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, July 16th. Citigroup reaffirmed a "buy" rating on shares of ArcelorMittal in a report on Wednesday, October 8th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of ArcelorMittal in a research note on Wednesday, October 8th. Finally, Wall Street Zen downgraded shares of ArcelorMittal from a "buy" rating to a "hold" rating in a research note on Saturday, October 11th. Three equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, ArcelorMittal presently has a consensus rating of "Hold" and a consensus price target of $34.95.

ArcelorMittal Price Performance

MT stock opened at $38.91 on Thursday. ArcelorMittal has a 12-month low of $21.59 and a 12-month high of $41.28. The stock has a 50-day moving average price of $35.75 and a two-hundred day moving average price of $32.43. The company has a current ratio of 1.40, a quick ratio of 0.59 and a debt-to-equity ratio of 0.19. The company has a market cap of $31.88 billion, a PE ratio of 12.01, a price-to-earnings-growth ratio of 0.17 and a beta of 1.69.

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

Hedge Funds Weigh In On ArcelorMittal

Several institutional investors have recently bought and sold shares of MT. SVB Wealth LLC purchased a new stake in shares of ArcelorMittal in the 1st quarter worth about $43,000. Geneos Wealth Management Inc. grew its stake in ArcelorMittal by 44.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company's stock valued at $47,000 after acquiring an additional 501 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of ArcelorMittal by 392.1% during the third quarter. Farther Finance Advisors LLC now owns 1,752 shares of the basic materials company's stock worth $63,000 after buying an additional 1,396 shares during the last quarter. Hexagon Capital Partners LLC boosted its stake in ArcelorMittal by 25.4% in the first quarter. Hexagon Capital Partners LLC now owns 1,779 shares of the basic materials company's stock worth $51,000 after purchasing an additional 360 shares in the last quarter. Finally, CWM LLC grew its holdings in shares of ArcelorMittal by 23.3% during the third quarter. CWM LLC now owns 1,826 shares of the basic materials company's stock worth $66,000 after buying an additional 345 shares in the last quarter. 9.29% of the stock is owned by institutional investors and hedge funds.

About ArcelorMittal

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.

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