ArcelorMittal (NYSE:MT) Posts Earnings Results, Beats Expectations By $0.04 EPS

ArcelorMittal (NYSE:MT) announced its quarterly earnings results on Thursday. The basic materials company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.04, Zacks reports. The firm had revenue of $15.66 billion during the quarter, compared to the consensus estimate of $15.88 billion. ArcelorMittal had a net margin of 4.11% and a return on equity of 4.99%. The firm’s quarterly revenue was up 3.0% on a year-over-year basis. During the same period last year, the firm posted $0.63 EPS.

ArcelorMittal Trading Up 3.5%

Shares of NYSE:MT traded up $1.32 during mid-day trading on Friday, reaching $39.18. The stock had a trading volume of 2,699,787 shares, compared to its average volume of 1,845,963. The firm has a 50 day simple moving average of $36.92 and a two-hundred day simple moving average of $33.55. ArcelorMittal has a twelve month low of $21.59 and a twelve month high of $41.28. The firm has a market cap of $32.10 billion, a PE ratio of 12.09, a price-to-earnings-growth ratio of 0.17 and a beta of 1.72. The company has a current ratio of 1.40, a quick ratio of 0.59 and a debt-to-equity ratio of 0.19.

Hedge Funds Weigh In On ArcelorMittal

Several institutional investors and hedge funds have recently made changes to their positions in MT. Geneos Wealth Management Inc. grew its holdings in shares of ArcelorMittal by 44.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock valued at $47,000 after buying an additional 501 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in ArcelorMittal by 268.6% during the second quarter. EverSource Wealth Advisors LLC now owns 2,422 shares of the basic materials company’s stock worth $76,000 after acquiring an additional 1,765 shares in the last quarter. Cetera Investment Advisers bought a new position in ArcelorMittal during the second quarter worth about $232,000. Osaic Holdings Inc. grew its stake in ArcelorMittal by 16.2% in the second quarter. Osaic Holdings Inc. now owns 16,796 shares of the basic materials company’s stock valued at $530,000 after acquiring an additional 2,338 shares during the period. Finally, Vident Advisory LLC increased its holdings in shares of ArcelorMittal by 4.8% in the second quarter. Vident Advisory LLC now owns 18,878 shares of the basic materials company’s stock worth $596,000 after acquiring an additional 869 shares in the last quarter. Institutional investors and hedge funds own 9.29% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on MT shares. JPMorgan Chase & Co. raised shares of ArcelorMittal from a “neutral” rating to an “overweight” rating in a report on Friday. Weiss Ratings reiterated a “hold (c)” rating on shares of ArcelorMittal in a research report on Wednesday, October 8th. Wells Fargo & Company reissued a “cautious” rating and issued a $39.00 price objective (up previously from $33.00) on shares of ArcelorMittal in a research note on Thursday, October 23rd. The Goldman Sachs Group restated a “neutral” rating on shares of ArcelorMittal in a research report on Friday, October 10th. Finally, Citigroup reaffirmed a “buy” rating on shares of ArcelorMittal in a research note on Wednesday, October 8th. Four equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $34.95.

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.