ArcelorMittal (NYSE:MT) Coverage Initiated by Analysts at KeyCorp

Stock analysts at KeyCorp assumed coverage on shares of ArcelorMittal (NYSE:MT) in a research report issued on Wednesday. The brokerage set a “sector weight” rating on the basic materials company’s stock.

Several other brokerages have also recently issued reports on MT. JPMorgan Chase & Co. cut ArcelorMittal from an “overweight” rating to an “underweight” rating in a research note on Monday, March 9th. Citigroup restated a “buy” rating on shares of ArcelorMittal in a research report on Friday, February 13th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of ArcelorMittal in a report on Friday, February 6th. Wells Fargo & Company increased their price objective on shares of ArcelorMittal from $47.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Friday, February 6th. Finally, Oddo Bhf raised shares of ArcelorMittal from a “neutral” rating to an “outperform” rating in a report on Wednesday, January 14th. Six equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $51.98.

ArcelorMittal Stock Performance

Shares of ArcelorMittal stock opened at $52.31 on Wednesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.53 and a current ratio of 1.36. ArcelorMittal has a 1 year low of $23.19 and a 1 year high of $67.60. The firm’s 50-day simple moving average is $57.18 and its 200-day simple moving average is $46.50. The firm has a market cap of $40.54 billion, a PE ratio of 12.76, a price-to-earnings-growth ratio of 0.45 and a beta of 1.48.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings results on Thursday, February 5th. The basic materials company reported $0.86 EPS for the quarter, topping 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 business had revenue of $14.97 billion during the quarter, compared to the consensus estimate of $15.56 billion. During the same period last year, the firm earned $0.52 earnings per share. The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. Equities analysts forecast that ArcelorMittal will post 3.72 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Rockefeller Capital Management L.P. grew its holdings in ArcelorMittal by 27.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 4,383 shares of the basic materials company’s stock worth $200,000 after acquiring an additional 946 shares during the period. Auto Owners Insurance Co boosted its position in shares of ArcelorMittal by 4,457.0% during the 4th quarter. Auto Owners Insurance Co now owns 367,568 shares of the basic materials company’s stock valued at $1,675,000 after purchasing an additional 359,502 shares in the last quarter. DGS Capital Management LLC boosted its position in shares of ArcelorMittal by 78.5% during the 4th quarter. DGS Capital Management LLC now owns 12,370 shares of the basic materials company’s stock valued at $564,000 after purchasing an additional 5,439 shares in the last quarter. Amanah Holdings Trust acquired a new position in shares of ArcelorMittal in the 4th quarter worth approximately $6,744,000. Finally, Compound Planning Inc. acquired a new position in shares of ArcelorMittal in the 4th quarter worth approximately $232,000. Institutional investors own 9.29% of the company’s stock.

ArcelorMittal Company Profile

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.