Analysts Set ArcelorMittal (NYSE:MT) Price Target at $61.07

Shares of ArcelorMittal (NYSE:MT) have earned an average recommendation of “Hold” from the thirteen brokerages that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $61.0667.

MT has been the subject of several research analyst reports. JPMorgan Chase & Co. downgraded ArcelorMittal from an “overweight” rating to an “underweight” rating in a report on Monday, March 9th. Jefferies Financial Group upgraded ArcelorMittal from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $51.10 to $73.20 in a report on Wednesday, February 11th. Wells Fargo & Company lifted their price objective on ArcelorMittal from $60.00 to $61.00 and gave the stock an “equal weight” rating in a report on Friday, May 1st. Santander downgraded ArcelorMittal from an “outperform” rating to a “neutral” rating in a report on Tuesday, April 21st. Finally, Weiss Ratings upgraded ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, May 4th.

ArcelorMittal Price Performance

MT opened at $66.03 on Monday. The stock has a 50-day moving average price of $57.49 and a 200-day moving average price of $52.73. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.39 and a quick ratio of 0.54. The firm has a market cap of $51.17 billion, a PE ratio of 17.33, a P/E/G ratio of 0.53 and a beta of 1.48. ArcelorMittal has a 1 year low of $29.62 and a 1 year high of $67.60.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.04. ArcelorMittal had a return on equity of 4.77% and a net margin of 4.71%.The firm had revenue of $15.46 billion during the quarter, compared to analyst estimates of $17.04 billion. During the same quarter in the previous year, the firm earned $1.05 EPS. ArcelorMittal’s quarterly revenue was up 4.5% compared to the same quarter last year. Sell-side analysts predict that ArcelorMittal will post 4.69 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ArcelorMittal

A number of large investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC grew its stake in shares of ArcelorMittal by 28.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 4,580 shares of the basic materials company’s stock valued at $238,000 after purchasing an additional 1,019 shares during the period. Recurrent Investment Advisors LLC grew its stake in shares of ArcelorMittal by 5.0% during the 1st quarter. Recurrent Investment Advisors LLC now owns 15,403 shares of the basic materials company’s stock valued at $801,000 after purchasing an additional 734 shares during the period. Quantinno Capital Management LP grew its stake in shares of ArcelorMittal by 11.7% during the 1st quarter. Quantinno Capital Management LP now owns 335,931 shares of the basic materials company’s stock valued at $17,461,000 after purchasing an additional 35,298 shares during the period. GC Wealth Management RIA LLC grew its stake in shares of ArcelorMittal by 4.2% during 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 acquiring an additional 413 shares during the period. Finally, Compound Planning Inc. grew its stake in shares of ArcelorMittal by 26.1% during the 1st quarter. Compound Planning Inc. now owns 6,413 shares of the basic materials company’s stock valued at $333,000 after acquiring an additional 1,326 shares during the period. 9.29% of the stock is currently owned by institutional investors.

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.