ArcelorMittal (NYSE:MT) issued its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.55, Morningstar.com reports. ArcelorMittal had a net margin of 5.50% and a return on equity of 10.52%. The business had revenue of $17.24 billion for the quarter, compared to analysts’ expectations of $16.88 billion. During the same period in the previous year, the business earned $0.38 earnings per share. The company’s revenue was up 17.0% on a year-over-year basis.
Shares of ArcelorMittal (NYSE:MT) traded down 1.17% during trading on Tuesday, reaching $27.04. The company had a trading volume of 6,337,185 shares. The company has a 50 day moving average of $23.84 and a 200-day moving average of $24.07. The firm has a market capitalization of $27.58 billion, a P/E ratio of 8.51 and a beta of 2.09. ArcelorMittal has a 52-week low of $16.14 and a 52-week high of $28.11.
Institutional investors have recently added to or reduced their stakes in the stock. Intrust Bank NA bought a new position in ArcelorMittal during the second quarter valued at $590,000. Genesee Valley Trust Co. bought a new position in ArcelorMittal during the second quarter valued at $241,000. BB&T Securities LLC bought a new position in ArcelorMittal during the second quarter valued at $631,000. BNP Paribas Arbitrage SA raised its position in ArcelorMittal by 5.2% in the second quarter. BNP Paribas Arbitrage SA now owns 50,533 shares of the basic materials company’s stock valued at $1,149,000 after buying an additional 2,491 shares during the last quarter. Finally, Wrapmanager Inc. acquired a new stake in shares of ArcelorMittal during the second quarter valued at about $360,000. 9.72% of the stock is currently owned by hedge funds and other institutional investors.
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MT has been the topic of a number of recent analyst reports. Zacks Investment Research cut shares of ArcelorMittal from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 8th. Cowen and Company restated a “buy” rating and set a $11.00 price objective on shares of ArcelorMittal in a research note on Friday, May 19th. BidaskClub upgraded shares of ArcelorMittal from a “sell” rating to a “hold” rating in a research note on Saturday, June 24th. Deutsche Bank AG upgraded shares of ArcelorMittal from a “hold” rating to a “buy” rating and lifted their price objective for the company from $25.00 to $32.00 in a research note on Wednesday, July 12th. Finally, ValuEngine upgraded shares of ArcelorMittal from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company’s stock. ArcelorMittal presently has an average rating of “Buy” and a consensus price target of $29.72.
ArcelorMittal Company Profile
ArcelorMittal SA (ArcelorMittal) is a holding company. The Company, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia and Africa. ArcelorMittal operates through five segments, which include NAFTA; Europe; Brazil; Africa and Commonwealth of Independent States (ACIS), and Mining.
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