ArcelorMittal (NYSE:MT) had its price objective hoisted by equities researchers at KeyCorp from $28.00 to $30.00 in a research note issued to investors on Tuesday, AnalystRatings.net reports. The firm currently has an “overweight” rating on the basic materials company’s stock. KeyCorp’s price objective would suggest a potential upside of 27.82% from the company’s previous close.
Several other research firms have also issued reports on MT. Citigroup reiterated a “buy” rating on shares of ArcelorMittal in a research note on Thursday, October 1st. Kepler Capital Markets upgraded shares of ArcelorMittal from a “hold” rating to a “buy” rating in a research report on Thursday, October 1st. Credit Suisse Group restated a “neutral” rating and set a $24.00 price target on shares of ArcelorMittal in a research report on Monday. Morgan Stanley restated an “overweight” rating on shares of ArcelorMittal in a research report on Wednesday, January 6th. Finally, TheStreet upgraded shares of ArcelorMittal from a “d+” rating to a “c-” rating in a research report on Friday, December 11th. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $20.20.
NYSE MT opened at $23.47 on Tuesday. ArcelorMittal has a 1 year low of $6.64 and a 1 year high of $25.75. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.22 and a quick ratio of 0.72. The firm has a market cap of $23.75 billion, a price-to-earnings ratio of -6.38 and a beta of 2.07. The company has a fifty day moving average price of $22.98 and a 200-day moving average price of $15.78.
ArcelorMittal (NYSE:MT) last posted its earnings results on Tuesday, November 10th. The basic materials company reported ($0.19) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.19). ArcelorMittal had a negative net margin of 7.00% and a negative return on equity of 3.57%. The firm had revenue of $13.27 billion during the quarter, compared to analyst estimates of $12.32 billion. On average, research analysts anticipate that ArcelorMittal will post -1.24 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. NEXT Financial Group Inc bought a new stake in ArcelorMittal during the 3rd quarter worth approximately $97,000. Parallel Advisors LLC grew its position in shares of ArcelorMittal by 1,827.1% during the 3rd quarter. Parallel Advisors LLC now owns 7,689 shares of the basic materials company’s stock valued at $102,000 after purchasing an additional 7,290 shares in the last quarter. LPL Financial LLC increased its holdings in shares of ArcelorMittal by 17.1% in the third quarter. LPL Financial LLC now owns 15,211 shares of the basic materials company’s stock worth $202,000 after purchasing an additional 2,219 shares during the period. Covenant Partners LLC increased its holdings in shares of ArcelorMittal by 22.1% in the third quarter. Covenant Partners LLC now owns 15,917 shares of the basic materials company’s stock worth $211,000 after purchasing an additional 2,881 shares during the period. Finally, Truist Financial Corp increased its holdings in shares of ArcelorMittal by 53.4% in the third quarter. Truist Financial Corp now owns 15,994 shares of the basic materials company’s stock worth $212,000 after purchasing an additional 5,566 shares during the period. 4.82% of the stock is currently owned by institutional investors and hedge funds.
About ArcelorMittal
ArcelorMittal, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia, and Africa. The company's principal steel products include semi-finished flat products, such as slabs; finished flat products comprising plates, hot- and cold-rolled coils and sheets, hot-dipped and electro-galvanized coils and sheets, and tinplate and color coated coils and sheets; semi-finished long products, such as blooms and billets; finished long products, including bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes.
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