ArcelorMittal SA (NYSE:MT) Receives Average Rating of “Buy” from Brokerages
ArcelorMittal SA (NYSE:MT) has earned an average rating of “Buy” from the thirteen ratings firms that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $12.67.
Several brokerages recently commented on MT. Goldman Sachs Group initiated coverage on shares of ArcelorMittal in a report on Tuesday, July 14th. They set a “buy” rating on the stock. Credit Suisse Group reiterated a “buy” rating on shares of ArcelorMittal in a research note on Thursday, September 10th. Independent Research raised shares of ArcelorMittal to a “buy” rating and set a $11.00 target price for the company in a research note on Tuesday, May 26th. UBS Group restated a “buy” rating on shares of ArcelorMittal in a research note on Thursday, July 2nd. Finally, Zacks Investment Research downgraded shares of ArcelorMittal from a “hold” rating to a “sell” rating and set a $12.00 price target for the company. in a research note on Thursday, July 23rd.
Institutional investors and hedge funds have recently bought and sold shares of the business. Bank of America Corp DE lifted its position in ArcelorMittal by 563.8% during the second quarter. Bank of America Corp DE now owns 2,498,391 shares of the basic materials company’s stock valued at $26,809,000 after acquiring an additional 2,121,991 shares during the last quarter. FMR LLC boosted its position in shares of ArcelorMittal by 440.1% in the 2nd quarter. FMR LLC now owns 1,680,787 shares of the basic materials company’s stock worth $18,035,000 after purchasing an additional 1,369,602 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in ArcelorMittal during the 2nd quarter worth $9,688,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in ArcelorMittal by 1,383.7% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 863,129 shares of the basic materials company’s stock worth $8,053,000 after buying an additional 804,954 shares during the last quarter. Finally, Royal Bank of Canada increased its position in ArcelorMittal by 106.9% during the 1st quarter. Royal Bank of Canada now owns 40,893 shares of the basic materials company’s stock valued at $381,000 after buying an additional 636,420 shares in the last quarter. Institutional investors own 5.08% of the company’s stock.
ArcelorMittal (NYSE:MT) last released its earnings results on Thursday, July 30th. The basic materials company reported ($0.30) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.50) by $0.20. The firm had revenue of $10.98 billion for the quarter, compared to the consensus estimate of $10.40 billion. ArcelorMittal had a negative return on equity of 4.35% and a negative net margin of 7.07%. On average, equities research analysts forecast that ArcelorMittal will post -1.6 EPS for the current fiscal year.
ArcelorMittal, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia, and Africa. It operates through five segments: NAFTA, Brazil, Europe, ACIS, and Mining. The company produces finished and semi-finished steel products with various specifications.
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