ArcelorMittal SA (MT) Downgraded to “Hold” at Zacks Investment Research
ArcelorMittal SA (NYSE:MT) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Estimates for ArcelorMittal have been stable of late. ArcelorMittal remains highly focused on reducing debt, lowering costs and improving efficiency. Moreover, it is looking to sell its non-core assets and increase focus on important operations. However, ArcelorMittal continues to contend with soft economic conditions in Europe and China, volatility in steel prices and tough competition. Moreover, China, which has built up a massive excess steel capacity, still remains a concern.”
A number of other research analysts have also issued reports on the stock. Vetr upgraded shares of ArcelorMittal SA from a “buy” rating to a “strong-buy” rating and set a $6.78 target price on the stock in a report on Tuesday, September 13th. JPMorgan Chase & Co. upgraded shares of ArcelorMittal SA from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $2.93 to $6.55 in a report on Friday, August 19th. Clarkson Capital upgraded shares of ArcelorMittal SA from a “neutral” rating to a “buy” rating in a report on Tuesday, August 9th. Cowen and Company increased their price objective on shares of ArcelorMittal SA from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Wednesday, August 3rd. Finally, Jefferies Group reiterated a “buy” rating on shares of ArcelorMittal SA in a report on Wednesday, August 3rd. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. ArcelorMittal SA currently has an average rating of “Hold” and an average target price of $5.28.
ArcelorMittal SA (NYSE:MT) traded down 2.51% on Tuesday, reaching $5.44. 9,556,811 shares of the company’s stock traded hands. The firm’s market capitalization is $16.63 billion. The stock has a 50-day moving average of $6.12 and a 200 day moving average of $5.32. ArcelorMittal SA has a 52 week low of $2.93 and a 52 week high of $6.94.
ArcelorMittal SA (NYSE:MT) last released its earnings results on Friday, July 29th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.35. The company had revenue of $14.74 billion for the quarter, compared to analyst estimates of $15.23 billion. ArcelorMittal SA had a negative net margin of 11.61% and a positive return on equity of 0.62%. The firm’s quarterly revenue was down 12.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.10 EPS. On average, equities analysts expect that ArcelorMittal SA will post ($0.05) EPS for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC purchased a new position in shares of ArcelorMittal SA during the second quarter valued at about $496,000. A.R.T. Advisors LLC boosted its position in shares of ArcelorMittal SA by 78.3% in the second quarter. A.R.T. Advisors LLC now owns 1,436,805 shares of the company’s stock valued at $6,695,000 after buying an additional 630,884 shares during the period. Carlson Capital L P boosted its position in shares of ArcelorMittal SA by 273.3% in the second quarter. Carlson Capital L P now owns 280,000 shares of the company’s stock valued at $1,305,000 after buying an additional 205,000 shares during the period. Anchor Bolt Capital LP purchased a new position in shares of ArcelorMittal SA during the second quarter valued at about $35,108,000. Finally, Guggenheim Capital LLC boosted its position in shares of ArcelorMittal SA by 117.4% in the second quarter. Guggenheim Capital LLC now owns 168,280 shares of the company’s stock valued at $784,000 after buying an additional 90,874 shares during the period. 3.88% of the stock is owned by institutional investors and hedge funds.
ArcelorMittal SA Company Profile
ArcelorMittal SA (ArcelorMittal) is a holding company. The Company is an integrated steel and mining company. ArcelorMittal operates through five segments: NAFTA; Europe; Brazil; Africa and Commonwealth of Independent States (ACIS), and Mining. The NAFTA segment produces flat, long and tubular products.
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