ArcelorMittal (MT) Stock Rating Lowered by Zacks Investment Research
ArcelorMittal (NYSE:MT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Thursday.
According to Zacks, “Falling iron ore prices due to concerns over Chinese demand and lower steel prices pose headwinds for the company. Lower expected steel demand in the United States and Brazil is another concern. ArcelorMittal also continues to contend with challenging steel market conditions in Europe. Moreover, cheap steel exports from China is still causing a problem.”
Other equities analysts also recently issued research reports about the stock. BidaskClub downgraded shares of ArcelorMittal from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Cowen and Company reissued a “buy” rating and set a $32.00 price objective on shares of ArcelorMittal in a research note on Wednesday, July 19th. Jefferies Group LLC reissued a “buy” rating and set a $34.00 price objective (up previously from $31.50) on shares of ArcelorMittal in a research note on Tuesday, July 18th. ING Group raised shares of ArcelorMittal from a “hold” rating to a “buy” rating in a research note on Friday, July 14th. Finally, Deutsche Bank AG raised shares of ArcelorMittal from a “hold” rating to a “buy” rating and upped their price objective for the company from $25.00 to $32.00 in a research note on Wednesday, July 12th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $30.77.
ArcelorMittal (NYSE:MT) opened at 26.71 on Thursday. The stock has a market capitalization of $27.24 billion, a price-to-earnings ratio of 8.40 and a beta of 2.10. ArcelorMittal has a 1-year low of $18.24 and a 1-year high of $28.11. The firm has a 50-day moving average of $26.45 and a 200-day moving average of $24.30.
ArcelorMittal (NYSE:MT) last released its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.33 EPS for the quarter, beating the consensus estimate of $0.78 by $0.55. The business had revenue of $17.24 billion for the quarter, compared to analyst estimates of $16.88 billion. ArcelorMittal had a net margin of 5.50% and a return on equity of 10.52%. The company’s quarterly revenue was up 17.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.38 earnings per share. Equities research analysts anticipate that ArcelorMittal will post $3.14 EPS for the current year.
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Several institutional investors have recently added to or reduced their stakes in the company. Integrated Investment Consultants LLC acquired a new stake in ArcelorMittal during the 2nd quarter valued at $111,000. Quadrant Capital Group LLC grew its holdings in ArcelorMittal by 24.9% during the 2nd quarter. Quadrant Capital Group LLC now owns 7,412 shares of the basic materials company’s stock valued at $157,000 after purchasing an additional 1,479 shares in the last quarter. Sawtooth Solutions LLC acquired a new stake in ArcelorMittal during the 2nd quarter valued at $206,000. Advisor Group Inc. grew its holdings in ArcelorMittal by 160.6% during the 2nd quarter. Advisor Group Inc. now owns 10,147 shares of the basic materials company’s stock valued at $230,000 after purchasing an additional 6,253 shares in the last quarter. Finally, Stifel Financial Corp acquired a new stake in ArcelorMittal during the 2nd quarter valued at $237,000. 3.57% of the stock is owned by institutional investors.
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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