Cowen and Company Increases ArcelorMittal (MT) Price Target to $32.00
ArcelorMittal (NYSE:MT) had its target price lifted by equities research analysts at Cowen and Company from $27.00 to $32.00 in a research note issued on Monday. The brokerage presently has a “market perform” rating on the basic materials company’s stock. Cowen and Company’s target price would indicate a potential upside of 15.15% from the stock’s previous close.
MT has been the topic of a number of other research reports. BidaskClub lowered ArcelorMittal from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. UBS AG upgraded ArcelorMittal from a “neutral” rating to a “buy” rating in a report on Friday, October 20th. ValuEngine lowered ArcelorMittal from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, September 26th. Zacks Investment Research raised ArcelorMittal from a “hold” rating to a “strong-buy” rating and set a $29.00 target price on the stock in a research report on Tuesday, September 26th. Finally, SBG Securities downgraded ArcelorMittal from a “buy” rating to a “hold” rating in a research note on Sunday, July 30th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $33.55.
Shares of ArcelorMittal (MT) traded up $0.13 during midday trading on Monday, hitting $27.79. 1,240,000 shares of the stock were exchanged, compared to its average volume of 4,300,000. The firm has a market capitalization of $28,260.00, a PE ratio of 7.29, a P/E/G ratio of 0.72 and a beta of 2.18. ArcelorMittal has a 52-week low of $19.59 and a 52-week high of $30.50. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.23 and a quick ratio of 0.42.
ArcelorMittal (NYSE:MT) last posted its quarterly earnings results on Friday, November 10th. The basic materials company reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.32. ArcelorMittal had a net margin of 6.04% and a return on equity of 11.94%. The company had revenue of $17.64 billion for the quarter, compared to analyst estimates of $17.08 billion. During the same quarter in the previous year, the firm posted $0.22 earnings per share. The company’s quarterly revenue was up 21.5% compared to the same quarter last year. research analysts forecast that ArcelorMittal will post 3.58 EPS for the current year.
A number of hedge funds have recently bought and sold shares of the stock. Cambiar Investors LLC grew its holdings in ArcelorMittal by 4.7% during the 3rd quarter. Cambiar Investors LLC now owns 5,283,658 shares of the basic materials company’s stock worth $136,107,000 after acquiring an additional 237,033 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of ArcelorMittal by 2.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,756,562 shares of the basic materials company’s stock valued at $31,367,000 after purchasing an additional 97,928 shares during the period. Bank of America Corp DE raised its holdings in shares of ArcelorMittal by 35.8% in the 1st quarter. Bank of America Corp DE now owns 937,168 shares of the basic materials company’s stock valued at $7,826,000 after purchasing an additional 247,026 shares during the period. TIAA CREF Investment Management LLC bought a new stake in shares of ArcelorMittal in the 2nd quarter valued at about $13,408,000. Finally, Alpine Woods Capital Investors LLC raised its holdings in shares of ArcelorMittal by 71.3% in the 3rd quarter. Alpine Woods Capital Investors LLC now owns 531,000 shares of the basic materials company’s stock valued at $13,679,000 after purchasing an additional 221,001 shares during the period. Hedge funds and other institutional investors own 3.62% of the company’s stock.
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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