ArcelorMittal (NYSE:MT) – Jefferies Group upped their FY2019 earnings per share estimates for shares of ArcelorMittal in a report issued on Monday, May 14th. Jefferies Group analyst S. Rosenfeld now anticipates that the basic materials company will earn $4.28 per share for the year, up from their prior forecast of $3.82.

ArcelorMittal (NYSE:MT) last released its quarterly earnings results on Friday, May 11th. The basic materials company reported $1.17 EPS for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.18. ArcelorMittal had a net margin of 6.63% and a return on equity of 11.85%. The company had revenue of $19.19 billion for the quarter, compared to analyst estimates of $19.38 billion.

A number of other equities analysts have also commented on the stock. Cowen lifted their price target on shares of ArcelorMittal from $35.00 to $38.00 and gave the company a “market perform” rating in a research report on Tuesday. Credit Suisse Group reaffirmed a “buy” rating on shares of ArcelorMittal in a research report on Monday. ValuEngine lowered shares of ArcelorMittal from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, May 2nd. Zacks Investment Research raised shares of ArcelorMittal from a “hold” rating to a “buy” rating and set a $35.00 target price on the stock in a research report on Tuesday, April 3rd. Finally, JPMorgan Chase reaffirmed a “buy” rating on shares of ArcelorMittal in a research report on Wednesday, March 7th. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $36.75.

ArcelorMittal opened at $36.21 on Wednesday, Marketbeat Ratings reports. ArcelorMittal has a 12 month low of $35.74 and a 12 month high of $35.96. The company has a market capitalization of $37.02 billion, a PE ratio of 6.78 and a beta of 2.38. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.41 and a current ratio of 1.26.

ArcelorMittal announced that its board has authorized a share buyback program on Tuesday, March 13th that allows the company to buyback $280.00 million in outstanding shares. This buyback authorization allows the basic materials company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 13th. Investors of record on Friday, May 18th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date of this dividend is Thursday, May 17th.

A number of hedge funds have recently made changes to their positions in the stock. LPL Financial LLC increased its position in ArcelorMittal by 23.4% during the first quarter. LPL Financial LLC now owns 8,501 shares of the basic materials company’s stock worth $270,000 after acquiring an additional 1,610 shares during the period. Cubist Systematic Strategies LLC boosted its stake in ArcelorMittal by 8.6% during the first quarter. Cubist Systematic Strategies LLC now owns 24,375 shares of the basic materials company’s stock worth $775,000 after buying an additional 1,926 shares in the last quarter. MML Investors Services LLC boosted its stake in ArcelorMittal by 11.5% during the fourth quarter. MML Investors Services LLC now owns 20,428 shares of the basic materials company’s stock worth $660,000 after buying an additional 2,107 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in ArcelorMittal by 4.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 56,117 shares of the basic materials company’s stock worth $1,813,000 after buying an additional 2,148 shares in the last quarter. Finally, Mckinley Capital Management LLC Delaware boosted its stake in ArcelorMittal by 6.2% during the first quarter. Mckinley Capital Management LLC Delaware now owns 37,719 shares of the basic materials company’s stock worth $1,200,000 after buying an additional 2,196 shares in the last quarter. 4.71% of the stock is currently owned by institutional investors and hedge funds.

ArcelorMittal Company Profile

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 NAFTA, Brazil, Europe, ACIS, and Mining segments. The company produces finished and semi-finished steel products with various specifications.

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