Wells Fargo & Company Has Lowered Expectations for ArcelorMittal (NYSE:MT) Stock Price

ArcelorMittal (NYSE:MT) had its target price lowered by equities researchers at Wells Fargo & Company from $69.00 to $64.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has an “equal weight” rating on the basic materials company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 2.70% from the stock’s previous close.

Other equities analysts have also issued reports about the company. Deutsche Bank Aktiengesellschaft set a $79.00 target price on ArcelorMittal in a research report on Monday. Weiss Ratings downgraded shares of ArcelorMittal from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, September 29th. Morgan Stanley assumed coverage on shares of ArcelorMittal in a research note on Monday, August 24th. They set an “overweight” rating and a $82.00 price target for the company. JPMorgan Chase & Co. upgraded shares of ArcelorMittal from an “underweight” rating to a “neutral” rating in a report on Friday, July 10th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of ArcelorMittal in a research note on Monday, July 6th. Five equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $74.55.

ArcelorMittal Stock Performance

Shares of MT opened at $62.31 on Tuesday. ArcelorMittal has a one year low of $36.70 and a one year high of $79.68. The company has a market cap of $48.29 billion, a PE ratio of 26.40, a P/E/G ratio of 0.54 and a beta of 1.54. The stock has a 50-day moving average of $72.46 and a 200-day moving average of $65.85. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.43 and a quick ratio of 0.57.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.90 earnings per share for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.28). The firm had revenue of $16.76 billion for the quarter, compared to analyst estimates of $17.56 billion. ArcelorMittal had a return on equity of 4.20% and a net margin of 2.88%.The firm’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period last year, the company posted $1.32 earnings per share. On average, equities research analysts predict that ArcelorMittal will post 4.06 EPS for the current fiscal year.

Institutional Investors Weigh In On ArcelorMittal

Several institutional investors have recently bought and sold shares of MT. Dimensional Fund Advisors LP lifted its stake in ArcelorMittal by 0.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,232,495 shares of the basic materials company’s stock valued at $168,008,000 after acquiring an additional 11,503 shares in the last quarter. Maple Rock Capital Partners Inc. boosted its holdings in ArcelorMittal by 54.9% during the 2nd quarter. Maple Rock Capital Partners Inc. now owns 2,190,860 shares of the basic materials company’s stock worth $131,934,000 after acquiring an additional 776,595 shares during the last quarter. Senator Investment Group LP bought a new stake in shares of ArcelorMittal in the 4th quarter worth $26,431,000. Quantinno Capital Management LP grew its stake in shares of ArcelorMittal by 11.7% in the 1st quarter. Quantinno Capital Management LP now owns 335,931 shares of the basic materials company’s stock worth $17,461,000 after acquiring an additional 35,298 shares in the last quarter. Finally, Capital Wealth Planning LLC raised its holdings in shares of ArcelorMittal by 156.3% in the fourth quarter. Capital Wealth Planning LLC now owns 235,750 shares of the basic materials company’s stock valued at $11,127,000 after purchasing an additional 143,758 shares during the last quarter. Institutional investors own 9.29% of the company’s stock.

About ArcelorMittal

ArcelorMittal is a global steel and mining company headquartered in Luxembourg. The company produces a broad range of steel products, including flat steel, long steel, tubular products and specialty grades used in automotive manufacturing, construction, appliances, energy, packaging and other industrial applications.

Its operations span major steel-producing and consuming regions, including Europe, North and South America, and Africa. In addition to steelmaking and processing, ArcelorMittal owns and operates mining assets that supply iron ore for its production activities.