ArcelorMittal (MT) to Repurchase $280.00 million in Stock

ArcelorMittal (NYSE:MT) declared that its board has authorized a stock repurchase plan, which allows the company to buyback $280.00 million in outstanding shares on Tuesday, March 13th. This buyback authorization allows the basic materials company to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

MT has been the topic of a number of recent research reports. JPMorgan Chase restated a “buy” rating on shares of ArcelorMittal in a research note on Friday, January 26th. Jefferies Group restated a “buy” rating and issued a $42.00 target price on shares of ArcelorMittal in a research note on Tuesday, January 9th. Goldman Sachs restated a “buy” rating on shares of ArcelorMittal in a research note on Monday, February 19th. Bank of America upgraded ArcelorMittal from a “neutral” rating to a “buy” rating in a research note on Tuesday, February 20th. Finally, Cowen restated a “hold” rating and issued a $35.00 target price on shares of ArcelorMittal in a research note on Thursday, January 4th. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $36.00.

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Shares of MT traded down $1.09 during trading hours on Friday, hitting $31.08. 2,839,308 shares of the company were exchanged, compared to its average volume of 3,368,557. The company has a market cap of $32,810.70, a PE ratio of 5.82, a price-to-earnings-growth ratio of 0.64 and a beta of 2.38. ArcelorMittal has a 52 week low of $19.59 and a 52 week high of $37.50. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.41 and a current ratio of 1.25.

ArcelorMittal (NYSE:MT) last released its quarterly earnings results on Wednesday, January 31st. The basic materials company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.21. The company had revenue of $17.71 billion during the quarter, compared to the consensus estimate of $18.34 billion. ArcelorMittal had a return on equity of 12.03% and a net margin of 6.65%. During the same quarter in the prior year, the company posted $0.39 EPS. research analysts predict that ArcelorMittal will post 3.79 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 13th. Stockholders of record on Friday, May 18th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, May 17th. This represents a $0.40 annualized dividend and a dividend yield of 1.29%.

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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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