Credit Suisse Group reissued their buy rating on shares of ArcelorMittal (NYSE:MT) in a research note released on Thursday.
A number of other analysts have also weighed in on MT. Zacks Investment Research upgraded ArcelorMittal from a hold rating to a buy rating and set a $35.00 target price on the stock in a research note on Tuesday, April 3rd. Bank of America upgraded ArcelorMittal from an underperform rating to a neutral rating in a research note on Wednesday, January 10th. JPMorgan Chase reiterated a buy rating on shares of ArcelorMittal in a research note on Wednesday, March 7th. ValuEngine lowered ArcelorMittal from a strong-buy rating to a buy rating in a research note on Thursday, March 1st. Finally, Cowen reiterated 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. The stock has a consensus rating of Buy and an average target price of $36.00.
MT stock opened at $31.08 on Thursday. 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 has a twelve month low of $19.59 and a twelve month high of $37.50. The firm has a market capitalization of $31,698.99, a price-to-earnings ratio of 5.82, a price-to-earnings-growth ratio of 0.61 and a beta of 2.38.
ArcelorMittal (NYSE:MT) last released its earnings results on Wednesday, January 31st. The basic materials company reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.21. ArcelorMittal had a return on equity of 12.03% and a net margin of 6.65%. The business had revenue of $17.71 billion for the quarter, compared to analyst estimates of $18.34 billion. During the same quarter last year, the firm posted $0.39 earnings per share. sell-side analysts predict that ArcelorMittal will post 3.79 earnings per share for the current fiscal year.
ArcelorMittal declared that its board has initiated a share repurchase program on Tuesday, March 13th that permits the company to buyback $280.00 million in outstanding shares. This buyback authorization permits the basic materials company to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 13th. Stockholders 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 dividend yield of 1.29%. The ex-dividend date of this dividend is Thursday, May 17th.
Institutional investors and hedge funds have recently bought and sold shares of the company. Icon Wealth Partners LLC bought a new position in shares of ArcelorMittal during the 4th quarter worth $110,000. Elkfork Partners LLC bought a new position in shares of ArcelorMittal during the 4th quarter worth $111,000. Premia Global Advisors LLC bought a new position in shares of ArcelorMittal during the 4th quarter worth $143,000. FNY Partners Fund LP bought a new position in shares of ArcelorMittal during the 4th quarter worth $161,000. Finally, Financial Gravity Companies Inc. bought a new position in shares of ArcelorMittal during the 4th quarter worth $179,000. 4.80% of the stock is currently owned by institutional investors and hedge funds.
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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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