Brokerages Set ArcelorMittal S.A. (NYSE:MT) Target Price at $31.17

ArcelorMittal S.A. (NYSE:MT) has been given an average rating of “Moderate Buy” by the five brokerages that are covering the company, MarketBeat reports. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $31.17.

MT has been the subject of several recent research reports. Bank of America upgraded ArcelorMittal from a “neutral” rating to a “buy” rating and boosted their price target for the company from $30.00 to $32.90 in a research note on Thursday, November 14th. JPMorgan Chase & Co. downgraded shares of ArcelorMittal from an “overweight” rating to a “neutral” rating in a research note on Friday, October 11th.

ArcelorMittal Stock Performance

MT opened at $25.21 on Tuesday. The business has a 50 day moving average of $23.87 and a 200-day moving average of $23.74. ArcelorMittal has a 12-month low of $20.52 and a 12-month high of $28.95. The stock has a market cap of $20.65 billion, a price-to-earnings ratio of -17.88, a PEG ratio of 0.46 and a beta of 1.75. The company has a quick ratio of 0.59, a current ratio of 1.46 and a debt-to-equity ratio of 0.16.

ArcelorMittal (NYSE:MT) last posted its earnings results on Thursday, November 7th. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.05. ArcelorMittal had a negative net margin of 1.99% and a positive return on equity of 5.26%. The company had revenue of $15.20 billion during the quarter, compared to analysts’ expectations of $15.11 billion. During the same quarter last year, the company posted $1.10 EPS. ArcelorMittal’s quarterly revenue was down 8.5% compared to the same quarter last year. On average, equities research analysts expect that ArcelorMittal will post 2.63 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. ABC Arbitrage SA acquired a new position in shares of ArcelorMittal in the 4th quarter valued at about $9,895,000. FMR LLC increased its holdings in ArcelorMittal by 46.7% in the third quarter. FMR LLC now owns 1,317,833 shares of the basic materials company’s stock worth $34,606,000 after purchasing an additional 419,465 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in ArcelorMittal by 90.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 622,335 shares of the basic materials company’s stock worth $16,343,000 after purchasing an additional 295,682 shares in the last quarter. Cerity Partners LLC lifted its stake in ArcelorMittal by 128.0% in the third quarter. Cerity Partners LLC now owns 464,315 shares of the basic materials company’s stock valued at $12,193,000 after buying an additional 260,633 shares during the period. Finally, Mediolanum International Funds Ltd bought a new position in shares of ArcelorMittal during the 3rd quarter worth approximately $3,042,000. 9.29% of the stock is owned by institutional investors.

About ArcelorMittal

ArcelorMittal SA, together with its subsidiaries, operates as integrated steel and mining companies in the United States, Europe, and internationally. It offers semi-finished flat products, including slabs; finished flat products comprising plates, hot- and cold-rolled coils and sheets, hot-dipped and electro-galvanized coils and sheets, tinplate, and color coated coils and sheets; semi-finished long products, such as blooms and billets; finished long products consisting of bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes.