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ArcelorMittal (NYSE:MT) Stock Rating Lowered by Zacks Investment ResearchPosted by Tim Parker on Aug
16th, 2017
ArcelorMittal logoArcelorMittal (NYSE:MT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday, July 25th.
According to Zacks, “ArcelorMittal outperformed the industry it belongs to over the past one year. ArcelorMittal should gain from its efforts to reduce debt, lower costs, expand capacity and improve efficiency. It is making a significant progress in its cost reduction initiatives under the Action 2020 program. Moreover, ArcelorMittal is looking to sell its non-core assets to focus on important operations and also expanding its advanced high strength steel product line. However, ArcelorMittal continues to contend with soft economic conditions in Europe and China and volatility in steel prices. Demand for steel remains weak in Europe and China. Moreover, cheap steel exports from China is still causing a problem.”
Several other equities analysts have also weighed in on the stock. Cowen and Company restated a “buy” rating and issued a $11.00 price objective on shares of ArcelorMittal in a report on Friday, May 19th. Bank of America Corporation lowered shares of ArcelorMittal from a “buy” rating to an “underperform” rating in a report on Tuesday, June 6th. J P Morgan Chase & Co upgraded shares of ArcelorMittal from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $25.20 to $25.32 in a report on Friday, March 31st. TheStreet upgraded shares of ArcelorMittal from a “c” rating to a “b-” rating in a report on Monday, May 15th. Finally, ValuEngine upgraded shares of ArcelorMittal from a “buy” rating to a “strong-buy” rating in a report on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $29.72.
ArcelorMittal (NYSE MT) opened at 25.63 on Tuesday. The firm has a 50-day moving average of $25.01 and a 200 day moving average of $24.16. ArcelorMittal has a 52-week low of $16.14 and a 52-week high of $28.11. The firm has a market cap of $26.14 billion, a price-to-earnings ratio of 8.06 and a beta of 2.09.
ArcelorMittal (NYSE:MT) last announced its earnings results on Thursday, July 27th. The basic materials company reported $1.33 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.55. ArcelorMittal had a net margin of 5.50% and a return on equity of 10.52%. The company had revenue of $17.24 billion for the quarter, compared to analyst estimates of $16.88 billion. During the same period in the prior year, the business earned $0.38 earnings per share. ArcelorMittal’s quarterly revenue was up 17.0% on a year-over-year basis. On average, equities research analysts forecast that ArcelorMittal will post $3.07 earnings per share for the current year.
Several large investors have recently modified their holdings of MT. US Bancorp DE increased its stake in shares of ArcelorMittal by 14.2% in the first quarter. US Bancorp DE now owns 15,540 shares of the basic materials company’s stock valued at $129,000 after buying an additional 1,934 shares in the last quarter. Princeton Alpha Management LP bought a new stake in shares of ArcelorMittal during the first quarter valued at about $302,000. Capital Fund Management S.A. bought a new stake in shares of ArcelorMittal during the first quarter valued at about $1,141,000. Iron Financial LLC increased its stake in shares of ArcelorMittal by 50.0% in the first quarter. Iron Financial LLC now owns 15,000 shares of the basic materials company’s stock valued at $125,000 after buying an additional 5,000 shares in the last quarter. Finally, First Trust Advisors LP bought a new stake in shares of ArcelorMittal during the first quarter valued at about $555,000. 9.34% of the stock is owned by institutional investors.
ArcelorMittal Company Profile
ArcelorMittal SA (ArcelorMittal) is a holding company. The Company, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia and Africa. ArcelorMittal operates through five segments, which include NAFTA; Europe; Brazil; Africa and Commonwealth of Independent States (ACIS), and Mining.
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