ArcelorMittal (MT) Price Target Increased to $32.00 by Analysts at Cowen and Company

ArcelorMittal (NYSE:MT) had its price objective increased by stock analysts at Cowen and Company from $27.00 to $32.00 in a report issued on Monday. The brokerage currently has a “market perform” rating on the basic materials company’s stock. Cowen and Company’s price objective suggests a potential upside of 9.81% from the stock’s previous close.

Several other equities analysts also recently commented on MT. Jefferies Group LLC reaffirmed a “buy” rating and issued a $34.00 price objective (up previously from $31.50) on shares of ArcelorMittal in a research report on Tuesday, July 18th. BidaskClub raised ArcelorMittal from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 19th. Zacks Investment Research downgraded ArcelorMittal from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. SBG Securities downgraded ArcelorMittal from a “buy” rating to a “hold” rating in a research report on Sunday, July 30th. Finally, Deutsche Bank AG reissued a “buy” rating on shares of ArcelorMittal in a research report on Thursday, August 17th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $33.55.

Shares of ArcelorMittal (NYSE MT) opened at $29.14 on Monday. ArcelorMittal has a twelve month low of $19.59 and a twelve month high of $30.50. The firm has a market capitalization of $29,682.24, a price-to-earnings ratio of 7.32 and a beta of 2.19. The company has a current ratio of 1.23, a quick ratio of 0.42 and a debt-to-equity ratio of 0.28.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings data on Friday, November 10th. The basic materials company reported $1.18 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.32. The company had revenue of $17.64 billion for the quarter, compared to the consensus estimate of $17.08 billion. ArcelorMittal had a return on equity of 11.94% and a net margin of 6.04%. ArcelorMittal’s quarterly revenue was up 21.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.22 EPS. equities analysts forecast that ArcelorMittal will post 3.3 earnings per share for the current fiscal year.

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A number of hedge funds have recently modified their holdings of MT. Bank of New York Mellon Corp boosted its position in ArcelorMittal by 17.9% during the first quarter. Bank of New York Mellon Corp now owns 62,732 shares of the basic materials company’s stock valued at $524,000 after purchasing an additional 9,539 shares in the last quarter. Ameriprise Financial Inc. boosted its position in ArcelorMittal by 0.5% during the first quarter. Ameriprise Financial Inc. now owns 53,502 shares of the basic materials company’s stock valued at $447,000 after purchasing an additional 285 shares in the last quarter. Alliancebernstein L.P. boosted its position in ArcelorMittal by 1.2% during the first quarter. Alliancebernstein L.P. now owns 59,901 shares of the basic materials company’s stock valued at $500,000 after purchasing an additional 720 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in ArcelorMittal by 2.7% during the first quarter. Dimensional Fund Advisors LP now owns 3,756,562 shares of the basic materials company’s stock valued at $31,367,000 after purchasing an additional 97,928 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in ArcelorMittal by 35.8% during the first quarter. Bank of America Corp DE now owns 937,168 shares of the basic materials company’s stock valued at $7,826,000 after purchasing an additional 247,026 shares in the last quarter. 3.62% of the stock is currently owned by institutional investors.

About ArcelorMittal

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.

Analyst Recommendations for ArcelorMittal (NYSE:MT)

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