Brokerages Set ArcelorMittal S.A. (NYSE:MT) Price Target at $30.30

ArcelorMittal S.A. (NYSE:MT) has been assigned an average recommendation of “Moderate Buy” from the five ratings firms that are covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $30.30.

Several equities analysts recently commented on MT shares. Barclays upgraded shares of ArcelorMittal from an “equal weight” rating to an “overweight” rating in a report on Monday, August 19th. Deutsche Bank Aktiengesellschaft upgraded ArcelorMittal from a “hold” rating to a “buy” rating and boosted their target price for the company from $29.00 to $31.00 in a research report on Wednesday, August 28th.

Institutional Investors Weigh In On ArcelorMittal

Several hedge funds have recently modified their holdings of MT. BNP Paribas Financial Markets bought a new position in ArcelorMittal in the first quarter worth about $2,705,000. Goldman Sachs Group Inc. increased its position in shares of ArcelorMittal by 8.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 839,485 shares of the basic materials company’s stock worth $23,833,000 after purchasing an additional 66,813 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of ArcelorMittal by 24.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,115 shares of the basic materials company’s stock valued at $117,000 after purchasing an additional 818 shares during the last quarter. Blue Trust Inc. boosted its position in shares of ArcelorMittal by 1,820.0% in the 2nd quarter. Blue Trust Inc. now owns 2,016 shares of the basic materials company’s stock worth $46,000 after purchasing an additional 1,911 shares in the last quarter. Finally, Quantbot Technologies LP increased its position in ArcelorMittal by 160.6% during the 1st quarter. Quantbot Technologies LP now owns 57,664 shares of the basic materials company’s stock valued at $1,590,000 after buying an additional 35,535 shares in the last quarter. Hedge funds and other institutional investors own 9.88% of the company’s stock.

ArcelorMittal Trading Up 1.9 %

Shares of NYSE MT opened at $23.29 on Friday. The stock has a market capitalization of $18.76 billion, a P/E ratio of 26.17, a PEG ratio of 0.37 and a beta of 1.76. ArcelorMittal has a 1-year low of $20.52 and a 1-year high of $29.01. The business’s 50 day moving average is $22.56 and its two-hundred day moving average is $24.54. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.53 and a quick ratio of 0.66.

ArcelorMittal (NYSE:MT) last released its quarterly earnings results on Thursday, August 1st. The basic materials company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $1.12 by ($0.49). ArcelorMittal had a negative net margin of 0.93% and a positive return on equity of 6.00%. The company had revenue of $16.25 billion for the quarter, compared to analysts’ expectations of $16.32 billion. During the same quarter in the previous year, the company posted $2.20 EPS. The business’s quarterly revenue was down 12.7% on a year-over-year basis. As a group, research analysts expect that ArcelorMittal will post 3.51 EPS for the current year.

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.