ArcelorMittal (NYSE:MT) Announces Earnings Results, Beats Estimates By $0.05 EPS

ArcelorMittal (NYSE:MT) issued its earnings results on Thursday. The basic materials company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.05, Briefing.com reports. The company had revenue of $15.20 billion for the quarter, compared to analyst estimates of $15.11 billion. ArcelorMittal had a negative net margin of 0.93% and a positive return on equity of 6.00%. The firm’s revenue for the quarter was down 8.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.10 earnings per share.

ArcelorMittal Stock Performance

ArcelorMittal stock traded down $0.42 during midday trading on Friday, reaching $26.09. 2,191,491 shares of the stock traded hands, compared to its average volume of 1,609,563. The firm has a fifty day moving average price of $24.13 and a two-hundred day moving average price of $24.03. ArcelorMittal has a fifty-two week low of $20.52 and a fifty-two week high of $29.01. The firm has a market cap of $21.01 billion, a price-to-earnings ratio of -18.50, a PEG ratio of 0.54 and a beta of 1.77. The company has a current ratio of 1.53, a quick ratio of 0.66 and a debt-to-equity ratio of 0.16.

Analysts Set New Price Targets

Several analysts have commented on the company. Deutsche Bank Aktiengesellschaft upgraded ArcelorMittal from a “hold” rating to a “buy” rating and lifted their price target for the company from $29.00 to $31.00 in a report on Wednesday, August 28th. JPMorgan Chase & Co. lowered ArcelorMittal from an “overweight” rating to a “neutral” rating in a research report on Friday, October 11th. Finally, Barclays upgraded ArcelorMittal from an “equal weight” rating to an “overweight” rating in a research note on Monday, August 19th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, ArcelorMittal currently has an average rating of “Hold” and a consensus price target of $30.30.

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.