Zacks Investment Research cut shares of ArcelorMittal SA (NYSE:MT) from a strong-buy rating to a hold rating in a report issued on Tuesday.
According to Zacks, “Estimates for ArcelorMittal have been stable of late. ArcelorMittal remains highly focused on reducing debt, lowering costs and improving efficiency. Moreover, it is looking to sell its non-core assets and increase focus on important operations. However, ArcelorMittal continues to contend with soft economic conditions in Europe and China, volatility in steel prices and tough competition. Moreover, China, which has built up a massive excess steel capacity, still remains a concern.”
A number of other brokerages also recently issued reports on MT. Cowen and Company upped their price objective on shares of ArcelorMittal SA from $6.00 to $8.00 and gave the stock a market perform rating in a research report on Wednesday, August 3rd. Citigroup Inc. reaffirmed a buy rating on shares of ArcelorMittal SA in a research report on Thursday, July 28th. Vetr raised shares of ArcelorMittal SA from a buy rating to a strong-buy rating and set a $5.70 price objective for the company in a research report on Wednesday, June 22nd. Goldman Sachs Group Inc. downgraded shares of ArcelorMittal SA from a conviction-buy rating to a buy rating in a research report on Tuesday, June 28th. Finally, Jefferies Group reaffirmed a buy rating on shares of ArcelorMittal SA in a research report on Wednesday, August 3rd. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $5.28.
Shares of ArcelorMittal SA (NYSE:MT) opened at 5.95 on Tuesday. ArcelorMittal SA has a 52-week low of $2.93 and a 52-week high of $6.94. The stock has a 50 day moving average of $6.08 and a 200-day moving average of $5.34. The firm’s market capitalization is $18.19 billion.
ArcelorMittal SA (NYSE:MT) last issued its quarterly earnings data on Friday, July 29th. The company reported $0.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.35. ArcelorMittal SA had a negative net margin of 11.61% and a positive return on equity of 0.62%. The business earned $14.74 billion during the quarter, compared to the consensus estimate of $15.23 billion. During the same period in the prior year, the firm posted $0.10 EPS. The firm’s quarterly revenue was down 12.7% compared to the same quarter last year. Equities analysts expect that ArcelorMittal SA will post ($0.05) earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of MT. Creative Planning boosted its position in shares of ArcelorMittal SA by 94.2% in the second quarter. Creative Planning now owns 1,364,117 shares of the company’s stock valued at $6,357,000 after buying an additional 661,543 shares during the period. Berson & Corrado Investment Advisors LLC purchased a new position in shares of ArcelorMittal SA during the second quarter valued at about $146,000. BNP Paribas Arbitrage SA boosted its position in shares of ArcelorMittal SA by 87.5% in the second quarter. BNP Paribas Arbitrage SA now owns 50,381 shares of the company’s stock valued at $235,000 after buying an additional 23,518 shares during the period. A.R.T. Advisors LLC purchased a new position in shares of ArcelorMittal SA during the first quarter valued at about $3,691,000. Finally, Adage Capital Partners GP L.L.C. boosted its position in shares of ArcelorMittal SA by 700.0% in the first quarter. Adage Capital Partners GP L.L.C. now owns 8,000,000 shares of the company’s stock valued at $36,640,000 after buying an additional 7,000,000 shares during the period. 3.88% of the stock is owned by institutional investors and hedge funds.
ArcelorMittal SA Company Profile
ArcelorMittal SA (ArcelorMittal) is a holding company. The Company is an integrated steel and mining company. ArcelorMittal operates through five segments: NAFTA; Europe; Brazil; Africa and Commonwealth of Independent States (ACIS), and Mining. The NAFTA segment produces flat, long and tubular products.