ArcelorMittal SA (NYSE:MT) has been given an average rating of “Buy” by the fourteen analysts that are presently covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $38.50.
Several equities research analysts recently issued reports on MT shares. Cowen reiterated a “hold” rating and issued a $35.00 price target on shares of ArcelorMittal in a research note on Thursday, January 4th. Jefferies Group reiterated a “buy” rating and issued a $42.00 price target on shares of ArcelorMittal in a research note on Tuesday, January 9th. Bank of America upgraded ArcelorMittal from an “underperform” rating to a “neutral” rating in a research note on Wednesday, January 10th. Zacks Investment Research upgraded ArcelorMittal from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a research note on Tuesday, January 16th. Finally, JPMorgan Chase reiterated a “buy” rating on shares of ArcelorMittal in a research note on Friday, January 26th.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its stake in ArcelorMittal by 32.0% during the third quarter. Dimensional Fund Advisors LP now owns 2,341,298 shares of the basic materials company’s stock worth $60,312,000 after purchasing an additional 567,841 shares during the last quarter. Anchor Bolt Capital LP bought a new stake in ArcelorMittal during the fourth quarter worth $35,842,000. Capital Growth Management LP bought a new stake in ArcelorMittal during the fourth quarter worth $32,310,000. TIAA CREF Investment Management LLC lifted its stake in ArcelorMittal by 31.4% during the fourth quarter. TIAA CREF Investment Management LLC now owns 864,913 shares of the basic materials company’s stock worth $27,945,000 after purchasing an additional 206,672 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in ArcelorMittal by 67.3% during the fourth quarter. Millennium Management LLC now owns 782,879 shares of the basic materials company’s stock worth $25,295,000 after purchasing an additional 315,023 shares during the last quarter. Hedge funds and other institutional investors own 4.80% of the company’s stock.
ArcelorMittal (NYSE:MT) last issued its quarterly earnings results on Wednesday, January 31st. The basic materials company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.21. The business had revenue of $17.71 billion during the quarter, compared to analysts’ expectations of $18.34 billion. ArcelorMittal had a return on equity of 12.03% and a net margin of 6.65%. During the same period in the previous year, the company posted $0.39 earnings per share. analysts forecast that ArcelorMittal will post 3.8 EPS for the current year.
ArcelorMittal announced that its board has authorized a stock repurchase program on Tuesday, March 13th that allows the company to buyback $280.00 million in shares. This buyback authorization allows the basic materials company to repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 13th. Shareholders of record on Friday, May 18th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.26%. The ex-dividend date of this dividend is Thursday, May 17th.
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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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