ArcelorMittal (NYSE:MT) – Equities research analysts at KeyCorp lifted their FY2022 earnings estimates for shares of ArcelorMittal in a research report issued to clients and investors on Sunday, May 9th. KeyCorp analyst P. Gibbs now anticipates that the basic materials company will post earnings per share of $4.50 for the year, up from their prior forecast of $4.10. KeyCorp has a “Overweight” rating and a $37.00 price objective on the stock.
A number of other equities analysts have also recently commented on the company. Citigroup restated a “buy” rating on shares of ArcelorMittal in a report on Friday, May 7th. UBS Group reissued a “buy” rating on shares of ArcelorMittal in a research report on Monday, April 12th. Morgan Stanley reissued an “overweight” rating on shares of ArcelorMittal in a report on Friday, April 9th. Credit Suisse Group reissued a “neutral” rating on shares of ArcelorMittal in a research report on Friday, February 12th. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating on shares of ArcelorMittal in a report on Thursday, April 15th. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $24.60.
Shares of NYSE:MT opened at $33.47 on Wednesday. The company has a quick ratio of 0.72, a current ratio of 1.22 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $33.87 billion, a PE ratio of -9.10 and a beta of 2.07. The firm’s 50 day moving average price is $29.66 and its 200-day moving average price is $23.54. ArcelorMittal has a twelve month low of $7.58 and a twelve month high of $33.96. ArcelorMittal (NYSE:MT) last announced its quarterly earnings results on Wednesday, May 5th. The basic materials company reported $1.93 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.57 by $0.36. ArcelorMittal had a negative return on equity of 3.57% and a negative net margin of 7.00%. The business had revenue of $16.19 billion during the quarter, compared to analyst estimates of $16.09 billion. During the same period in the previous year, the company earned ($0.56) EPS. The firm’s revenue was up 14.2% on a year-over-year basis.
Several institutional investors have recently bought and sold shares of MT. Assetmark Inc. bought a new position in shares of ArcelorMittal in the 4th quarter valued at $25,000. Freedman Financial Associates Inc. purchased a new position in shares of ArcelorMittal during the 4th quarter worth about $31,000. Fieldpoint Private Securities LLC bought a new stake in shares of ArcelorMittal in the 4th quarter valued at about $36,000. Steward Partners Investment Advisory LLC bought a new stake in shares of ArcelorMittal in the 4th quarter valued at about $50,000. Finally, SG Americas Securities LLC bought a new stake in shares of ArcelorMittal in the 4th quarter valued at about $194,000. 4.82% of the stock is currently owned by institutional investors.
In other ArcelorMittal news, major shareholder Arcelormittal sold 40,000,000 shares of the company’s stock in a transaction that occurred on Thursday, February 11th. The stock was sold at an average price of $16.12, for a total value of $644,800,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.06% of the stock is owned by corporate insiders.
About ArcelorMittal
ArcelorMittal, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia, and Africa. The company’s principal steel products include semi-finished flat products, such as 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, including bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes.