ArcelorMittal (NYSE:MT – Get Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday, Zacks.com reports. The firm presently has a $32.00 target price on the basic materials company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 15.27% from the company’s current price.
According to Zacks, “ArcelorMittal’s adjusted earnings and sales for the first quarter of 2022 beat the respective Zacks Consensus Estimate. The company remains focused on reducing costs. It is implementing a $1-billion fixed cost reduction program that is expected to lend support to its bottom line. Footprint optimization should also aid in improving cost optimization. ArcelorMittal’s efforts to reduce debt is also encouraging. It also has a strong liquidity position and remains committed to return value to shareholders. Further, the company is expanding its steel-making capacity. It is also focused on shifting to high-added value products, including automotive steel line. The new generation of advanced high strength steels (AHSS) allow the company to meet customer requirements through a strong technical and product portfolio.”
MT has been the topic of several other research reports. AlphaValue upgraded shares of ArcelorMittal to a “reduce” rating in a report on Tuesday, February 15th. Deutsche Bank Aktiengesellschaft raised their target price on shares of ArcelorMittal from €48.00 ($50.53) to €49.00 ($51.58) in a research note on Friday, May 6th. The Goldman Sachs Group cut shares of ArcelorMittal from a “buy” rating to a “neutral” rating in a research report on Wednesday, January 26th. StockNews.com lowered ArcelorMittal from a “strong-buy” rating to a “buy” rating in a research report on Monday. Finally, JPMorgan Chase & Co. upped their target price on ArcelorMittal from €43.00 ($45.26) to €48.00 ($50.53) in a research report on Thursday, April 28th. One analyst has rated the stock with a sell rating, one has given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, ArcelorMittal currently has an average rating of “Buy” and a consensus target price of $42.13.
ArcelorMittal (NYSE:MT – Get Rating) last posted its quarterly earnings results on Thursday, February 10th. The basic materials company reported $3.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.39 by $0.32. The firm had revenue of $20.81 billion during the quarter, compared to the consensus estimate of $19.98 billion. ArcelorMittal had a return on equity of 34.09% and a net margin of 20.43%. The firm’s quarterly revenue was up 46.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.18 earnings per share. As a group, analysts expect that ArcelorMittal will post 11.93 earnings per share for the current fiscal year.
Several institutional investors and hedge funds have recently made changes to their positions in the business. GQG Partners LLC increased its position in shares of ArcelorMittal by 13.1% in the 3rd quarter. GQG Partners LLC now owns 26,869,976 shares of the basic materials company’s stock worth $810,380,000 after purchasing an additional 3,115,423 shares during the last quarter. Morgan Stanley lifted its holdings in ArcelorMittal by 98.0% during the 3rd quarter. Morgan Stanley now owns 3,205,048 shares of the basic materials company’s stock worth $96,665,000 after buying an additional 1,586,116 shares during the last quarter. Bank of Montreal Can grew its position in shares of ArcelorMittal by 212.5% in the 4th quarter. Bank of Montreal Can now owns 1,861,147 shares of the basic materials company’s stock worth $59,091,000 after acquiring an additional 1,265,669 shares in the last quarter. Credit Suisse AG increased its holdings in shares of ArcelorMittal by 7,278.8% in the 3rd quarter. Credit Suisse AG now owns 1,167,846 shares of the basic materials company’s stock valued at $35,223,000 after acquiring an additional 1,152,019 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of ArcelorMittal during the 3rd quarter valued at approximately $25,663,000. 41.79% of the stock is currently owned by institutional investors.
ArcelorMittal Company Profile (Get Rating)
ArcelorMittal SA, together with its subsidiaries, operates as integrated steel and mining companies in Europe, North and South America, Asia, and Africa. Its principal steel products include 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, which includes 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.
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