ArcelorMittal (NYSE:MT) Price Target Raised to $47.00 at Wells Fargo & Company

ArcelorMittal (NYSE:MT) had its price objective increased by Wells Fargo & Company from $39.00 to $47.00 in a research report report published on Wednesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the basic materials company’s stock.

Other equities research analysts also recently issued reports about the stock. UBS Group downgraded shares of ArcelorMittal from a “buy” rating to a “neutral” rating in a research report on Monday, November 17th. The Goldman Sachs Group reaffirmed a “neutral” rating on shares of ArcelorMittal in a report on Friday, October 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of ArcelorMittal in a research report on Wednesday, October 8th. Wall Street Zen cut ArcelorMittal from a “buy” rating to a “hold” rating in a research report on Saturday, October 11th. Finally, JPMorgan Chase & Co. raised ArcelorMittal from a “neutral” rating to an “overweight” rating in a research note on Friday, November 7th. Five analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $40.98.

ArcelorMittal Stock Up 4.9%

ArcelorMittal stock opened at $51.22 on Wednesday. The stock’s 50 day moving average price is $44.77 and its 200 day moving average price is $38.68. ArcelorMittal has a 1-year low of $23.19 and a 1-year high of $51.35. The company has a market cap of $39.70 billion, a PE ratio of 15.24, a price-to-earnings-growth ratio of 0.18 and a beta of 1.52. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.39 and a quick ratio of 0.58.

ArcelorMittal (NYSE:MT) last released its earnings results on Thursday, November 6th. The basic materials company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.04. The company had revenue of $15.66 billion during the quarter, compared to the consensus estimate of $15.88 billion. ArcelorMittal had a return on equity of 4.94% and a net margin of 4.23%.ArcelorMittal’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.63 earnings per share. On average, sell-side analysts predict that ArcelorMittal will post 3.72 EPS for the current fiscal year.

Hedge Funds Weigh In On ArcelorMittal

A number of hedge funds have recently made changes to their positions in MT. State of Wyoming purchased a new stake in ArcelorMittal during the 3rd quarter worth $36,000. True Wealth Design LLC raised its holdings in shares of ArcelorMittal by 41.4% during the 4th quarter. True Wealth Design LLC now owns 799 shares of the basic materials company’s stock valued at $36,000 after buying an additional 234 shares during the period. Geneos Wealth Management Inc. raised its holdings in shares of ArcelorMittal by 44.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock valued at $47,000 after buying an additional 501 shares during the period. Farther Finance Advisors LLC lifted its position in ArcelorMittal by 392.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,752 shares of the basic materials company’s stock worth $63,000 after acquiring an additional 1,396 shares in the last quarter. Finally, CWM LLC boosted its holdings in ArcelorMittal by 23.3% in the 3rd quarter. CWM LLC now owns 1,826 shares of the basic materials company’s stock worth $66,000 after acquiring an additional 345 shares during the period. Hedge funds and other institutional investors own 9.29% of the company’s stock.

About ArcelorMittal

ArcelorMittal is a multinational steel manufacturing company formed in 2006 through the merger of Arcelor and Mittal Steel. Headquartered in Luxembourg, the company is one of the world’s largest producers of steel and operates an integrated value chain that spans raw material extraction, steelmaking, processing and distribution. Its product portfolio includes flat and long carbon steel products, coated and specialty steels, tubular products and value-added solutions tailored for sectors such as automotive, construction, household appliances, energy and packaging.

ArcelorMittal’s operations are global in scope, with production facilities, distribution networks and commercial activities across Europe, the Americas, Asia, Africa and the Commonwealth of Independent States.