ArcelorMittal (NYSE:MT) Now Covered by KeyCorp

KeyCorp assumed coverage on shares of ArcelorMittal (NYSE:MT) in a research report released on Wednesday. The brokerage issued a sector weight rating on the basic materials company’s stock.

Other equities analysts also recently issued reports about the stock. Citigroup restated a “buy” rating on shares of ArcelorMittal in a research note on Friday, February 13th. Wells Fargo & Company lifted their price target on shares of ArcelorMittal from $47.00 to $54.00 and gave the company an “equal weight” rating in a research note on Friday, February 6th. Oddo Bhf upgraded ArcelorMittal from a “neutral” rating to an “outperform” rating in a report on Wednesday, January 14th. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of ArcelorMittal in a report on Friday, February 6th. Finally, JPMorgan Chase & Co. lowered ArcelorMittal from an “overweight” rating to an “underweight” rating in a research report on Monday, March 9th. Six research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, ArcelorMittal has an average rating of “Hold” and an average target price of $51.98.

ArcelorMittal Stock Up 1.2%

NYSE:MT opened at $52.99 on Wednesday. The company has a market cap of $41.07 billion, a price-to-earnings ratio of 12.92, a price-to-earnings-growth ratio of 0.46 and a beta of 1.48. ArcelorMittal has a twelve month low of $23.19 and a twelve month high of $67.60. The company has a current ratio of 1.36, a quick ratio of 0.53 and a debt-to-equity ratio of 0.19. The stock has a fifty day simple moving average of $57.26 and a 200-day simple moving average of $46.54.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings results on Thursday, February 5th. The basic materials company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.30. The firm had revenue of $14.97 billion for the quarter, compared to analysts’ expectations of $15.56 billion. ArcelorMittal had a net margin of 5.14% and a return on equity of 5.27%. The business’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.52 earnings per share. Analysts anticipate that ArcelorMittal will post 3.72 EPS for the current year.

ArcelorMittal Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 2nd. Investors of record on Friday, November 13th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Friday, November 13th. ArcelorMittal’s payout ratio is 12.44%.

Institutional Investors Weigh In On ArcelorMittal

Hedge funds and other institutional investors have recently bought and sold shares of the company. Cetera Investment Advisers boosted its holdings in ArcelorMittal by 1.0% in the fourth quarter. Cetera Investment Advisers now owns 18,386 shares of the basic materials company’s stock valued at $838,000 after purchasing an additional 190 shares during the period. TD Waterhouse Canada Inc. grew its stake in ArcelorMittal by 11.2% during the 4th quarter. TD Waterhouse Canada Inc. now owns 2,141 shares of the basic materials company’s stock worth $98,000 after purchasing an additional 216 shares in the last quarter. True Wealth Design LLC increased its holdings in ArcelorMittal by 41.4% during the 4th quarter. True Wealth Design LLC now owns 799 shares of the basic materials company’s stock worth $36,000 after purchasing an additional 234 shares during the period. Merit Financial Group LLC raised its position in ArcelorMittal by 3.1% in the 3rd quarter. Merit Financial Group LLC now owns 9,453 shares of the basic materials company’s stock valued at $342,000 after purchasing an additional 283 shares in the last quarter. Finally, GK Wealth Management LLC raised its position in ArcelorMittal by 4.1% in the 3rd quarter. GK Wealth Management LLC now owns 7,129 shares of the basic materials company’s stock valued at $258,000 after purchasing an additional 284 shares in the last quarter. 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.