Deutsche Bank Aktiengesellschaft Trims ArcelorMittal (NYSE:MT) Target Price to $29.00

ArcelorMittal (NYSE:MT) had its target price lowered by Deutsche Bank Aktiengesellschaft from $30.00 to $29.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “hold” rating on the basic materials company’s stock. Deutsche Bank Aktiengesellschaft’s price target points to a potential upside of 36.99% from the stock’s previous close.

Separately, The Goldman Sachs Group started coverage on shares of ArcelorMittal in a research note on Thursday, May 9th. They issued a “neutral” rating and a $29.60 price target for the company. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, ArcelorMittal has an average rating of “Hold” and a consensus target price of $29.30.

ArcelorMittal Price Performance

Shares of NYSE MT traded down $0.25 during mid-day trading on Friday, reaching $21.17. The company’s stock had a trading volume of 1,709,322 shares, compared to its average volume of 1,607,726. ArcelorMittal has a 1-year low of $21.03 and a 1-year high of $29.01. The stock has a market capitalization of $17.05 billion, a P/E ratio of 23.70, a P/E/G ratio of 0.36 and a beta of 1.77. The stock has a 50-day moving average of $23.80 and a two-hundred day moving average of $25.62. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.65 and a current ratio of 1.55.

ArcelorMittal (NYSE:MT) last announced its earnings results on Thursday, August 1st. The basic materials company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $1.12 by ($0.49). ArcelorMittal had a return on equity of 8.29% and a net margin of 1.15%. The company had revenue of $16.25 billion for the quarter, compared to analysts’ expectations of $16.32 billion. During the same period last year, the business earned $2.20 EPS. The company’s quarterly revenue was down 12.7% compared to the same quarter last year. On average, equities research analysts anticipate that ArcelorMittal will post 3.92 EPS for the current fiscal year.

Hedge Funds Weigh In On ArcelorMittal

Institutional investors have recently modified their holdings of the business. Blue Trust Inc. grew its position in ArcelorMittal by 336.3% in the 4th quarter. Blue Trust Inc. now owns 1,309 shares of the basic materials company’s stock valued at $37,000 after buying an additional 1,009 shares during the last quarter. International Assets Investment Management LLC acquired a new position in ArcelorMittal in the 4th quarter valued at about $5,160,000. Cerity Partners LLC raised its stake in ArcelorMittal by 21.2% in the 4th quarter. Cerity Partners LLC now owns 13,936 shares of the basic materials company’s stock valued at $396,000 after purchasing an additional 2,440 shares during the last quarter. Knights of Columbus Asset Advisors LLC raised its stake in ArcelorMittal by 14.7% in the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 8,334 shares of the basic materials company’s stock valued at $237,000 after purchasing an additional 1,065 shares during the last quarter. Finally, Signaturefd LLC raised its stake in ArcelorMittal by 16.0% in the 4th quarter. Signaturefd LLC now owns 25,684 shares of the basic materials company’s stock valued at $729,000 after purchasing an additional 3,550 shares during the last quarter. 9.88% of the stock is owned by institutional investors and hedge funds.

ArcelorMittal Company Profile

ArcelorMittal SA, together with its subsidiaries, operates as integrated steel and mining companies in the United States, Europe, and internationally. It offers 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, such as blooms and billets; finished long products consisting of bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes.