Analysts Offer Predictions for ArcelorMittal FY2024 Earnings

ArcelorMittal S.A. (NYSE:MT) – Equities research analysts at KeyCorp issued their FY2024 earnings per share estimates for shares of ArcelorMittal in a note issued to investors on Tuesday, January 21st. KeyCorp analyst P. Gibbs expects that the basic materials company will earn $3.15 per share for the year. The consensus estimate for ArcelorMittal’s current full-year earnings is $2.63 per share.

MT has been the subject of a number of other reports. JPMorgan Chase & Co. downgraded shares of ArcelorMittal from an “overweight” rating to a “neutral” rating in a research report on Friday, October 11th. Bank of America raised ArcelorMittal from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $30.00 to $32.90 in a report on Thursday, November 14th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $31.17.

ArcelorMittal Stock Performance

Shares of NYSE MT opened at $24.02 on Friday. ArcelorMittal has a 52 week low of $20.52 and a 52 week high of $28.95. The firm has a 50-day moving average price of $23.92 and a 200 day moving average price of $23.67. The company has a current ratio of 1.46, a quick ratio of 0.59 and a debt-to-equity ratio of 0.16.

ArcelorMittal (NYSE:MT) last released its quarterly earnings data on Thursday, November 7th. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.05. The firm had revenue of $15.20 billion during the quarter, compared to analysts’ expectations of $15.11 billion. ArcelorMittal had a positive return on equity of 5.26% and a negative net margin of 1.99%. ArcelorMittal’s revenue was down 8.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.10 earnings per share.

Institutional Investors Weigh In On ArcelorMittal

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Geneos Wealth Management Inc. boosted its stake in shares of ArcelorMittal by 89.6% during the fourth quarter. Geneos Wealth Management Inc. now owns 1,134 shares of the basic materials company’s stock valued at $26,000 after acquiring an additional 536 shares during the last quarter. GAMMA Investing LLC lifted its holdings in ArcelorMittal by 68.5% in the 4th quarter. GAMMA Investing LLC now owns 1,464 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 595 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of ArcelorMittal by 6.8% during the 2nd quarter. Rhumbline Advisers now owns 9,633 shares of the basic materials company’s stock worth $221,000 after purchasing an additional 610 shares during the last quarter. Eagle Asset Management Inc. grew its holdings in shares of ArcelorMittal by 11.2% during the third quarter. Eagle Asset Management Inc. now owns 16,008 shares of the basic materials company’s stock worth $418,000 after buying an additional 1,615 shares in the last quarter. Finally, Seascape Capital Management raised its position in shares of ArcelorMittal by 7.4% in the third quarter. Seascape Capital Management now owns 26,170 shares of the basic materials company’s stock valued at $687,000 after buying an additional 1,812 shares during the last quarter. Hedge funds and other institutional investors own 9.29% of the company’s stock.

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.