ArcelorMittal SA (NYSE:MT) shares gapped up before the market opened on Wednesday . The stock had previously closed at $33.95, but opened at $33.94. ArcelorMittal shares last traded at $33.94, with a volume of 2600924 shares changing hands.
A number of brokerages have recently weighed in on MT. Deutsche Bank restated a “buy” rating on shares of ArcelorMittal in a research report on Monday, June 4th. TheStreet upgraded ArcelorMittal from a “c+” rating to a “b” rating in a research report on Wednesday, June 6th. ValuEngine lowered ArcelorMittal from a “buy” rating to a “hold” rating in a research report on Saturday, June 2nd. UBS Group lowered ArcelorMittal from a “buy” rating to a “sell” rating in a research report on Thursday, June 7th. Finally, Credit Suisse Group restated a “buy” rating on shares of ArcelorMittal in a research report on Monday, May 14th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company. ArcelorMittal currently has a consensus rating of “Buy” and a consensus target price of $36.75.
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The stock has a market capitalization of $34.46 billion, a P/E ratio of 6.36 and a beta of 2.36. The company has a quick ratio of 0.44, a current ratio of 1.26 and a debt-to-equity ratio of 0.22.
ArcelorMittal (NYSE:MT) last released its quarterly earnings results on Friday, May 11th. The basic materials company reported $1.17 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.18. The company had revenue of $19.19 billion during the quarter, compared to analyst estimates of $19.38 billion. ArcelorMittal had a return on equity of 11.85% and a net margin of 6.63%. analysts expect that ArcelorMittal SA will post 4.44 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, June 13th. Investors of record on Friday, May 18th were given a $0.10 dividend. The ex-dividend date was Thursday, May 17th. This represents a $0.40 annualized dividend and a yield of 1.18%. ArcelorMittal’s dividend payout ratio is currently 1.69%.
ArcelorMittal declared that its board has approved a stock buyback program on Tuesday, March 13th that authorizes the company to repurchase $280.00 million in shares. This repurchase authorization authorizes the basic materials company to buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Suntrust Banks Inc. lifted its stake in ArcelorMittal by 7.6% in the first quarter. Suntrust Banks Inc. now owns 55,878 shares of the basic materials company’s stock worth $1,776,000 after purchasing an additional 3,930 shares during the last quarter. Financial Gravity Wealth Inc. bought a new stake in ArcelorMittal in the first quarter worth about $184,000. Brookfield Asset Management Inc. bought a new stake in ArcelorMittal in the first quarter worth about $480,000. Cubist Systematic Strategies LLC lifted its stake in ArcelorMittal by 8.6% in the first quarter. Cubist Systematic Strategies LLC now owns 24,375 shares of the basic materials company’s stock worth $775,000 after purchasing an additional 1,926 shares during the last quarter. Finally, LPL Financial LLC lifted its stake in ArcelorMittal by 23.4% in the first quarter. LPL Financial LLC now owns 8,501 shares of the basic materials company’s stock worth $270,000 after purchasing an additional 1,610 shares during the last quarter. Institutional investors own 4.89% of the company’s stock.
ArcelorMittal Company Profile
ArcelorMittal, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia, and Africa. It operates through NAFTA, Brazil, Europe, ACIS, and Mining segments. The company produces finished and semi-finished steel products with various specifications.