ArcelorMittal (NYSE:MT) had its price objective lifted by Cowen from $35.00 to $38.00 in a report released on Tuesday morning. They currently have a market perform rating on the basic materials company’s stock.
Several other research firms have also issued reports on MT. Bank of America raised shares of ArcelorMittal from a neutral rating to a buy rating in a research report on Tuesday, February 20th. Goldman Sachs reissued a buy rating on shares of ArcelorMittal in a research report on Monday, February 19th. JPMorgan Chase reissued a buy rating on shares of ArcelorMittal in a research report on Wednesday, March 7th. ValuEngine raised shares of ArcelorMittal from a buy rating to a strong-buy rating in a research report on Friday, February 2nd. Finally, Credit Suisse Group reissued a buy rating on shares of ArcelorMittal in a research report on Monday. Two analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. ArcelorMittal has a consensus rating of Buy and a consensus price target of $36.75.
Shares of MT stock opened at $35.74 on Tuesday. The stock has a market capitalization of $37.02 billion, a price-to-earnings ratio of 6.69 and a beta of 2.38. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.41 and a current ratio of 1.26. ArcelorMittal has a 52 week low of $35.48 and a 52 week high of $36.00.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 13th. Stockholders of record on Friday, May 18th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.12%. The ex-dividend date of this dividend is Thursday, May 17th.
ArcelorMittal announced that its board has initiated a stock repurchase plan on Tuesday, March 13th that allows the company to repurchase $280.00 million in outstanding shares. This repurchase authorization allows the basic materials company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
A number of large investors have recently modified their holdings of the stock. Anchor Bolt Capital LP purchased a new position in ArcelorMittal during the fourth quarter valued at approximately $35,842,000. Capital Growth Management LP purchased a new position in ArcelorMittal during the fourth quarter valued at approximately $32,310,000. TIAA CREF Investment Management LLC grew its stake in ArcelorMittal by 31.4% during the fourth quarter. TIAA CREF Investment Management LLC now owns 864,913 shares of the basic materials company’s stock valued at $27,945,000 after acquiring an additional 206,672 shares in the last quarter. Millennium Management LLC grew its stake in ArcelorMittal by 67.3% during the fourth quarter. Millennium Management LLC now owns 782,879 shares of the basic materials company’s stock valued at $25,295,000 after acquiring an additional 315,023 shares in the last quarter. Finally, Russell Investments Group Ltd. purchased a new position in ArcelorMittal during the first quarter valued at approximately $16,109,000. 4.71% of the stock is owned by institutional investors.
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.
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