Morgan Stanley Boosts ArcelorMittal (NYSE:MT) Price Target to €46.10

ArcelorMittal (NYSE:MT – Get Rating) had its price objective boosted by equities research analysts at Morgan Stanley from €46.00 ($48.42) to €46.10 ($48.53) in a report released on Thursday, The Fly reports. The brokerage presently has an “overweight” rating on the basic materials company’s stock.

MT has been the subject of a number of other reports. Deutsche Bank Aktiengesellschaft upped their price objective on ArcelorMittal from €48.00 ($50.53) to €49.00 ($51.58) in a research note on Friday, May 6th. JPMorgan Chase & Co. cut ArcelorMittal from an “overweight” rating to a “neutral” rating in a research note on Wednesday. Finally, StockNews.com upgraded ArcelorMittal from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, May 17th. One research analyst has rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.14.

MT traded down $0.57 during trading hours on Thursday, reaching $23.14. 237,522 shares of the company’s stock traded hands, compared to its average volume of 3,190,299. ArcelorMittal has a 52-week low of $23.33 and a 52-week high of $37.87. The firm has a market capitalization of $21.70 billion, a PE ratio of 1.46 and a beta of 1.91. The firm has a 50-day moving average price of $29.69 and a 200 day moving average price of $31.10. The company has a quick ratio of 0.71, a current ratio of 1.55 and a debt-to-equity ratio of 0.11.

ArcelorMittal (NYSE:MT – Get Rating) last issued its earnings results on Thursday, May 5th. The basic materials company reported $4.27 earnings per share for the quarter, topping the consensus estimate of $3.25 by $1.02. ArcelorMittal had a return on equity of 32.88% and a net margin of 20.43%. The business had revenue of $21.84 billion during the quarter, compared to analysts’ expectations of $21.11 billion. Equities analysts predict that ArcelorMittal will post 13.21 EPS for the current fiscal year.

Institutional investors have recently bought and sold shares of the stock. Captrust Financial Advisors grew its holdings in ArcelorMittal by 166.1% during the first quarter. Captrust Financial Advisors now owns 1,381 shares of the basic materials company’s stock worth $44,000 after acquiring an additional 862 shares during the period. Prospera Financial Services Inc acquired a new stake in ArcelorMittal during the first quarter worth about $45,000. National Bank of Canada FI purchased a new position in ArcelorMittal during the fourth quarter worth approximately $46,000. Bessemer Group Inc. boosted its position in ArcelorMittal by 42.8% during the fourth quarter. Bessemer Group Inc. now owns 2,026 shares of the basic materials company’s stock worth $64,000 after purchasing an additional 607 shares in the last quarter. Finally, Elequin Capital LP purchased a new position in ArcelorMittal during the first quarter worth approximately $79,000. 41.79% of the stock is currently owned by hedge funds and other institutional investors.

About ArcelorMittal (Get Rating)

ArcelorMittal SA, together with its subsidiaries, operates as integrated steel and mining companies in Europe, North and South America, Asia, and Africa. Its principal steel products include 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, which includes blooms and billets; finished long products, including bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes.

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