ArcelorMittal (NYSE:MT) Issues Quarterly Earnings Results

ArcelorMittal (NYSE:MT) released its quarterly earnings results on Thursday. The basic materials company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.58 by $0.05, Briefing.com reports. The business had revenue of $15.20 billion during the quarter, compared to analyst estimates of $15.11 billion. ArcelorMittal had a negative net margin of 0.93% and a positive return on equity of 6.00%. The company’s quarterly revenue was down 8.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.10 earnings per share.

ArcelorMittal Stock Down 1.6 %

Shares of NYSE MT traded down $0.42 during mid-day trading on Friday, reaching $26.09. The company had a trading volume of 2,191,491 shares, compared to its average volume of 1,609,563. The firm has a 50 day simple moving average of $24.13 and a two-hundred day simple moving average of $24.03. The company has a current ratio of 1.53, a quick ratio of 0.66 and a debt-to-equity ratio of 0.16. ArcelorMittal has a 52-week low of $20.52 and a 52-week high of $29.01. The stock has a market cap of $21.01 billion, a P/E ratio of -18.50, a PEG ratio of 0.54 and a beta of 1.77.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Barclays upgraded ArcelorMittal from an “equal weight” rating to an “overweight” rating in a research report on Monday, August 19th. Deutsche Bank Aktiengesellschaft upgraded shares of ArcelorMittal from a “hold” rating to a “buy” rating and increased their price objective for the company from $29.00 to $31.00 in a report on Wednesday, August 28th. Finally, JPMorgan Chase & Co. lowered ArcelorMittal from an “overweight” rating to a “neutral” rating in a research note on Friday, October 11th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, ArcelorMittal currently has a consensus rating of “Hold” and an average price target of $30.30.

About ArcelorMittal

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.