Deutsche Bank Aktiengesellschaft Lowers ArcelorMittal (NYSE:MT) Price Target to $29.00

ArcelorMittal (NYSE:MT) had its target price decreased by Deutsche Bank Aktiengesellschaft from $30.00 to $29.00 in a report released on Friday morning, Benzinga reports. Deutsche Bank Aktiengesellschaft currently has a hold rating on the basic materials company’s stock.

Separately, The Goldman Sachs Group started coverage on shares of ArcelorMittal in a research report on Thursday, May 9th. They issued a neutral rating and a $29.60 price objective on the stock. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $29.30.

ArcelorMittal Price Performance

ArcelorMittal stock traded up $0.39 during mid-day trading on Friday, reaching $21.48. The company had a trading volume of 1,314,942 shares, compared to its average volume of 1,625,164. The stock’s 50-day simple moving average is $23.62 and its 200-day simple moving average is $25.54. ArcelorMittal has a 1 year low of $20.52 and a 1 year high of $29.01. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.55 and a quick ratio of 0.65. The company has a market capitalization of $17.30 billion, a P/E ratio of 24.03, a P/E/G ratio of 0.34 and a beta of 1.77.

ArcelorMittal (NYSE:MT) last released its quarterly earnings data on Thursday, August 1st. The basic materials company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $1.12 by ($0.49). The firm had revenue of $16.25 billion during the quarter, compared to analysts’ expectations of $16.32 billion. ArcelorMittal had a negative net margin of 0.93% and a positive return on equity of 5.94%. The business’s revenue for the quarter was down 12.7% on a year-over-year basis. During the same period in the previous year, the business earned $2.20 earnings per share. On average, equities analysts predict that ArcelorMittal will post 3.92 EPS for the current year.

Institutional Trading of ArcelorMittal

Several institutional investors and hedge funds have recently made changes to their positions in MT. Principal Securities Inc. purchased a new stake in shares of ArcelorMittal in the fourth quarter valued at $25,000. GAMMA Investing LLC acquired a new position in ArcelorMittal in the fourth quarter valued at $30,000. EverSource Wealth Advisors LLC increased its stake in ArcelorMittal by 84.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,128 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 517 shares during the last quarter. Blue Trust Inc. increased its stake in ArcelorMittal by 336.3% in the fourth quarter. Blue Trust Inc. now owns 1,309 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 1,009 shares during the last quarter. Finally, Mather Group LLC. increased its stake in ArcelorMittal by 1,388.6% in the second quarter. Mather Group LLC. now owns 2,218 shares of the basic materials company’s stock valued at $51,000 after purchasing an additional 2,069 shares during the last quarter. 9.88% of the stock is currently owned by hedge funds and other institutional investors.

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.