Brokers Set Expectations for ArcelorMittal S.A.’s FY2023 Earnings (NYSE:MT)
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ArcelorMittal S.A. (NYSE:MT – Get Rating) – Equities research analysts at KeyCorp boosted their FY2023 earnings per share (EPS) estimates for shares of ArcelorMittal in a research report issued on Tuesday, January 24th. KeyCorp analyst P. Gibbs now forecasts that the basic materials company will post earnings per share of $3.00 for the year, up from their prior estimate of $1.75. The consensus estimate for ArcelorMittal’s current full-year earnings is $10.28 per share.
ArcelorMittal (NYSE:MT – Get Rating) last announced its quarterly earnings data on Thursday, November 10th. The basic materials company reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.28. ArcelorMittal had a return on equity of 24.32% and a net margin of 15.62%. The company had revenue of $18.98 billion during the quarter, compared to analysts’ expectations of $17.22 billion.
A number of other equities analysts also recently weighed in on the stock. Deutsche Bank Aktiengesellschaft lowered their target price on shares of ArcelorMittal from €37.00 ($40.22) to €33.00 ($35.87) in a report on Monday, October 10th. UBS Group downgraded shares of ArcelorMittal from a “neutral” rating to a “sell” rating in a research note on Wednesday, January 18th. Morgan Stanley lowered their price target on ArcelorMittal from €40.00 ($43.48) to €38.00 ($41.30) and set an “overweight” rating on the stock in a research report on Tuesday, November 15th. StockNews.com raised ArcelorMittal from a “hold” rating to a “buy” rating in a research report on Saturday, January 14th. Finally, Bank of America lowered ArcelorMittal from a “buy” rating to a “neutral” rating in a report on Wednesday, December 14th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, ArcelorMittal has a consensus rating of “Hold” and an average target price of $32.94.
ArcelorMittal Stock Up 2.5 %
MT stock opened at $32.25 on Friday. ArcelorMittal has a twelve month low of $19.25 and a twelve month high of $34.59. The company has a market cap of $30.24 billion, a price-to-earnings ratio of 2.38 and a beta of 1.89. The company has a quick ratio of 0.70, a current ratio of 1.62 and a debt-to-equity ratio of 0.12. The business has a 50 day moving average price of $27.74 and a two-hundred day moving average price of $24.61.
Hedge Funds Weigh In On ArcelorMittal
Several institutional investors and hedge funds have recently made changes to their positions in the company. Knights of Columbus Asset Advisors LLC increased its position in ArcelorMittal by 6.7% during the third quarter. Knights of Columbus Asset Advisors LLC now owns 6,507 shares of the basic materials company’s stock worth $130,000 after acquiring an additional 406 shares during the period. Credit Agricole S A raised its position in shares of ArcelorMittal by 11.4% in the third quarter. Credit Agricole S A now owns 4,010 shares of the basic materials company’s stock valued at $80,000 after buying an additional 410 shares in the last quarter. Wetherby Asset Management Inc. boosted its stake in shares of ArcelorMittal by 3.7% in the first quarter. Wetherby Asset Management Inc. now owns 11,474 shares of the basic materials company’s stock valued at $367,000 after buying an additional 411 shares during the period. Creative Planning boosted its stake in shares of ArcelorMittal by 6.3% in the second quarter. Creative Planning now owns 9,063 shares of the basic materials company’s stock valued at $205,000 after buying an additional 540 shares during the period. Finally, B. Riley Wealth Advisors Inc. grew its position in ArcelorMittal by 0.5% during the third quarter. B. Riley Wealth Advisors Inc. now owns 104,984 shares of the basic materials company’s stock worth $2,091,000 after buying an additional 553 shares in the last quarter. Institutional investors and hedge funds own 5.40% of the company’s stock.
ArcelorMittal SA is a holding company, which engages in steelmaking and mining activities. It operates through the following business segments: NAFTA; Brazil; Europe; Africa and Commonwealth of Independent States (ACIS), Mining, and Others. The NAFTA segment consists of flat products such as slabs, hot-rolled coil, cold-rolled coil, coated steel, and plate.
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