ArcelorMittal (NYSE:MT) Shares Gap Down to $29.30

Posted by Defense World Staff on Apr 23rd, 2023

ArcelorMittal S.A. (NYSE:MT – Get Rating) gapped down before the market opened on Friday . The stock had previously closed at $29.30, but opened at $28.64. ArcelorMittal shares last traded at $28.55, with a volume of 382,296 shares traded.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. UBS Group upgraded ArcelorMittal from a “sell” rating to a “buy” rating in a research report on Tuesday, March 28th. Bank of America upgraded ArcelorMittal from a “neutral” rating to a “buy” rating in a research report on Thursday, March 23rd. Barclays downgraded ArcelorMittal from an “overweight” rating to an “equal weight” rating in a research report on Monday, April 3rd. StockNews.com assumed coverage on ArcelorMittal in a research report on Thursday, March 16th. They set a “buy” rating on the stock. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on ArcelorMittal from $36.00 to $33.00 in a research report on Thursday, February 23rd. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, ArcelorMittal presently has a consensus rating of “Moderate Buy” and an average price target of $28.68.

ArcelorMittal Trading Down 2.9 %

The business has a fifty day moving average price of $29.41 and a 200 day moving average price of $27.42. The company has a market capitalization of $22.92 billion, a PE ratio of 2.87 and a beta of 1.89. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.76 and a current ratio of 1.66.

ArcelorMittal (NYSE:MT – Get Rating) last posted its earnings results on Thursday, February 9th. The basic materials company reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $1.04. ArcelorMittal had a return on equity of 19.11% and a net margin of 11.65%. The business had revenue of $16.89 billion during the quarter, compared to analyst estimates of $15.62 billion. Analysts expect that ArcelorMittal S.A. will post 3.65 EPS for the current fiscal year.

ArcelorMittal Announces Dividend

The business also recently announced an annual dividend, which will be paid on Thursday, June 15th. Stockholders of record on Tuesday, May 23rd will be paid a $0.38 dividend. The ex-dividend date of this dividend is Monday, May 22nd. This represents a dividend yield of 1.2%. ArcelorMittal’s dividend payout ratio (DPR) is currently 3.23%.

Institutional Investors Weigh In On ArcelorMittal

A number of hedge funds have recently bought and sold shares of MT. Tower Research Capital LLC TRC acquired a new stake in ArcelorMittal during the 3rd quarter valued at approximately $28,000. Financial Management Professionals Inc. acquired a new stake in ArcelorMittal during the 1st quarter valued at approximately $30,000. Whittier Trust Co. of Nevada Inc. acquired a new stake in ArcelorMittal during the 4th quarter valued at approximately $34,000. Clear Street Markets LLC acquired a new stake in ArcelorMittal during the 4th quarter valued at approximately $40,000. Finally, Wipfli Financial Advisors LLC acquired a new stake in ArcelorMittal during the 3rd quarter valued at approximately $42,000. Institutional investors and hedge funds own 5.40% of the company’s stock.

About ArcelorMittal

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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.