ArcelorMittal S.A. (NYSE:MT – Get Rating) – KeyCorp raised their FY2023 EPS estimates for shares of ArcelorMittal in a note issued to investors on Monday, March 13th. KeyCorp analyst P. Gibbs now forecasts that the basic materials company will post earnings per share of $2.90 for the year, up from their previous forecast of $2.50. The consensus estimate for ArcelorMittal’s current full-year earnings is $2.95 per share.
Several other equities research analysts also recently commented on the stock. UBS Group downgraded shares of ArcelorMittal from a “neutral” rating to a “sell” rating in a research report on Wednesday, January 18th. JPMorgan Chase & Co. cut their target price on shares of ArcelorMittal from €24.50 ($26.34) to €23.00 ($24.73) and set a “neutral” rating on the stock in a research report on Wednesday, December 14th. Deutsche Bank Aktiengesellschaft cut their target price on shares of ArcelorMittal from $36.00 to $33.00 in a research report on Thursday, February 23rd. Bank of America downgraded shares of ArcelorMittal from a “buy” rating to a “neutral” rating in a research report on Wednesday, December 14th. Finally, StockNews.com began coverage on shares of ArcelorMittal in a research report on Thursday. They issued a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $28.68.
ArcelorMittal Stock Up 1.8 %
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of MT. Arrowstreet Capital Limited Partnership increased its stake in shares of ArcelorMittal by 1,300.7% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 5,349,935 shares of the basic materials company’s stock valued at $171,251,000 after acquiring an additional 4,967,981 shares in the last quarter. GQG Partners LLC increased its stake in shares of ArcelorMittal by 30.4% in the 2nd quarter. GQG Partners LLC now owns 11,239,292 shares of the basic materials company’s stock valued at $254,072,000 after acquiring an additional 2,622,080 shares in the last quarter. FMR LLC increased its stake in shares of ArcelorMittal by 48.7% in the 2nd quarter. FMR LLC now owns 6,977,758 shares of the basic materials company’s stock valued at $157,697,000 after acquiring an additional 2,283,917 shares in the last quarter. BlackRock Inc. increased its stake in shares of ArcelorMittal by 96.3% in the 1st quarter. BlackRock Inc. now owns 3,706,360 shares of the basic materials company’s stock valued at $118,642,000 after acquiring an additional 1,818,361 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in shares of ArcelorMittal in the 1st quarter valued at $54,502,000. Institutional investors and hedge funds own 5.40% of the company’s stock.
ArcelorMittal Announces Dividend
The company also recently declared an annual dividend, which will be paid on Thursday, June 15th. Stockholders of record on Monday, May 22nd will be given a $0.38 dividend. The ex-dividend date of this dividend is Friday, May 19th. This represents a dividend yield of 1.2%. ArcelorMittal’s dividend payout ratio (DPR) is currently 3.23%.
ArcelorMittal Company Profile
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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