Sep 29, 2023

ArcelorMittal (NYSE:MT) Releases Earnings Results, Beats Estimates By $0.39 EPS

ArcelorMittal (NYSE:MT - Get Free Report) issued its earnings results on Wednesday. The basic materials company reported $2.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.81 by $0.39, MarketWatch Earnings reports. The business had revenue of $18.61 billion for the quarter, compared to analysts' expectations of $17.41 billion. ArcelorMittal had a return on equity of 13.66% and a net margin of 8.20%. The company's quarterly revenue was down 16.0% on a year-over-year basis. During the same period in the previous year, the firm posted $4.24 EPS.

Shares of NYSE:MT traded up $0.42 on Friday, reaching $28.11. The company had a trading volume of 1,015,927 shares, compared to its average volume of 2,360,799. ArcelorMittal has a twelve month low of $19.25 and a twelve month high of $32.49. The stock has a market capitalization of $22.64 billion, a P/E ratio of 4.05 and a beta of 1.90. The stock has a 50-day moving average price of $27.09 and a 200 day moving average price of $28.51. The company has a quick ratio of 0.70, a current ratio of 1.57 and a debt-to-equity ratio of 0.15.

Several large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. grew its stake in shares of ArcelorMittal by 160.9% in the 1st quarter. JPMorgan Chase & Co. now owns 191,606 shares of the basic materials company's stock valued at $5,771,000 after purchasing an additional 118,177 shares during the period. Mercer Global Advisors Inc. ADV lifted its stake in shares of ArcelorMittal by 6.7% in the 1st quarter. Mercer Global Advisors Inc. ADV now owns 66,836 shares of the basic materials company's stock valued at $2,013,000 after purchasing an additional 4,206 shares during the period. Atlas Capital Advisors LLC lifted its stake in shares of ArcelorMittal by 72.0% in the 1st quarter. Atlas Capital Advisors LLC now owns 2,018 shares of the basic materials company's stock valued at $61,000 after purchasing an additional 845 shares during the period. State Street Corp lifted its stake in shares of ArcelorMittal by 38.4% in the 1st quarter. State Street Corp now owns 82,190 shares of the basic materials company's stock valued at $2,476,000 after purchasing an additional 22,816 shares during the period. Finally, Schonfeld Strategic Advisors LLC acquired a new position in shares of ArcelorMittal in the 1st quarter valued at $3,045,000. 5.24% of the stock is currently owned by institutional investors.

MT has been the subject of several recent analyst reports. Barclays cut ArcelorMittal from an "overweight" rating to an "equal weight" rating in a research report on Monday, April 3rd. began coverage on ArcelorMittal in a research report on Thursday, May 18th. They issued a "buy" rating for the company. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $28.68.

ArcelorMittal SA, together with its subsidiaries, operates as integrated steel and mining companies in the Americas, Europe, Asia, and Africa. 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.

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