Analysts Set Expectations for ArcelorMittal S.A.'s Q4 2023 Earnings (NYSE:MT)

ArcelorMittal S.A. (NYSE:MT - Free Report) - Equities research analysts at KeyCorp lifted their Q4 2023 EPS estimates for shares of ArcelorMittal in a research report issued to clients and investors on Thursday, July 27th. KeyCorp analyst P. Gibbs now forecasts that the basic materials company will post earnings per share of $0.32 for the quarter, up from their prior estimate of $0.30. The consensus estimate for ArcelorMittal's current full-year earnings is $4.65 per share. KeyCorp also issued estimates for ArcelorMittal's FY2024 earnings at $3.55 EPS.

ArcelorMittal (NYSE:MT - Get Free Report) last posted its earnings results on Wednesday, July 26th. The basic materials company reported $2.20 earnings per share for the quarter, beating the consensus estimate of $1.81 by $0.39. The firm had revenue of $18.61 billion during the quarter, compared to analyst estimates of $17.41 billion. ArcelorMittal had a net margin of 5.77% and a return on equity of 10.00%. The business's quarterly revenue was down 16.0% on a year-over-year basis. During the same period in the previous year, the firm earned $4.24 EPS.

Several other equities analysts have also weighed in on MT. StockNews.com began coverage on shares of ArcelorMittal in a report on Thursday, May 18th. They set a "buy" rating for the company. Barclays lowered shares of ArcelorMittal from an "overweight" rating to an "equal weight" rating in a report on Monday, April 3rd. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $28.68.

NYSE:MT opened at $28.10 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.57 and a quick ratio of 0.70. The firm has a market cap of $22.63 billion, a price-to-earnings ratio of 5.76 and a beta of 1.90. The company has a 50 day moving average price of $27.11 and a 200-day moving average price of $28.49. ArcelorMittal has a 1-year low of $19.25 and a 1-year high of $32.49.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Fifth Third Bancorp grew its holdings in shares of ArcelorMittal by 6.1% during the first quarter. Fifth Third Bancorp now owns 7,029 shares of the basic materials company's stock worth $212,000 after buying an additional 403 shares in the last quarter. Wetherby Asset Management Inc. grew its holdings 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 purchasing an additional 411 shares during the period. First Trust Direct Indexing L.P. grew its holdings in shares of ArcelorMittal by 3.2% in the first quarter. First Trust Direct Indexing L.P. now owns 15,258 shares of the basic materials company's stock valued at $460,000 after purchasing an additional 466 shares during the period. Creative Planning grew its holdings 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 purchasing an additional 540 shares during the period. Finally, Signaturefd LLC grew its holdings in shares of ArcelorMittal by 4.1% in the first quarter. Signaturefd LLC now owns 16,648 shares of the basic materials company's stock valued at $501,000 after purchasing an additional 656 shares during the period. Hedge funds and other institutional investors own 5.24% of the company's stock.

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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