KeyCorp Forecasts ArcelorMittal's FY2024 Earnings (NYSE:MT)

ArcelorMittal S.A. (NYSE:MT - Free Report) - Research analysts at KeyCorp issued their FY2024 earnings estimates for ArcelorMittal in a research report issued to clients and investors on Tuesday, January 21st. KeyCorp analyst P. Gibbs anticipates that the basic materials company will post earnings per share of $3.15 for the year. The consensus estimate for ArcelorMittal's current full-year earnings is $2.63 per share.

ArcelorMittal (NYSE:MT - Get Free Report) last posted its earnings results on Thursday, November 7th. The basic materials company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.58 by $0.05. ArcelorMittal had a positive return on equity of 5.26% and a negative net margin of 1.99%. The firm had revenue of $15.20 billion during the quarter, compared to the consensus estimate of $15.11 billion. During the same period last year, the company earned $1.10 earnings per share. The business's quarterly revenue was down 8.5% on a year-over-year basis.

MT has been the subject of several other research reports. Bank of America raised shares of ArcelorMittal from a "neutral" rating to a "buy" rating and raised their price target for the company from $30.00 to $32.90 in a research note on Thursday, November 14th. JPMorgan Chase & Co. lowered ArcelorMittal from an "overweight" rating to a "neutral" rating in a research report on Friday, October 11th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, ArcelorMittal has a consensus rating of "Moderate Buy" and an average target price of $31.17.

ArcelorMittal Trading Up 3.7 %

NYSE MT traded up $0.89 during trading hours on Friday, reaching $24.89. The company's stock had a trading volume of 2,461,204 shares, compared to its average volume of 1,911,740. ArcelorMittal has a 52 week low of $20.52 and a 52 week high of $28.95. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 0.59. The stock has a market cap of $20.39 billion, a P/E ratio of -17.65, a P/E/G ratio of 0.46 and a beta of 1.75. The firm has a fifty day simple moving average of $23.91 and a 200-day simple moving average of $23.68.

Institutional Trading of ArcelorMittal

A number of large investors have recently bought and sold shares of the business. Geneos Wealth Management Inc. lifted its position in shares of ArcelorMittal by 89.6% during the 4th quarter. Geneos Wealth Management Inc. now owns 1,134 shares of the basic materials company's stock valued at $26,000 after acquiring an additional 536 shares during the period. GAMMA Investing LLC raised its holdings in shares of ArcelorMittal by 68.5% during the fourth quarter. GAMMA Investing LLC now owns 1,464 shares of the basic materials company's stock valued at $34,000 after purchasing an additional 595 shares during the period. Rhumbline Advisers boosted its position in shares of ArcelorMittal by 6.8% during the 2nd quarter. Rhumbline Advisers now owns 9,633 shares of the basic materials company's stock worth $221,000 after purchasing an additional 610 shares in the last quarter. Eagle Asset Management Inc. boosted its position in shares of ArcelorMittal by 11.2% during the 3rd quarter. Eagle Asset Management Inc. now owns 16,008 shares of the basic materials company's stock worth $418,000 after purchasing an additional 1,615 shares in the last quarter. Finally, Seascape Capital Management grew its stake in shares of ArcelorMittal by 7.4% in the 3rd quarter. Seascape Capital Management now owns 26,170 shares of the basic materials company's stock valued at $687,000 after buying an additional 1,812 shares during the period. 9.29% of the stock is currently owned by institutional investors and hedge funds.

ArcelorMittal Company Profile

ArcelorMittal SA, together with its subsidiaries, operates as integrated steel and mining companies in the United States, Europe, and internationally. 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.