FY2024 Earnings Forecast for ArcelorMittal Issued By KeyCorp

ArcelorMittal S.A. (NYSE:MT) – Investment analysts at KeyCorp issued their FY2024 earnings estimates for shares of ArcelorMittal in a research report issued 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) last issued its earnings results on Thursday, November 7th. The basic materials company reported $0.63 EPS for the quarter, topping 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 company had revenue of $15.20 billion during the quarter, compared to the consensus estimate of $15.11 billion. During the same period in the previous year, the company posted $1.10 EPS. The firm’s revenue for the quarter was down 8.5% compared to the same quarter last year.

Other research analysts have also issued research reports about the stock. JPMorgan Chase & Co. lowered shares of ArcelorMittal from an “overweight” rating to a “neutral” rating in a research note on Friday, October 11th. Bank of America upgraded ArcelorMittal from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $30.00 to $32.90 in a report on Thursday, November 14th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, ArcelorMittal presently has an average rating of “Moderate Buy” and a consensus target price of $31.17.

ArcelorMittal Price Performance

NYSE:MT opened at $24.89 on Friday. The company 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’s fifty day moving average price is $23.91 and its two-hundred day moving average price is $23.68. ArcelorMittal has a one year low of $20.52 and a one year 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.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Geneos Wealth Management Inc. boosted its stake in shares of ArcelorMittal by 89.6% in the fourth quarter. Geneos Wealth Management Inc. now owns 1,134 shares of the basic materials company’s stock valued at $26,000 after buying an additional 536 shares during the period. GAMMA Investing LLC lifted its position in shares of ArcelorMittal by 68.5% during the 4th quarter. GAMMA Investing LLC now owns 1,464 shares of the basic materials company’s stock valued at $34,000 after acquiring an additional 595 shares during the period. Park Avenue Securities LLC acquired a new stake in shares of ArcelorMittal during the 4th quarter worth $212,000. Atria Investments Inc bought a new position in shares of ArcelorMittal in the third quarter worth $244,000. Finally, Rhumbline Advisers raised its stake in ArcelorMittal by 6.8% in the second quarter. Rhumbline Advisers now owns 9,633 shares of the basic materials company’s stock valued at $221,000 after purchasing an additional 610 shares in the last quarter. Institutional investors and hedge funds own 9.29% of the company’s stock.

About ArcelorMittal

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.