ArcelorMittal (NYSE:MT) Stock Rating Upgraded by Bank of America

Bank of America upgraded shares of ArcelorMittal (NYSE:MT) from a neutral rating to a buy rating in a research report report published on Thursday, MarketBeat Ratings reports. Bank of America currently has $32.90 price target on the basic materials company’s stock, up from their previous price target of $30.00.

Several other research firms have also commented on MT. Deutsche Bank Aktiengesellschaft raised shares of ArcelorMittal from a “hold” rating to a “buy” rating and raised their price objective for the company from $29.00 to $31.00 in a research note on Wednesday, August 28th. Barclays raised shares of ArcelorMittal from an “equal weight” rating to an “overweight” rating in a report on Monday, August 19th. Finally, JPMorgan Chase & Co. cut shares of ArcelorMittal from an “overweight” rating to a “neutral” rating in a report on Friday, October 11th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $31.17.

ArcelorMittal Trading Up 3.2 %

MT stock traded up $0.79 during mid-day trading on Thursday, hitting $25.28. 2,228,678 shares of the company were exchanged, compared to its average volume of 1,612,096. The company has a quick ratio of 0.59, a current ratio of 1.46 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $20.36 billion, a P/E ratio of -17.91, a PEG ratio of 0.46 and a beta of 1.77. The business has a fifty day simple moving average of $24.40 and a 200-day simple moving average of $24.03. ArcelorMittal has a 12-month low of $20.52 and a 12-month high of $29.01.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings data 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 negative net margin of 1.99% and a positive return on equity of 5.26%. The business had revenue of $15.20 billion during the quarter, compared to analyst estimates of $15.11 billion. During the same quarter last year, the firm posted $1.10 earnings per share. The business’s revenue for the quarter was down 8.5% compared to the same quarter last year. On average, equities research analysts predict that ArcelorMittal will post 3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MT. Maple Rock Capital Partners Inc. purchased a new position in ArcelorMittal in the 1st quarter worth approximately $36,406,000. FMR LLC boosted its stake in shares of ArcelorMittal by 46.7% during the 3rd quarter. FMR LLC now owns 1,317,833 shares of the basic materials company’s stock valued at $34,606,000 after buying an additional 419,465 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of ArcelorMittal by 2,038.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 822,426 shares of the basic materials company’s stock valued at $18,858,000 after buying an additional 783,965 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of ArcelorMittal by 90.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 622,335 shares of the basic materials company’s stock valued at $16,343,000 after buying an additional 295,682 shares during the last quarter. Finally, Encompass Capital Advisors LLC purchased a new position in shares of ArcelorMittal during the 2nd quarter valued at approximately $12,679,000. Institutional investors and hedge funds own 9.88% of the company’s stock.

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.