ArcelorMittal (NYSE:MT) Upgraded at Bank of America

ArcelorMittal (NYSE:MT) was upgraded by analysts at Bank of America from a “neutral” rating to a “buy” rating in a research report issued on Thursday,Briefing.com Automated Import reports. The firm presently has a $32.90 price target on the basic materials company’s stock, up from their prior price target of $30.00. Bank of America‘s price target points to a potential upside of 38.38% from the stock’s previous close.

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

ArcelorMittal Trading Down 2.3 %

MT opened at $23.78 on Thursday. ArcelorMittal has a one year low of $20.52 and a one year high of $29.01. The stock has a market capitalization of $19.15 billion, a PE ratio of -16.86, a P/E/G ratio of 0.47 and a beta of 1.77. The business’s 50 day moving average price is $24.32 and its 200 day moving average price is $24.04. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.59 and a current ratio of 1.46.

ArcelorMittal (NYSE:MT) last released its quarterly earnings results on Thursday, November 7th. The basic materials company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $15.11 billion. During the same period in the prior year, the firm earned $1.10 earnings per share. The firm’s revenue was down 8.5% compared to the same quarter last year. As a group, equities research analysts expect that ArcelorMittal will post 3 EPS for the current year.

Hedge Funds Weigh In On ArcelorMittal

Several large investors have recently bought and sold shares of MT. Blue Trust Inc. increased its holdings in ArcelorMittal by 1,820.0% in the second quarter. Blue Trust Inc. now owns 2,016 shares of the basic materials company’s stock valued at $46,000 after buying an additional 1,911 shares during the last quarter. Mather Group LLC. increased its holdings in ArcelorMittal by 1,388.6% in the second quarter. Mather Group LLC. now owns 2,218 shares of the basic materials company’s stock valued at $51,000 after buying an additional 2,069 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of ArcelorMittal by 298.1% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,365 shares of the basic materials company’s stock worth $54,000 after purchasing an additional 1,771 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of ArcelorMittal during the first quarter worth about $71,000. Finally, CWM LLC grew its holdings in shares of ArcelorMittal by 378.2% during the second quarter. CWM LLC now owns 4,930 shares of the basic materials company’s stock worth $113,000 after purchasing an additional 3,899 shares during the last quarter. Hedge funds and other institutional investors own 9.88% 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.