Bank of America Upgrades ArcelorMittal (NYSE:MT) to “Buy”

ArcelorMittal (NYSE:MT) was upgraded by analysts at Bank of America from a “neutral” rating to a “buy” rating in a report released on Thursday, MarketBeat Ratings reports. The firm presently has a $32.90 price objective on the basic materials company’s stock, up from their prior price objective of $30.00. Bank of America‘s price target would indicate a potential upside of 30.19% from the company’s previous close.

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

ArcelorMittal Trading Up 3.2 %

Shares of ArcelorMittal stock opened at $25.27 on Thursday. 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 company’s 50-day simple moving average is $24.40 and its 200-day simple moving average is $24.03. The firm has a market cap of $20.35 billion, a price-to-earnings ratio of -17.91, a price-to-earnings-growth ratio of 0.46 and a beta of 1.77. ArcelorMittal has a 52-week low of $20.52 and a 52-week high of $29.01.

ArcelorMittal (NYSE:MT) last released its quarterly earnings data on Thursday, November 7th. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.05. The firm had revenue of $15.20 billion during the quarter, compared to analysts’ expectations of $15.11 billion. ArcelorMittal had a positive return on equity of 5.26% and a negative net margin of 1.99%. ArcelorMittal’s revenue was down 8.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.10 earnings per share. As a group, equities research analysts anticipate that ArcelorMittal will post 3 earnings per share for the current year.

Institutional Investors Weigh In On ArcelorMittal

Institutional investors and hedge funds have recently bought and sold shares of the stock. Maple Rock Capital Partners Inc. acquired a new stake in shares of ArcelorMittal during the 1st quarter worth about $36,406,000. Bank of New York Mellon Corp boosted its position in ArcelorMittal by 2,038.3% during the second quarter. Bank of New York Mellon Corp now owns 822,426 shares of the basic materials company’s stock worth $18,858,000 after acquiring an additional 783,965 shares during the last quarter. Encompass Capital Advisors LLC acquired a new stake in ArcelorMittal during the second quarter worth approximately $12,679,000. FMR LLC grew its stake in ArcelorMittal by 46.7% in the 3rd quarter. FMR LLC now owns 1,317,833 shares of the basic materials company’s stock worth $34,606,000 after acquiring an additional 419,465 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in ArcelorMittal by 90.5% in 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 acquiring an additional 295,682 shares during the last quarter. Hedge funds and other institutional investors 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.