ArcelorMittal (NYSE:MT) Upgraded by StockNews.com to “Buy”

StockNews.com upgraded shares of ArcelorMittal (NYSE:MTFree Report) from a hold rating to a buy rating in a report issued on Friday morning.

A number of other equities research analysts have also weighed in on the company. JPMorgan Chase & Co. raised ArcelorMittal from a neutral rating to an overweight rating in a report on Tuesday, December 12th. Bank of America lowered ArcelorMittal from a buy rating to a neutral rating in a report on Wednesday, October 18th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $33.00.

View Our Latest Research Report on MT

ArcelorMittal Stock Performance

NYSE MT opened at $28.91 on Friday. The company has a quick ratio of 0.70, a current ratio of 1.62 and a debt-to-equity ratio of 0.14. ArcelorMittal has a 52-week low of $21.30 and a 52-week high of $32.49. The business’s 50-day moving average price is $27.34 and its 200 day moving average price is $25.76. The firm has a market cap of $23.28 billion, a P/E ratio of 28.91 and a beta of 1.95.

ArcelorMittal (NYSE:MTGet Free Report) last released its quarterly earnings results on Thursday, February 8th. The basic materials company reported ($3.57) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.08) by ($1.49). ArcelorMittal had a return on equity of 8.51% and a net margin of 1.35%. The company had revenue of $14.55 billion for the quarter, compared to analysts’ expectations of $16.39 billion. During the same period in the prior year, the business earned $1.37 EPS. The business’s quarterly revenue was down 13.8% compared to the same quarter last year. On average, equities research analysts expect that ArcelorMittal will post 4.04 earnings per share for the current year.

Institutional Investors Weigh In On ArcelorMittal

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wetherby Asset Management Inc. lifted its position in shares of ArcelorMittal by 3.7% during the 1st quarter. Wetherby Asset Management Inc. now owns 11,474 shares of the basic materials company’s stock valued at $367,000 after acquiring an additional 411 shares during the period. US Bancorp DE lifted its position in shares of ArcelorMittal by 3.2% during the 2nd quarter. US Bancorp DE now owns 14,092 shares of the basic materials company’s stock valued at $385,000 after acquiring an additional 433 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of ArcelorMittal by 84.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,128 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 517 shares during the period. Creative Planning lifted its position in shares of ArcelorMittal by 6.3% during the 2nd quarter. Creative Planning now owns 9,063 shares of the basic materials company’s stock valued at $205,000 after acquiring an additional 540 shares during the period. Finally, Advisor Partners II LLC lifted its position in shares of ArcelorMittal by 4.9% during the 1st quarter. Advisor Partners II LLC now owns 14,686 shares of the basic materials company’s stock valued at $442,000 after acquiring an additional 681 shares during the period. 4.56% of the stock is currently owned by institutional investors and hedge funds.

About ArcelorMittal

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ArcelorMittal SA, together with its subsidiaries, operates as integrated steel and mining companies in the Americas, Europe, Asia, and Africa. 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.

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