ArcelorMittal (NYSE:MT) Raised to “Buy” at The Goldman Sachs Group

ArcelorMittal (NYSE:MT) was upgraded by stock analysts at The Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research note issued on Thursday, Marketbeat.com reports. The brokerage presently has a $31.70 price objective on the basic materials company’s stock, up from their previous price objective of $29.00. The Goldman Sachs Group’s price objective suggests a potential upside of 18.21% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. Jefferies Financial Group lowered shares of ArcelorMittal from a “buy” rating to a “hold” rating and set a $36.20 price objective on the stock. in a report on Wednesday, March 26th. Morgan Stanley downgraded ArcelorMittal from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 14th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $32.95.

ArcelorMittal Trading Up 5.2 %

NYSE MT opened at $26.82 on Thursday. The stock has a market capitalization of $21.97 billion, a P/E ratio of 16.25, a P/E/G ratio of 0.14 and a beta of 1.60. The business has a 50 day simple moving average of $29.07 and a 200 day simple moving average of $25.99. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.35 and a quick ratio of 0.59. ArcelorMittal has a one year low of $20.52 and a one year high of $34.90.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings results on Thursday, February 6th. The basic materials company reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.09). ArcelorMittal had a return on equity of 4.31% and a net margin of 2.14%. Research analysts expect that ArcelorMittal will post 3.72 earnings per share for the current year.

Hedge Funds Weigh In On ArcelorMittal

Large investors have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. boosted its holdings in ArcelorMittal by 89.6% during the 4th quarter. Geneos Wealth Management Inc. now owns 1,134 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 536 shares during the last quarter. GAMMA Investing LLC boosted its holdings in ArcelorMittal by 68.5% during the fourth quarter. GAMMA Investing LLC now owns 1,464 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 595 shares during the last quarter. BNP Paribas Financial Markets grew its position in ArcelorMittal by 76.2% in the 4th quarter. BNP Paribas Financial Markets now owns 4,878 shares of the basic materials company’s stock worth $113,000 after purchasing an additional 2,110 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in ArcelorMittal by 76.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 5,963 shares of the basic materials company’s stock valued at $137,000 after buying an additional 2,586 shares during the last quarter. Finally, Callan Family Office LLC bought a new position in shares of ArcelorMittal during the 4th quarter worth approximately $207,000. Institutional investors own 9.29% 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.