ArcelorMittal (NYSE:MT) Upgraded by Bank of America to “Buy” Rating

Bank of America upgraded shares of ArcelorMittal (NYSE:MT) from a neutral rating to a buy rating in a research report released on Thursday morning, 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.

Other equities analysts have also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft raised ArcelorMittal from a “hold” rating to a “buy” rating and lifted their price target for the stock 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 research report on Monday, August 19th. Finally, JPMorgan Chase & Co. downgraded shares of ArcelorMittal from an “overweight” rating to a “neutral” rating in a research report on Friday, October 11th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, ArcelorMittal presently has a consensus rating of “Moderate Buy” and an average price target of $31.17.

ArcelorMittal Stock Up 3.2 %

MT stock opened at $25.27 on Thursday. The firm has a market cap of $20.35 billion, a PE ratio of -17.92, a P/E/G ratio of 0.49 and a beta of 1.77. ArcelorMittal has a 12 month low of $20.52 and a 12 month high of $29.01. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 0.59. The firm has a 50 day simple moving average of $24.46 and a 200 day simple moving average of $24.02.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings data on Thursday, November 7th. The basic materials company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05. The company had revenue of $15.20 billion during the quarter, compared to the consensus estimate of $15.11 billion. ArcelorMittal had a positive return on equity of 5.26% and a negative net margin of 1.99%. The company’s quarterly revenue was down 8.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.10 EPS. Equities research analysts forecast that ArcelorMittal will post 2.99 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ArcelorMittal

Several institutional investors and hedge funds have recently bought and sold shares of the business. Sei Investments Co. lifted its position in shares of ArcelorMittal by 24.1% in the first quarter. Sei Investments Co. now owns 18,281 shares of the basic materials company’s stock worth $504,000 after purchasing an additional 3,553 shares in the last quarter. Headlands Technologies LLC acquired a new position in ArcelorMittal in the 1st quarter valued at approximately $71,000. Maple Rock Capital Partners Inc. purchased a new stake in ArcelorMittal in the 1st quarter worth approximately $36,406,000. Robotti Robert acquired a new stake in shares of ArcelorMittal during the 1st quarter valued at $1,435,000. Finally, Bayesian Capital Management LP acquired a new position in shares of ArcelorMittal in the first quarter worth $314,000. 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.