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

ArcelorMittal (NYSE:MT) was upgraded by research analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued on Thursday, MarketBeat Ratings reports. The brokerage presently has a $32.90 target price on the basic materials company’s stock, up from their previous target price of $30.00. Bank of America‘s target price points to a potential upside of 30.19% from the stock’s current price.

Other research analysts also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft raised ArcelorMittal from a “hold” rating to a “buy” rating and increased their price target for the company from $29.00 to $31.00 in a report on Wednesday, August 28th. Barclays upgraded ArcelorMittal from an “equal weight” rating to an “overweight” rating in a research note on Monday, August 19th. Finally, JPMorgan Chase & Co. lowered shares of 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. Based on data from MarketBeat, ArcelorMittal presently has an average rating of “Moderate Buy” and an average target price of $31.17.

ArcelorMittal Stock Performance

ArcelorMittal stock opened at $25.27 on Thursday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 0.59. ArcelorMittal has a 12 month low of $20.52 and a 12 month high of $29.01. The company 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. The stock’s 50-day moving average is $24.40 and its 200-day moving average is $24.03.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings results on Thursday, November 7th. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.05. The firm 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 firm’s quarterly revenue was down 8.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.10 EPS. Equities analysts anticipate that ArcelorMittal will post 3 earnings per share for the current year.

Institutional Trading of ArcelorMittal

Hedge funds have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC acquired a new position in shares of ArcelorMittal during the third quarter valued at $642,000. Envestnet Asset Management Inc. raised its position in shares of ArcelorMittal by 61.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 85,710 shares of the basic materials company’s stock worth $1,965,000 after buying an additional 32,469 shares in the last quarter. Blue Trust Inc. lifted its stake in shares of ArcelorMittal by 1,820.0% in the 2nd quarter. Blue Trust Inc. now owns 2,016 shares of the basic materials company’s stock worth $46,000 after acquiring an additional 1,911 shares during the period. AQR Capital Management LLC bought a new position in shares of ArcelorMittal in the second quarter valued at approximately $571,000. Finally, Mediolanum International Funds Ltd acquired a new position in shares of ArcelorMittal during the third quarter valued at approximately $3,042,000. 9.88% of the stock is currently owned by institutional investors.

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.