ArcelorMittal (MT) Upgraded to “Neutral” at Bank of America

ArcelorMittal (NYSE:MT) was upgraded by equities researchers at Bank of America from an “underperform” rating to a “neutral” rating in a note issued to investors on Wednesday.

Other research analysts have also issued research reports about the stock. UBS Group upgraded shares of ArcelorMittal from a “neutral” rating to a “buy” rating in a report on Friday, October 20th. ValuEngine lowered shares of ArcelorMittal from a “strong-buy” rating to a “buy” rating in a report on Tuesday, September 26th. Zacks Investment Research upgraded shares of ArcelorMittal from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a report on Monday, November 6th. Jefferies Group reiterated a “buy” rating on shares of ArcelorMittal in a research note on Monday, September 18th. Finally, Goldman Sachs Group reiterated a “buy” rating on shares of ArcelorMittal in a research note on Friday, November 17th. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $35.39.

ArcelorMittal (NYSE:MT) opened at $35.48 on Wednesday. The stock has a market cap of $36,180.00, a P/E ratio of 9.24, a P/E/G ratio of 0.95 and a beta of 2.21. ArcelorMittal has a fifty-two week low of $19.59 and a fifty-two week high of $35.61. The company has a quick ratio of 0.44, a current ratio of 1.21 and a debt-to-equity ratio of 0.24.

ArcelorMittal (NYSE:MT) last released its quarterly earnings results on Friday, November 10th. The basic materials company reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.32. ArcelorMittal had a net margin of 6.04% and a return on equity of 11.57%. The firm had revenue of $17.64 billion during the quarter, compared to analyst estimates of $17.08 billion. During the same quarter last year, the business earned $0.22 EPS. The company’s revenue was up 21.5% compared to the same quarter last year. equities analysts expect that ArcelorMittal will post 3.89 earnings per share for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Quadrant Capital Group LLC grew its position in ArcelorMittal by 24.9% in the 2nd quarter. Quadrant Capital Group LLC now owns 7,412 shares of the basic materials company’s stock valued at $157,000 after purchasing an additional 1,479 shares during the period. Rathbone Brothers plc acquired a new stake in ArcelorMittal in the 3rd quarter valued at $202,000. Campbell & CO Investment Adviser LLC acquired a new stake in ArcelorMittal in the 3rd quarter valued at $228,000. SG Americas Securities LLC acquired a new stake in ArcelorMittal in the 3rd quarter valued at $229,000. Finally, Advisor Group Inc. grew its position in ArcelorMittal by 160.6% in the 2nd quarter. Advisor Group Inc. now owns 10,147 shares of the basic materials company’s stock valued at $230,000 after purchasing an additional 6,253 shares during the period. 4.11% of the stock is owned by institutional investors and hedge funds.

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About ArcelorMittal

ArcelorMittal SA (ArcelorMittal) is a holding company. The Company, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia and Africa. ArcelorMittal operates through five segments, which include NAFTA; Europe; Brazil; Africa and Commonwealth of Independent States (ACIS), and Mining.

Analyst Recommendations for ArcelorMittal (NYSE:MT)

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