ArcelorMittal (NYSE:MT) Upgraded to “Overweight” at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of ArcelorMittal (NYSE:MT) from a neutral rating to an overweight rating in a research note published on Friday morning, MarketBeat.com reports.

Several other equities analysts have also commented on the stock. Barclays lowered shares of ArcelorMittal from an “overweight” rating to an “equal weight” rating in a report on Wednesday, July 16th. Weiss Ratings reiterated a “hold (c)” rating on shares of ArcelorMittal in a report on Wednesday, October 8th. The Goldman Sachs Group reiterated a “neutral” rating on shares of ArcelorMittal in a report on Friday, October 10th. Wall Street Zen cut ArcelorMittal from a “buy” rating to a “hold” rating in a report on Saturday, October 11th. Finally, Wells Fargo & Company restated a “cautious” rating and set a $39.00 price target (up from $33.00) on shares of ArcelorMittal in a research report on Thursday, October 23rd. Four investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $34.95.

ArcelorMittal Price Performance

Shares of NYSE MT traded up $1.32 during trading hours on Friday, reaching $39.18. 2,699,787 shares of the stock traded hands, compared to its average volume of 1,845,963. The company’s 50-day simple moving average is $36.92 and its two-hundred day simple moving average is $33.51. The company has a market capitalization of $32.10 billion, a P/E ratio of 12.09, a price-to-earnings-growth ratio of 0.17 and a beta of 1.72. ArcelorMittal has a 52-week low of $21.59 and a 52-week high of $41.28. The company has a quick ratio of 0.59, a current ratio of 1.40 and a debt-to-equity ratio of 0.19.

ArcelorMittal (NYSE:MT) last issued its earnings results on Thursday, November 6th. The basic materials company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.04. The business had revenue of $15.66 billion during the quarter, compared to analyst estimates of $15.88 billion. ArcelorMittal had a return on equity of 4.99% and a net margin of 4.11%.ArcelorMittal’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.63 earnings per share. Equities research analysts forecast that ArcelorMittal will post 3.72 EPS for the current year.

Institutional Trading of ArcelorMittal

Large investors have recently added to or reduced their stakes in the stock. State of Wyoming bought a new position in ArcelorMittal in the 3rd quarter worth $36,000. SVB Wealth LLC purchased a new position in shares of ArcelorMittal during the first quarter valued at about $43,000. Geneos Wealth Management Inc. increased its position in shares of ArcelorMittal by 44.2% during the first quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock valued at $47,000 after buying an additional 501 shares during the period. Bayforest Capital Ltd raised its stake in ArcelorMittal by 23.7% in the first quarter. Bayforest Capital Ltd now owns 2,298 shares of the basic materials company’s stock worth $62,000 after buying an additional 440 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its holdings in ArcelorMittal by 392.1% in the third quarter. Farther Finance Advisors LLC now owns 1,752 shares of the basic materials company’s stock worth $63,000 after buying an additional 1,396 shares during the period. 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.