ArcelorMittal (NYSE:MT) Raised to Buy at Bank of America

Bank of America upgraded shares of ArcelorMittal (NYSE:MT) from a neutral rating to a buy rating in a report issued on Thursday morning, MarketBeat Ratings reports. They currently have $32.90 price objective on the basic materials company’s stock, up from their prior price objective of $30.00.

MT has been the topic of a number of other reports. JPMorgan Chase & Co. cut ArcelorMittal from an “overweight” rating to a “neutral” rating in a research report on Friday, October 11th. Barclays upgraded ArcelorMittal from an “equal weight” rating to an “overweight” rating in a research note on Monday, August 19th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of ArcelorMittal from a “hold” rating to a “buy” rating and upped their price target for the stock from $29.00 to $31.00 in a research report on Wednesday, August 28th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target 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 fifty day moving average price of $24.46 and a two-hundred day moving average price of $24.02. The company 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 (NYSE:MT) last posted its quarterly earnings results on Thursday, November 7th. The basic materials company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.58 by $0.05. The business had revenue of $15.20 billion during the quarter, compared to analyst estimates of $15.11 billion. ArcelorMittal had a negative net margin of 1.99% and a positive return on equity of 5.26%. The company’s quarterly revenue was down 8.5% on a year-over-year basis. During the same period in the previous year, the business posted $1.10 EPS. Research analysts expect that ArcelorMittal will post 2.99 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Sei Investments Co. lifted its holdings in 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 during the period. Headlands Technologies LLC acquired a new stake in shares of ArcelorMittal in the 1st quarter worth approximately $71,000. Maple Rock Capital Partners Inc. bought a new position in shares of ArcelorMittal in the first quarter valued at approximately $36,406,000. Robotti Robert acquired a new position in shares of ArcelorMittal during the first quarter valued at approximately $1,435,000. Finally, Bayesian Capital Management LP bought a new stake in ArcelorMittal during the first quarter worth approximately $314,000. Institutional investors and hedge funds 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.