ArcelorMittal (NYSE:MT) Upgraded 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 research report sent to investors on Thursday morning, MarketBeat.com reports. They currently have $32.90 target price on the basic materials company’s stock, up from their previous target price of $30.00.

A number of other equities research analysts have also weighed in on MT. Deutsche Bank Aktiengesellschaft upgraded shares of ArcelorMittal from a “hold” rating to a “buy” rating and lifted their price objective for the company from $29.00 to $31.00 in a report on Wednesday, August 28th. JPMorgan Chase & Co. lowered shares of ArcelorMittal from an “overweight” rating to a “neutral” rating in a research note on Friday, October 11th. Finally, Barclays upgraded shares of ArcelorMittal from an “equal weight” rating to an “overweight” rating in a research note on Monday, August 19th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, ArcelorMittal presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.17.

ArcelorMittal Price Performance

Shares of NYSE MT traded up $0.79 during midday trading on Thursday, reaching $25.28. 2,228,678 shares of the stock traded hands, compared to its average volume of 1,612,096. The company’s 50 day moving average is $24.40 and its 200 day moving average is $24.03. 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 one year low of $20.52 and a one year high of $29.01. The stock has a market capitalization of $20.36 billion, a PE ratio of -17.91, a P/E/G ratio of 0.46 and a beta of 1.77.

ArcelorMittal (NYSE:MT) last released its earnings results on Thursday, November 7th. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.05. The firm 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 business’s revenue was down 8.5% on a year-over-year basis. During the same quarter last year, the business earned $1.10 EPS. On average, equities research analysts anticipate that ArcelorMittal will post 3 earnings per share for the current year.

Institutional Trading of ArcelorMittal

A number of hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its holdings in ArcelorMittal by 1,820.0% during the second quarter. Blue Trust Inc. now owns 2,016 shares of the basic materials company’s stock valued at $46,000 after purchasing an additional 1,911 shares in the last quarter. Mather Group LLC. raised its position in shares of ArcelorMittal by 1,388.6% in the second quarter. Mather Group LLC. now owns 2,218 shares of the basic materials company’s stock valued at $51,000 after buying an additional 2,069 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of ArcelorMittal by 298.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 2,365 shares of the basic materials company’s stock valued at $54,000 after buying an additional 1,771 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of ArcelorMittal in the first quarter valued at about $71,000. Finally, CWM LLC raised its position in shares of ArcelorMittal by 378.2% in the second quarter. CWM LLC now owns 4,930 shares of the basic materials company’s stock valued at $113,000 after buying an additional 3,899 shares during the last quarter. 9.88% of the stock is owned by hedge funds and other institutional investors.

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.