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 research note published on Thursday morning, MarketBeat reports. They currently have $32.90 target price on the basic materials company’s stock, up from their prior target price of $30.00.

A number of other research firms also recently issued reports on MT. Deutsche Bank Aktiengesellschaft upgraded shares of ArcelorMittal from a “hold” rating to a “buy” rating and increased their target price for the stock from $29.00 to $31.00 in a research report on Wednesday, August 28th. Barclays raised shares of ArcelorMittal from an “equal weight” rating to an “overweight” rating in a research note on Monday, August 19th. Finally, JPMorgan Chase & Co. cut ArcelorMittal from an “overweight” rating to a “neutral” rating in a research report on Friday, October 11th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, ArcelorMittal presently has an average rating of “Moderate Buy” and a consensus price target of $31.17.

ArcelorMittal Trading Up 3.2 %

Shares of ArcelorMittal stock opened at $25.27 on Thursday. ArcelorMittal has a 12 month low of $20.52 and a 12 month high of $29.01. The company has a quick ratio of 0.59, a current ratio of 1.46 and a debt-to-equity ratio of 0.16. The business has a fifty day simple moving average of $24.46 and a 200-day simple moving average of $24.03.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings data on Thursday, November 7th. The basic materials company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates 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 positive return on equity of 5.26% and a negative net margin of 1.99%. The business’s quarterly revenue was down 8.5% compared to the same quarter last year. During the same period last year, the company posted $1.10 EPS. Equities analysts predict that ArcelorMittal will post 2.99 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Blue Trust Inc. boosted its holdings in ArcelorMittal by 1,820.0% in the second quarter. Blue Trust Inc. now owns 2,016 shares of the basic materials company’s stock worth $46,000 after purchasing an additional 1,911 shares in the last quarter. Mather Group LLC. boosted its stake in shares of ArcelorMittal by 1,388.6% during the 2nd quarter. Mather Group LLC. now owns 2,218 shares of the basic materials company’s stock worth $51,000 after acquiring an additional 2,069 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of ArcelorMittal by 298.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,365 shares of the basic materials company’s stock valued at $54,000 after acquiring an additional 1,771 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of ArcelorMittal in the 1st quarter valued at approximately $71,000. Finally, CWM LLC lifted its holdings in ArcelorMittal by 378.2% in the 2nd quarter. CWM LLC now owns 4,930 shares of the basic materials company’s stock worth $113,000 after purchasing an additional 3,899 shares during the last quarter. Institutional investors and hedge funds own 9.88% 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.