ArcelorMittal (NYSE:MT) Lowered to “Equal Weight” Rating by Morgan Stanley

Morgan Stanley lowered shares of ArcelorMittal (NYSE:MT) from an overweight rating to an equal weight rating in a report published on Friday morning, MarketBeat Ratings reports.

Separately, Bank of America upgraded ArcelorMittal from a “neutral” rating to a “buy” rating and upped their target price for the company from $30.00 to $32.90 in a research note on Thursday, November 14th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, ArcelorMittal currently has a consensus rating of “Hold” and a consensus price target of $31.17.

ArcelorMittal Stock Performance

NYSE MT opened at $28.58 on Friday. ArcelorMittal has a fifty-two week low of $20.52 and a fifty-two week high of $29.38. The stock has a market cap of $23.41 billion, a price-to-earnings ratio of 17.32, a price-to-earnings-growth ratio of 0.56 and a beta of 1.74. The business has a fifty day moving average of $24.26 and a 200-day moving average of $24.03. The company has a quick ratio of 0.59, a current ratio of 1.46 and a debt-to-equity ratio of 0.16.

ArcelorMittal (NYSE:MT) last released its earnings results on Thursday, February 6th. The basic materials company reported $0.52 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.09). ArcelorMittal had a net margin of 2.14% and a return on equity of 4.24%. As a group, analysts predict that ArcelorMittal will post 3.6 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ArcelorMittal

Institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its position in ArcelorMittal by 68.5% during the fourth quarter. GAMMA Investing LLC now owns 1,464 shares of the basic materials company’s stock valued at $34,000 after acquiring an additional 595 shares during the period. Oppenheimer Asset Management Inc. boosted its position in shares of ArcelorMittal by 154.7% in the third quarter. Oppenheimer Asset Management Inc. now owns 57,106 shares of the basic materials company’s stock worth $1,500,000 after buying an additional 34,688 shares during the period. Natixis Advisors LLC boosted its position in shares of ArcelorMittal by 171.4% in the third quarter. Natixis Advisors LLC now owns 130,100 shares of the basic materials company’s stock worth $3,416,000 after buying an additional 82,164 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of ArcelorMittal in the third quarter worth about $642,000. Finally, Mediolanum International Funds Ltd purchased a new stake in shares of ArcelorMittal in the third quarter worth about $3,042,000. Hedge funds and other institutional investors own 9.29% 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.