Morgan Stanley Downgrades ArcelorMittal (NYSE:MT) to Equal Weight

ArcelorMittal (NYSE:MT - Get Free Report) was downgraded by Morgan Stanley from an "overweight" rating to an "equal weight" rating in a report released on Friday, Marketbeat Ratings reports.

Separately, Bank of America raised shares of ArcelorMittal from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $30.00 to $32.90 in a research report on Thursday, November 14th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, ArcelorMittal currently has a consensus rating of "Hold" and a consensus target price of $31.17.

ArcelorMittal Stock Up 1.1 %

Shares of ArcelorMittal stock traded up $0.31 on Friday, reaching $28.88. The stock had a trading volume of 1,776,889 shares, compared to its average volume of 2,208,664. The stock has a market capitalization of $23.66 billion, a P/E ratio of 17.50, a P/E/G ratio of 0.56 and a beta of 1.74. ArcelorMittal has a 1 year low of $20.52 and a 1 year high of $29.38. 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 company has a 50 day moving average price of $24.39 and a 200 day moving average price of $24.14.

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

Institutional Trading of ArcelorMittal

Several institutional investors and hedge funds have recently bought and sold shares of MT. Bank of New York Mellon Corp lifted its stake in ArcelorMittal by 221.3% during the 4th quarter. Bank of New York Mellon Corp now owns 3,403,048 shares of the basic materials company's stock valued at $78,712,000 after acquiring an additional 2,344,020 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of ArcelorMittal by 146.7% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,535,319 shares of the basic materials company's stock valued at $35,512,000 after purchasing an additional 912,984 shares during the period. ABC Arbitrage SA acquired a new position in shares of ArcelorMittal in the 4th quarter valued at $9,895,000. FMR LLC lifted its stake in shares of ArcelorMittal by 46.7% in the 3rd quarter. FMR LLC now owns 1,317,833 shares of the basic materials company's stock valued at $34,606,000 after purchasing an additional 419,465 shares during the period. Finally, OLD Mission Capital LLC lifted its stake in shares of ArcelorMittal by 145.8% in the 4th quarter. OLD Mission Capital LLC now owns 678,350 shares of the basic materials company's stock valued at $15,690,000 after purchasing an additional 402,402 shares during the period. 9.29% of the stock is currently owned by institutional investors and hedge funds.

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.