Bank of America Upgrades ArcelorMittal (NYSE:MT) to Buy

Bank of America upgraded shares of ArcelorMittal (NYSE:MT - Free Report) from a neutral rating to a buy rating in a research report report 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 brokerages have also recently issued reports on MT. Deutsche Bank Aktiengesellschaft upgraded shares of ArcelorMittal from a "hold" rating to a "buy" rating and increased their price objective for the company from $29.00 to $31.00 in a research note on Wednesday, August 28th. Barclays raised ArcelorMittal from an "equal weight" rating to an "overweight" rating in a report on Monday, August 19th. Finally, JPMorgan Chase & Co. downgraded ArcelorMittal from an "overweight" rating to a "neutral" rating in a research report on Friday, October 11th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $31.17.

ArcelorMittal Stock Performance

MT traded up $0.90 on Thursday, hitting $24.67. The company had a trading volume of 1,096,552 shares, compared to its average volume of 1,608,370. The company's fifty day moving average price is $24.36 and its 200 day moving average price is $24.03. ArcelorMittal has a 1-year low of $20.52 and a 1-year high of $29.01. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 0.59. The stock has a market cap of $19.87 billion, a price-to-earnings ratio of -17.71, a price-to-earnings-growth ratio of 0.47 and a beta of 1.77.

ArcelorMittal (NYSE:MT - Get Free Report) last issued its quarterly earnings results 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. ArcelorMittal had a positive return on equity of 5.26% and a negative net margin of 1.99%. The company had revenue of $15.20 billion during the quarter, compared to analyst estimates of $15.11 billion. During the same period in the previous year, the company earned $1.10 earnings per share. The company's quarterly revenue was down 8.5% compared to the same quarter last year. Equities analysts predict that ArcelorMittal will post 3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ArcelorMittal

A number of hedge funds have recently bought and sold shares of MT. Sei Investments Co. increased its stake in shares of ArcelorMittal by 24.1% in the first quarter. Sei Investments Co. now owns 18,281 shares of the basic materials company's stock valued at $504,000 after buying an additional 3,553 shares during the period. Headlands Technologies LLC purchased a new position in ArcelorMittal during the first quarter valued at approximately $71,000. Maple Rock Capital Partners Inc. purchased a new position in ArcelorMittal during the first quarter valued at approximately $36,406,000. Robotti Robert purchased a new position in ArcelorMittal in the 1st quarter worth approximately $1,435,000. Finally, Bayesian Capital Management LP purchased a new stake in shares of ArcelorMittal in the 1st quarter valued at $314,000. 9.88% of the stock is owned by institutional investors.

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.