Barclays Upgrades ArcelorMittal (NYSE:MT) to “Overweight”

ArcelorMittal (NYSE:MT) was upgraded by equities research analysts at Barclays from an “equal weight” rating to an “overweight” rating in a research report issued to clients and investors on Monday, Marketbeat.com reports.

Other research analysts have also recently issued research reports about the stock. The Goldman Sachs Group initiated coverage on shares of ArcelorMittal in a report on Thursday, May 9th. They issued a “neutral” rating and a $29.60 target price on the stock. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of ArcelorMittal from $30.00 to $29.00 and set a “hold” rating on the stock in a research report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, ArcelorMittal presently has a consensus rating of “Hold” and a consensus price target of $29.30.

ArcelorMittal Stock Down 0.8 %

MT opened at $22.82 on Monday. The business’s fifty day simple moving average is $22.80 and its 200 day simple moving average is $25.13. ArcelorMittal has a 52 week low of $20.52 and a 52 week high of $29.01. The company has a quick ratio of 0.65, a current ratio of 1.55 and a debt-to-equity ratio of 0.15. The stock has a market cap of $18.38 billion, a PE ratio of 25.64, a P/E/G ratio of 0.34 and a beta of 1.77.

ArcelorMittal (NYSE:MT) last issued its earnings results on Thursday, August 1st. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.12 by ($0.49). The firm had revenue of $16.25 billion during the quarter, compared to analysts’ expectations of $16.32 billion. ArcelorMittal had a positive return on equity of 5.94% and a negative net margin of 0.93%. The firm’s quarterly revenue was down 12.7% compared to the same quarter last year. During the same period in the prior year, the company earned $2.20 EPS. As a group, research analysts expect that ArcelorMittal will post 3.92 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ArcelorMittal

Hedge funds have recently bought and sold shares of the company. Principal Securities Inc. purchased a new position in ArcelorMittal in the 4th quarter worth approximately $25,000. GAMMA Investing LLC bought a new position in shares of ArcelorMittal during the fourth quarter valued at $30,000. EverSource Wealth Advisors LLC boosted its position in shares of ArcelorMittal by 84.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,128 shares of the basic materials company’s stock valued at $32,000 after buying an additional 517 shares during the last quarter. Blue Trust Inc. increased its holdings in ArcelorMittal by 1,820.0% in the 2nd quarter. Blue Trust Inc. now owns 2,016 shares of the basic materials company’s stock worth $46,000 after buying an additional 1,911 shares in the last quarter. Finally, Mather Group LLC. raised its position in ArcelorMittal by 1,388.6% in the 2nd quarter. Mather Group LLC. now owns 2,218 shares of the basic materials company’s stock worth $51,000 after buying an additional 2,069 shares during the last quarter. Institutional investors 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.