ArcelorMittal (NYSE:MT) Upgraded by Barclays to Overweight

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

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

ArcelorMittal Trading Down 0.8 %

Shares of MT opened at $22.82 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.55 and a quick ratio of 0.65. The firm has a market capitalization of $18.38 billion, a price-to-earnings ratio of 25.64, a PEG ratio of 0.34 and a beta of 1.77. The company has a 50-day moving average of $22.80 and a 200 day moving average of $25.13. ArcelorMittal has a 1-year low of $20.52 and a 1-year high of $29.01.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings data 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). ArcelorMittal had a positive return on equity of 5.94% and a negative net margin of 0.93%. The firm had revenue of $16.25 billion during the quarter, compared to the consensus estimate of $16.32 billion. During the same period last year, the company earned $2.20 EPS. The firm’s revenue for the quarter was down 12.7% compared to the same quarter last year. On average, research analysts expect that ArcelorMittal will post 3.92 EPS for the current year.

Institutional Trading of ArcelorMittal

Hedge funds have recently modified their holdings of the company. Maple Rock Capital Partners Inc. acquired a new position in shares of ArcelorMittal during the first quarter worth $36,406,000. Bank of New York Mellon Corp increased its position in ArcelorMittal by 2,038.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 822,426 shares of the basic materials company’s stock valued at $18,858,000 after buying an additional 783,965 shares in the last quarter. Encompass Capital Advisors LLC purchased a new stake in ArcelorMittal in the second quarter valued at about $12,679,000. MMCAP International Inc. SPC raised its stake in ArcelorMittal by 103.4% in the first quarter. MMCAP International Inc. SPC now owns 650,820 shares of the basic materials company’s stock valued at $17,950,000 after buying an additional 330,820 shares during the last quarter. Finally, Crestline Management LP acquired a new stake in ArcelorMittal in the fourth quarter worth about $2,839,000. 9.88% of the stock is owned by hedge funds and other 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.