Zacks Investment Research upgraded shares of ArcelorMittal (NYSE:MT) from a hold rating to a buy rating in a report released on Tuesday, July 11th. They currently have $26.00 price target on the basic materials company’s stock.

According to Zacks, “ArcelorMittal outperformed the Zacks categorized Steel-Producers industry over the past one year. ArcelorMittal should gain from its efforts to reduce debt, lower costs, expand capacity and improve efficiency. It is making a significant progress in its cost reduction initiatives under the Action 2020 program. Moreover, ArcelorMittal is looking to sell its non-core assets to focus on important operations and also expanding its advanced high strength steel product line.”

Several other equities analysts also recently issued reports on the company. BidaskClub raised ArcelorMittal from a hold rating to a buy rating in a research report on Thursday, July 6th. Jefferies Group LLC reaffirmed a buy rating on shares of ArcelorMittal in a research report on Friday, June 30th. Bank of America Corporation downgraded ArcelorMittal from a buy rating to an underperform rating in a research report on Tuesday, June 6th. ValuEngine raised ArcelorMittal from a buy rating to a strong-buy rating in a research report on Friday, June 2nd. Finally, Macquarie raised ArcelorMittal from a neutral rating to an outperform rating in a research report on Thursday, May 25th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $29.72.

Shares of ArcelorMittal (NYSE:MT) opened at 26.05 on Tuesday. The company has a market cap of $26.57 billion, a price-to-earnings ratio of 8.20 and a beta of 2.09. The company has a 50 day moving average price of $23.42 and a 200 day moving average price of $24.04. ArcelorMittal has a one year low of $16.14 and a one year high of $28.11.

ArcelorMittal (NYSE:MT) last released its earnings results on Thursday, July 27th. The basic materials company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.55. ArcelorMittal had a return on equity of 10.52% and a net margin of 5.50%. The firm had revenue of $17.24 billion for the quarter, compared to the consensus estimate of $16.88 billion. During the same period in the prior year, the firm earned $0.38 EPS. The firm’s revenue was up 17.0% on a year-over-year basis. Equities analysts predict that ArcelorMittal will post $3.07 EPS for the current year.

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Several large investors have recently bought and sold shares of the stock. BB&T Corp raised its position in shares of ArcelorMittal by 0.4% in the second quarter. BB&T Corp now owns 35,799 shares of the basic materials company’s stock worth $813,000 after buying an additional 137 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of ArcelorMittal by 0.5% in the first quarter. Ameriprise Financial Inc. now owns 53,502 shares of the basic materials company’s stock worth $447,000 after buying an additional 285 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of ArcelorMittal by 1.2% in the first quarter. Alliancebernstein L.P. now owns 59,901 shares of the basic materials company’s stock worth $500,000 after buying an additional 720 shares in the last quarter. Wetherby Asset Management Inc. raised its position in shares of ArcelorMittal by 2.1% in the first quarter. Wetherby Asset Management Inc. now owns 38,550 shares of the basic materials company’s stock worth $322,000 after buying an additional 783 shares in the last quarter. Finally, Bank of Montreal Can raised its position in shares of ArcelorMittal by 7.8% in the first quarter. Bank of Montreal Can now owns 22,020 shares of the basic materials company’s stock worth $184,000 after buying an additional 1,599 shares in the last quarter. Hedge funds and other institutional investors own 9.45% of the company’s stock.

ArcelorMittal Company Profile

ArcelorMittal SA (ArcelorMittal) is a holding company. The Company, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia and Africa. ArcelorMittal operates through five segments, which include NAFTA; Europe; Brazil; Africa and Commonwealth of Independent States (ACIS), and Mining.

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Analyst Recommendations for ArcelorMittal (NYSE:MT)

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