Zacks Investment Research lowered shares of ArcelorMittal (NYSE:MT) from a hold rating to a sell rating in a research report released on Thursday.

According to Zacks, “Falling iron ore prices due to concerns over Chinese demand and lower steel prices pose headwinds for the company. Lower expected steel demand in the United States and Brazil is another concern. ArcelorMittal also continues to contend with challenging steel market conditions in Europe. Moreover, cheap steel exports from China is still causing a problem.”

Other analysts have also issued research reports about the company. BidaskClub lowered ArcelorMittal from a strong-buy rating to a buy rating in a report on Tuesday, July 25th. Cowen and Company restated a buy rating and set a $32.00 target price on shares of ArcelorMittal in a report on Wednesday, July 19th. Jefferies Group LLC restated a buy rating and set a $34.00 target price (up previously from $31.50) on shares of ArcelorMittal in a report on Tuesday, July 18th. ING Group upgraded ArcelorMittal from a hold rating to a buy rating in a report on Friday, July 14th. Finally, Deutsche Bank AG upgraded ArcelorMittal from a hold rating to a buy rating and upped their target price for the stock from $25.00 to $32.00 in a report on Wednesday, July 12th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of Buy and a consensus target price of $30.77.

ArcelorMittal (NYSE MT) opened at 26.71 on Thursday. The company’s 50-day moving average price is $26.45 and its 200-day moving average price is $24.30. ArcelorMittal has a 52-week low of $18.24 and a 52-week high of $28.11. The company has a market cap of $27.24 billion, a price-to-earnings ratio of 8.40 and a beta of 2.10.

ArcelorMittal (NYSE:MT) last posted its earnings results on Thursday, July 27th. The basic materials company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.55. The company had revenue of $17.24 billion during the quarter, compared to analyst estimates of $16.88 billion. ArcelorMittal had a return on equity of 10.52% and a net margin of 5.50%. ArcelorMittal’s revenue was up 17.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.38 earnings per share. Equities research analysts expect that ArcelorMittal will post $3.14 EPS for the current fiscal year.

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Hedge funds have recently modified their holdings of the company. Integrated Investment Consultants LLC acquired a new position in shares of ArcelorMittal during the second quarter worth $111,000. Quadrant Capital Group LLC increased its position in shares of ArcelorMittal by 24.9% in the 2nd quarter. Quadrant Capital Group LLC now owns 7,412 shares of the basic materials company’s stock valued at $157,000 after acquiring an additional 1,479 shares during the period. Sawtooth Solutions LLC acquired a new position in shares of ArcelorMittal in the 2nd quarter valued at $206,000. Advisor Group Inc. increased its position in shares of ArcelorMittal by 160.6% in the 2nd quarter. Advisor Group Inc. now owns 10,147 shares of the basic materials company’s stock valued at $230,000 after acquiring an additional 6,253 shares during the period. Finally, Stifel Financial Corp acquired a new position in shares of ArcelorMittal in the 2nd quarter valued at $237,000. 3.60% of the stock is currently owned by institutional investors and hedge funds.

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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