ArcelorMittal (NYSE:MT) Upgraded at JPMorgan Chase & Co.

ArcelorMittal (NYSE:MT) was upgraded by research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued on Thursday, Marketbeat reports.

MT has been the topic of several other reports. Morgan Stanley assumed coverage on shares of ArcelorMittal in a research note on Monday, August 24th. They issued an “overweight” rating and a $82.00 target price on the stock. Deutsche Bank Aktiengesellschaft set a $79.00 price target on shares of ArcelorMittal and gave the company a “buy” rating in a research report on Monday, October 5th. Weiss Ratings raised shares of ArcelorMittal from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday. Wells Fargo & Company lowered their price objective on ArcelorMittal from $69.00 to $64.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 6th. Finally, Barclays reissued a “neutral” rating on shares of ArcelorMittal in a research note on Tuesday, July 7th. Eight investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, ArcelorMittal currently has an average rating of “Moderate Buy” and an average price target of $74.55.

ArcelorMittal Trading Down 1.7%

Shares of MT opened at $62.41 on Thursday. The business’s 50-day moving average price is $71.51 and its 200-day moving average price is $66.26. ArcelorMittal has a twelve month low of $36.70 and a twelve month high of $79.68. The stock has a market cap of $48.36 billion, a PE ratio of 26.44, a P/E/G ratio of 0.53 and a beta of 1.54. The company has a quick ratio of 0.57, a current ratio of 1.43 and a debt-to-equity ratio of 0.21.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.28). ArcelorMittal had a return on equity of 4.20% and a net margin of 2.88%. The firm had revenue of $16.76 billion during the quarter, compared to analysts’ expectations of $17.56 billion. During the same period in the previous year, the company posted $1.32 earnings per share. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. On average, equities analysts forecast that ArcelorMittal will post 4.03 EPS for the current fiscal year.

Hedge Funds Weigh In On ArcelorMittal

A number of hedge funds and other institutional investors have recently bought and sold shares of MT. Maple Rock Capital Partners Inc. increased its holdings in shares of ArcelorMittal by 54.9% in the 2nd quarter. Maple Rock Capital Partners Inc. now owns 2,190,860 shares of the basic materials company’s stock worth $131,934,000 after buying an additional 776,595 shares during the last quarter. TD Waterhouse Canada Inc. raised its position in shares of ArcelorMittal by 822.3% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 16,491 shares of the basic materials company’s stock valued at $978,000 after buying an additional 14,703 shares in the last quarter. First Trust Advisors LP raised its position in shares of ArcelorMittal by 275.8% during the 1st quarter. First Trust Advisors LP now owns 55,311 shares of the basic materials company’s stock valued at $2,875,000 after buying an additional 40,593 shares in the last quarter. Icon Advisers Inc. Co. lifted its holdings in shares of ArcelorMittal by 140.7% during the 1st quarter. Icon Advisers Inc. Co. now owns 65,000 shares of the basic materials company’s stock worth $3,379,000 after acquiring an additional 38,000 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its holdings in shares of ArcelorMittal by 11.7% during the 1st quarter. Quantinno Capital Management LP now owns 335,931 shares of the basic materials company’s stock worth $17,461,000 after acquiring an additional 35,298 shares during the last quarter. Hedge funds and other institutional investors own 9.29% of the company’s stock.

ArcelorMittal Company Profile

ArcelorMittal is a global steel and mining company headquartered in Luxembourg. The company produces a broad range of steel products, including flat steel, long steel, tubular products and specialty grades used in automotive manufacturing, construction, appliances, energy, packaging and other industrial applications.

Its operations span major steel-producing and consuming regions, including Europe, North and South America, and Africa. In addition to steelmaking and processing, ArcelorMittal owns and operates mining assets that supply iron ore for its production activities.