StockNews.com Initiates Coverage on ArcelorMittal (NYSE:MT)

StockNews.com began coverage on shares of ArcelorMittal (NYSE:MT – Get Rating) in a report issued on Thursday morning. The brokerage issued a buy rating on the basic materials company’s stock.

Several other brokerages have also recently issued reports on MT. UBS Group cut ArcelorMittal from a neutral rating to a sell rating in a research note on Wednesday, January 18th. Deutsche Bank Aktiengesellschaft dropped their price target on ArcelorMittal from $36.00 to $33.00 in a research note on Thursday, February 23rd. JPMorgan Chase & Co. decreased their price objective on ArcelorMittal from €24.50 ($26.34) to €23.00 ($24.73) and set a neutral rating for the company in a report on Wednesday, December 14th. Finally, Bank of America downgraded ArcelorMittal from a buy rating to a neutral rating in a report on Wednesday, December 14th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, ArcelorMittal has a consensus rating of Hold and a consensus target price of $28.68.

ArcelorMittal Stock Down 2.6 %

NYSE MT opened at $26.45 on Thursday. The stock has a fifty day moving average of $30.23 and a 200-day moving average of $26.21. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.76 and a current ratio of 1.66. The stock has a market capitalization of $24.81 billion, a P/E ratio of 2.67 and a beta of 1.91. ArcelorMittal has a 52 week low of $19.25 and a 52 week high of $34.59.

ArcelorMittal Announces Dividend

The business also recently disclosed an annual dividend, which will be paid on Thursday, June 15th. Stockholders of record on Monday, May 22nd will be issued a dividend of $0.38 per share. This represents a dividend yield of 1.2%. The ex-dividend date is Friday, May 19th. ArcelorMittal’s dividend payout ratio is currently 3.23%.

Hedge Funds Weigh In On ArcelorMittal

A number of hedge funds have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership grew its holdings in ArcelorMittal by 1,300.7% in the first quarter. Arrowstreet Capital Limited Partnership now owns 5,349,935 shares of the basic materials company’s stock worth $171,251,000 after purchasing an additional 4,967,981 shares during the period. GQG Partners LLC increased its stake in shares of ArcelorMittal by 30.4% in the second quarter. GQG Partners LLC now owns 11,239,292 shares of the basic materials company’s stock worth $254,072,000 after purchasing an additional 2,622,080 shares in the last quarter. FMR LLC increased its stake in shares of ArcelorMittal by 48.7% in the second quarter. FMR LLC now owns 6,977,758 shares of the basic materials company’s stock worth $157,697,000 after purchasing an additional 2,283,917 shares in the last quarter. BlackRock Inc. grew its stake in ArcelorMittal by 96.3% during the first quarter. BlackRock Inc. now owns 3,706,360 shares of the basic materials company’s stock valued at $118,642,000 after acquiring an additional 1,818,361 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new position in ArcelorMittal during the first quarter valued at $54,502,000. Hedge funds and other institutional investors own 5.40% of the company’s stock.

ArcelorMittal Company Profile

(Get Rating)

ArcelorMittal SA is a holding company, which engages in steelmaking and mining activities. It operates through the following business segments: NAFTA; Brazil; Europe; Africa and Commonwealth of Independent States (ACIS), Mining, and Others. The NAFTA segment consists of flat products such as slabs, hot-rolled coil, cold-rolled coil, coated steel, and plate.