ArcelorMittal (NYSE:MT) Upgraded at Morgan Stanley

Morgan Stanley upgraded shares of ArcelorMittal (NYSE:MT) from an equal weight rating to an overweight rating in a research note released on Tuesday, Marketbeat.com reports.

Other research analysts also recently issued research reports about the stock. Citigroup restated a “buy” rating on shares of ArcelorMittal in a report on Wednesday, October 8th. JPMorgan Chase & Co. raised ArcelorMittal from a “neutral” rating to an “overweight” rating in a research report on Friday, November 7th. Wells Fargo & Company reiterated a “cautious” rating and set a $39.00 price target (up previously from $33.00) on shares of ArcelorMittal in a research note on Thursday, October 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of ArcelorMittal in a research note on Wednesday, October 8th. Finally, Wall Street Zen cut ArcelorMittal from a “buy” rating to a “hold” rating in a research report on Saturday, October 11th. Four investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, ArcelorMittal currently has an average rating of “Hold” and an average price target of $38.98.

ArcelorMittal Price Performance

MT opened at $47.37 on Tuesday. The stock has a fifty day moving average price of $42.97 and a 200 day moving average price of $37.57. The company has a current ratio of 1.39, a quick ratio of 0.58 and a debt-to-equity ratio of 0.19. ArcelorMittal has a 1 year low of $21.85 and a 1 year high of $48.52. The stock has a market cap of $36.71 billion, a price-to-earnings ratio of 14.10, a PEG ratio of 0.18 and a beta of 1.52.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings results on Thursday, November 6th. The basic materials company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.04. The company had revenue of $15.66 billion during the quarter, compared to the consensus estimate of $15.88 billion. ArcelorMittal had a return on equity of 4.94% and a net margin of 4.23%.The business’s quarterly revenue was up 3.0% on a year-over-year basis. During the same period last year, the business earned $0.63 EPS. Analysts forecast that ArcelorMittal will post 3.72 EPS for the current fiscal year.

Institutional Trading of ArcelorMittal

Several hedge funds have recently modified their holdings of MT. True Wealth Design LLC raised its position in ArcelorMittal by 41.4% in the 4th quarter. True Wealth Design LLC now owns 799 shares of the basic materials company’s stock worth $36,000 after purchasing an additional 234 shares during the last quarter. CWA Asset Management Group LLC raised its position in shares of ArcelorMittal by 4.2% during the fourth quarter. CWA Asset Management Group LLC now owns 39,067 shares of the basic materials company’s stock worth $1,780,000 after acquiring an additional 1,588 shares during the last quarter. Park Avenue Securities LLC lifted its stake in shares of ArcelorMittal by 18.8% during the fourth quarter. Park Avenue Securities LLC now owns 14,240 shares of the basic materials company’s stock valued at $649,000 after acquiring an additional 2,258 shares during the period. GAMMA Investing LLC boosted its holdings in ArcelorMittal by 15.6% in the fourth quarter. GAMMA Investing LLC now owns 3,179 shares of the basic materials company’s stock valued at $145,000 after acquiring an additional 430 shares during the last quarter. Finally, Caxton Associates LLP acquired a new stake in ArcelorMittal in the third quarter worth about $597,000. 9.29% of the stock is owned by institutional investors.

About ArcelorMittal

ArcelorMittal is a multinational steel manufacturing company formed in 2006 through the merger of Arcelor and Mittal Steel. Headquartered in Luxembourg, the company is one of the world’s largest producers of steel and operates an integrated value chain that spans raw material extraction, steelmaking, processing and distribution. Its product portfolio includes flat and long carbon steel products, coated and specialty steels, tubular products and value-added solutions tailored for sectors such as automotive, construction, household appliances, energy and packaging.

ArcelorMittal’s operations are global in scope, with production facilities, distribution networks and commercial activities across Europe, the Americas, Asia, Africa and the Commonwealth of Independent States.