ArcelorMittal (NYSE:MT) Upgraded to “Neutral” at JPMorgan Chase & Co.

ArcelorMittal (NYSE:MT) was upgraded by investment analysts at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a research note issued on Friday, MarketBeat Ratings reports.

MT has been the subject of several other reports. Weiss Ratings upgraded ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, May 4th. KeyCorp started coverage on ArcelorMittal in a report on Wednesday, March 25th. They issued a “sector weight” rating for the company. Wells Fargo & Company increased their target price on shares of ArcelorMittal from $61.00 to $62.00 and gave the stock an “equal weight” rating in a report on Thursday. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $70.00 price target on shares of ArcelorMittal in a report on Tuesday. Finally, Citigroup reiterated a “buy” rating on shares of ArcelorMittal in a research note on Wednesday, May 20th. Six research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $68.40.

ArcelorMittal Price Performance

ArcelorMittal stock opened at $62.97 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.39 and a quick ratio of 0.54. The stock has a market cap of $48.80 billion, a price-to-earnings ratio of 16.53, a price-to-earnings-growth ratio of 0.50 and a beta of 1.55. The firm has a 50-day moving average of $64.33 and a two-hundred day moving average of $58.40. ArcelorMittal has a 1 year low of $30.17 and a 1 year high of $72.50.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.04. The firm had revenue of $15.46 billion during the quarter, compared to the consensus estimate of $17.04 billion. ArcelorMittal had a net margin of 4.71% and a return on equity of 4.77%. The company’s revenue was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.05 earnings per share. On average, research analysts forecast that ArcelorMittal will post 4.68 earnings per share for the current year.

Institutional Investors Weigh In On ArcelorMittal

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GK Wealth Management LLC acquired a new position in shares of ArcelorMittal during the second quarter valued at about $408,000. GAMMA Investing LLC grew its position in ArcelorMittal by 15.5% during the 2nd quarter. GAMMA Investing LLC now owns 4,333 shares of the basic materials company’s stock worth $261,000 after purchasing an additional 581 shares during the last quarter. Moody National Bank Trust Division purchased a new stake in ArcelorMittal during the 2nd quarter worth approximately $205,000. Versant Capital Management Inc increased its stake in ArcelorMittal by 12.9% during the 2nd quarter. Versant Capital Management Inc now owns 9,513 shares of the basic materials company’s stock valued at $573,000 after purchasing an additional 1,084 shares in the last quarter. Finally, NewEdge Advisors LLC increased its stake in ArcelorMittal by 67.5% during the 1st quarter. NewEdge Advisors LLC now owns 21,359 shares of the basic materials company’s stock valued at $1,110,000 after purchasing an additional 8,607 shares in the last quarter. 9.29% of the stock is currently owned by hedge funds and other 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.