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

JPMorgan Chase & Co. upgraded shares of ArcelorMittal (NYSE:MT) from a neutral rating to an overweight rating in a report published on Thursday, Marketbeat reports.

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

ArcelorMittal Trading Down 1.0%

Shares of ArcelorMittal stock opened at $62.98 on Thursday. 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 has a 12-month low of $36.70 and a 12-month high of $79.68. The company has a market capitalization of $48.81 billion, a price-to-earnings ratio of 26.69, a PEG ratio of 0.53 and a beta of 1.54. The firm’s 50-day moving average price is $71.12 and its two-hundred day moving average price is $66.34.

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

Hedge Funds Weigh In On ArcelorMittal

A number of institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP increased its position in shares of ArcelorMittal by 0.4% during the first quarter. Dimensional Fund Advisors LP now owns 3,232,495 shares of the basic materials company’s stock worth $168,008,000 after buying an additional 11,503 shares during the period. Maple Rock Capital Partners Inc. raised its stake in ArcelorMittal by 54.9% during the second 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. Quantinno Capital Management LP lifted its holdings in ArcelorMittal by 11.7% in the first quarter. Quantinno Capital Management LP now owns 335,931 shares of the basic materials company’s stock valued at $17,461,000 after buying an additional 35,298 shares during the period. Amanah Holdings Trust acquired a new position in ArcelorMittal in the fourth quarter valued at $6,744,000. Finally, Castle Hook Partners LP acquired a new position in ArcelorMittal in the fourth quarter valued at $5,955,000. 9.29% of the stock is currently owned by institutional investors and hedge funds.

About ArcelorMittal

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.