ArcelorMittal (NYSE:MT) Stock Price Up 4.8% After Analyst Upgrade

ArcelorMittal (NYSE:MT) shares rose 4.8% on Friday after JPMorgan Chase & Co. upgraded the stock from an underweight rating to a neutral rating. The company traded as high as $66.12 and last traded at $66.0010. Approximately 240,364 shares traded hands during trading, a decline of 88% from the average daily volume of 1,925,223 shares. The stock had previously closed at $62.96.

A number of other equities analysts also recently issued reports on the company. Weiss Ratings upgraded ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, May 4th. Santander cut ArcelorMittal from an “outperform” rating to a “neutral” rating in a research report on Tuesday, April 21st. Jefferies Financial Group reissued a “buy” rating on shares of ArcelorMittal in a report on Monday. Wells Fargo & Company upped their price target on shares of ArcelorMittal from $61.00 to $62.00 and gave the company an “equal weight” rating in a research report on Thursday. Finally, Citigroup reiterated a “buy” rating on shares of ArcelorMittal in a research note on Wednesday, May 20th. Six investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $68.40.

Institutional Investors Weigh In On ArcelorMittal

Several hedge funds and other institutional investors have recently modified their holdings of the stock. GK Wealth Management LLC bought a new position in ArcelorMittal in the 2nd quarter worth $408,000. GAMMA Investing LLC lifted its position in ArcelorMittal by 15.5% during the second quarter. GAMMA Investing LLC now owns 4,333 shares of the basic materials company’s stock valued at $261,000 after purchasing an additional 581 shares in the last quarter. Moody National Bank Trust Division bought a new stake in ArcelorMittal during the second quarter valued at about $205,000. Versant Capital Management Inc grew its holdings in ArcelorMittal by 12.9% during the second 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 during the period. Finally, NewEdge Advisors LLC increased its position in ArcelorMittal by 67.5% in the first quarter. NewEdge Advisors LLC now owns 21,359 shares of the basic materials company’s stock worth $1,110,000 after buying an additional 8,607 shares in the last quarter. 9.29% of the stock is currently owned by hedge funds and other institutional investors.

ArcelorMittal Stock Performance

The business has a 50-day simple moving average of $64.33 and a 200 day simple moving average of $58.40. 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 firm has a market cap of $51.28 billion, a PE ratio of 17.35, a PEG ratio of 0.50 and a beta of 1.55.

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

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.