ArcelorMittal (NYSE:MT) Rating Increased to Neutral at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of ArcelorMittal (NYSE:MT) from an underweight rating to a neutral rating in a research report sent to investors on Friday, Marketbeat.com reports.

MT has been the subject of several other research reports. Santander cut shares of ArcelorMittal from an “outperform” rating to a “neutral” rating in a research report on Tuesday, April 21st. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $70.00 price objective on shares of ArcelorMittal in a research report on Tuesday. Weiss Ratings upgraded ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, May 4th. Jefferies Financial Group reissued a “buy” rating on shares of ArcelorMittal in a research note on Monday. Finally, Citigroup restated a “buy” rating on shares of ArcelorMittal in a report on Wednesday, May 20th. Six equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $68.40.

ArcelorMittal Trading Up 5.0%

NYSE:MT traded up $3.16 on Friday, reaching $66.12. 1,965,241 shares of the company’s stock were exchanged, compared to its average volume of 1,541,859. The firm has a market capitalization of $51.24 billion, a price-to-earnings ratio of 17.35, a price-to-earnings-growth ratio of 0.50 and a beta of 1.55. ArcelorMittal has a 52-week low of $30.17 and a 52-week high of $72.50. The company has a quick ratio of 0.54, a current ratio of 1.39 and a debt-to-equity ratio of 0.19. The business has a fifty day moving average of $64.53 and a 200-day moving average of $58.46.

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

Institutional Investors Weigh In On ArcelorMittal

Institutional investors have recently added to or reduced their stakes in the business. True Wealth Design LLC increased its stake in ArcelorMittal by 41.4% in the fourth quarter. True Wealth Design LLC now owns 799 shares of the basic materials company’s stock valued at $36,000 after purchasing an additional 234 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of ArcelorMittal in the 4th quarter valued at $44,000. Geneos Wealth Management Inc. grew its position in shares of ArcelorMittal by 44.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock valued at $47,000 after buying an additional 501 shares during the last quarter. Allworth Financial LP grew its position in shares of ArcelorMittal by 91.5% in the 4th quarter. Allworth Financial LP now owns 1,126 shares of the basic materials company’s stock valued at $51,000 after buying an additional 538 shares during the last quarter. Finally, CIBC Private Wealth Group LLC raised its stake in ArcelorMittal by 126.5% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,146 shares of the basic materials company’s stock worth $52,000 after acquiring an additional 640 shares in the last quarter. Hedge funds and other institutional investors own 9.29% of the company’s stock.

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.