JPMorgan Chase & Co. Upgrades ArcelorMittal (NYSE:MT) to “Overweight”

ArcelorMittal (NYSE:MT) was upgraded by equities researchers at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report released on Friday, Marketbeat reports.

Other research analysts also recently issued research reports about the company. Barclays downgraded ArcelorMittal from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, July 16th. Citigroup reissued a “buy” rating on shares of ArcelorMittal in a report on Wednesday, October 8th. Wall Street Zen downgraded shares of ArcelorMittal from a “buy” rating to a “hold” rating in a research note on Saturday, October 11th. The Goldman Sachs Group reiterated a “neutral” rating on shares of ArcelorMittal in a report on Friday, October 10th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of ArcelorMittal in a research report on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $34.95.

ArcelorMittal Stock Performance

Shares of MT traded up $1.23 on Friday, reaching $39.09. 1,237,989 shares of the stock traded hands, compared to its average volume of 1,837,987. The firm has a market cap of $32.02 billion, a price-to-earnings ratio of 12.06, a P/E/G ratio of 0.17 and a beta of 1.72. The stock’s 50-day moving average price is $36.80 and its 200-day moving average price is $33.42. ArcelorMittal has a 12 month low of $21.59 and a 12 month high of $41.28. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.40 and a quick ratio of 0.59.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings data on Thursday, November 6th. The basic materials company reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.21). The business had revenue of $15.66 billion during the quarter, compared to the consensus estimate of $15.88 billion. ArcelorMittal had a net margin of 4.11% and a return on equity of 4.99%. ArcelorMittal’s revenue was up 3.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.63 earnings per share. Equities analysts forecast that ArcelorMittal will post 3.72 EPS for the current fiscal year.

Hedge Funds Weigh In On ArcelorMittal

Hedge funds and other institutional investors have recently made changes to their positions in the stock. State of Wyoming bought a new stake in ArcelorMittal during the third quarter valued at $36,000. SVB Wealth LLC acquired a new stake in ArcelorMittal during the 1st quarter worth about $43,000. Geneos Wealth Management Inc. lifted its stake in ArcelorMittal by 44.2% during the first 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 in the last quarter. Bayforest Capital Ltd lifted its stake in ArcelorMittal by 23.7% during the first quarter. Bayforest Capital Ltd now owns 2,298 shares of the basic materials company’s stock valued at $62,000 after buying an additional 440 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings in shares of ArcelorMittal by 392.1% in the third quarter. Farther Finance Advisors LLC now owns 1,752 shares of the basic materials company’s stock worth $63,000 after buying an additional 1,396 shares during the period. Hedge funds and other institutional investors own 9.29% of the company’s stock.

ArcelorMittal Company Profile

ArcelorMittal SA, together with its subsidiaries, operates as integrated steel and mining companies in the United States, Europe, and internationally. It offers semi-finished flat products, including slabs; finished flat products comprising plates, hot- and cold-rolled coils and sheets, hot-dipped and electro-galvanized coils and sheets, tinplate, and color coated coils and sheets; semi-finished long products, such as blooms and billets; finished long products consisting of bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes.