ArcelorMittal (NYSE:MT) Stock Rating Upgraded by Bank of America

Bank of America upgraded shares of ArcelorMittal (NYSE:MT) from a neutral rating to a buy rating in a research report sent to investors on Thursday, The Fly reports.

Other analysts also recently issued reports about the stock. JPMorgan Chase & Co. reiterated a neutral rating on shares of ArcelorMittal in a report on Tuesday, July 14th. Zacks Investment Research cut ArcelorMittal from a hold rating to a sell rating and set a $12.00 price target on the stock. in a report on Thursday, July 23rd. BofA Securities raised ArcelorMittal from a neutral rating to a buy rating in a research note on Thursday. Societe Generale raised ArcelorMittal from a sell rating to a hold rating in a research report on Monday, June 22nd. Finally, Goldman Sachs Group assumed coverage on ArcelorMittal in a report on Tuesday, July 14th. They set a buy rating for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $14.00.

MT opened at $13.85 on Thursday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.30 and a quick ratio of 0.57. The stock’s fifty day moving average is $12.18 and its 200-day moving average is $10.81. ArcelorMittal has a one year low of $6.64 and a one year high of $18.89.

ArcelorMittal (NYSE:MT) last released its earnings results on Thursday, July 30th. The basic materials company reported ($0.30) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.20. ArcelorMittal had a negative return on equity of 4.35% and a negative net margin of 7.07%. The firm had revenue of $10.98 billion for the quarter, compared to analyst estimates of $10.40 billion. As a group, equities research analysts predict that ArcelorMittal will post -1.6 earnings per share for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the stock. Invesco Ltd. boosted its position in ArcelorMittal by 17.5% during the 1st quarter. Invesco Ltd. now owns 13,934 shares of the basic materials company’s stock worth $130,000 after acquiring an additional 2,079 shares during the period. Comerica Bank increased its holdings in shares of ArcelorMittal by 6.0% in the 2nd quarter. Comerica Bank now owns 53,957 shares of the basic materials company’s stock valued at $620,000 after purchasing an additional 3,055 shares during the period. Rosenberg Matthew Hamilton purchased a new stake in shares of ArcelorMittal in the second quarter worth approximately $52,000. Profund Advisors LLC boosted its holdings in shares of ArcelorMittal by 22.2% during the second quarter. Profund Advisors LLC now owns 26,575 shares of the basic materials company’s stock worth $285,000 after purchasing an additional 4,824 shares during the period. Finally, Balyasny Asset Management LLC boosted its holdings in shares of ArcelorMittal by 0.7% during the first quarter. Balyasny Asset Management LLC now owns 675,506 shares of the basic materials company’s stock worth $6,302,000 after purchasing an additional 5,027 shares during the period. 5.08% of the stock is owned by hedge funds and other institutional investors.

ArcelorMittal Company Profile

ArcelorMittal, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia, and Africa. It operates through five segments: NAFTA, Brazil, Europe, ACIS, and Mining. The company produces finished and semi-finished steel products with various specifications.

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Analyst Recommendations for ArcelorMittal (NYSE:MT)

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