ArcelorMittal (NYSE:MT) Rating Increased to Overweight at Morgan Stanley

Morgan Stanley upgraded shares of ArcelorMittal (NYSE:MT) from an equal weight rating to an overweight rating in a report published on Tuesday morning, MarketBeat.com reports.

Several other brokerages have also issued reports on MT. UBS Group lowered shares of ArcelorMittal from a “buy” rating to a “neutral” rating in a research report on Monday, November 17th. Citigroup reiterated a “buy” rating on shares of ArcelorMittal in a research note on Wednesday, October 8th. The Goldman Sachs Group restated a “neutral” rating on shares of ArcelorMittal in a research note on Friday, October 10th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $49.00 target price on shares of ArcelorMittal in a report on Wednesday, November 26th. Finally, Wall Street Zen lowered ArcelorMittal from a “buy” rating to a “hold” rating in a report on Saturday, October 11th. Four investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $38.98.

ArcelorMittal Stock Up 1.2%

ArcelorMittal stock opened at $47.29 on Tuesday. ArcelorMittal has a one year low of $21.59 and a one year high of $48.01. The stock has a fifty day moving average of $42.61 and a 200 day moving average of $37.43. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.58 and a current ratio of 1.39. The stock has a market cap of $36.65 billion, a PE ratio of 14.07, a price-to-earnings-growth ratio of 0.18 and a beta of 1.52.

ArcelorMittal (NYSE:MT) last announced its earnings results on Thursday, November 6th. The basic materials company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.04. ArcelorMittal had a return on equity of 4.94% and a net margin of 4.23%.The business had revenue of $15.66 billion for the quarter, compared to analysts’ expectations of $15.88 billion. During the same period last year, the firm posted $0.63 earnings per share. The business’s revenue for the quarter was up 3.0% on a year-over-year basis. As a group, sell-side analysts predict that ArcelorMittal will post 3.72 EPS for the current year.

Institutional Investors Weigh In On ArcelorMittal

A number of institutional investors and hedge funds have recently bought and sold shares of the business. AQR Capital Management LLC boosted its stake in shares of ArcelorMittal by 75.0% in the first quarter. AQR Capital Management LLC now owns 34,038 shares of the basic materials company’s stock worth $982,000 after acquiring an additional 14,593 shares during the period. Jones Financial Companies Lllp lifted its holdings in ArcelorMittal by 32,748.6% in the 1st quarter. Jones Financial Companies Lllp now owns 35,805 shares of the basic materials company’s stock worth $1,033,000 after purchasing an additional 35,696 shares in the last quarter. Bayforest Capital Ltd boosted its stake in ArcelorMittal by 23.7% in the 1st quarter. Bayforest Capital Ltd now owns 2,298 shares of the basic materials company’s stock worth $66,000 after purchasing an additional 440 shares during the period. Geneos Wealth Management Inc. grew its holdings in ArcelorMittal by 44.2% during 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 in the last quarter. Finally, Gallacher Capital Management LLC grew its holdings in ArcelorMittal by 4.5% during the 2nd quarter. Gallacher Capital Management LLC now owns 12,840 shares of the basic materials company’s stock valued at $406,000 after buying an additional 553 shares in the last quarter. 9.29% of the stock is owned by institutional investors.

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.