ArcelorMittal (NYSE:MT) Downgraded by JPMorgan Chase & Co. to Underweight

JPMorgan Chase & Co. downgraded shares of ArcelorMittal (NYSE:MT) from an overweight rating to an underweight rating in a report issued on Monday morning, MarketBeat.com reports.

Other equities research analysts have also issued research reports about the stock. Jefferies Financial Group raised shares of ArcelorMittal from a “hold” rating to a “buy” rating and increased their price objective for the stock from $51.10 to $73.20 in a report on Wednesday, February 11th. UBS Group downgraded shares of ArcelorMittal from a “buy” rating to a “neutral” rating in a research note on Monday, November 17th. Morgan Stanley reiterated an “overweight” rating on shares of ArcelorMittal in a research report on Tuesday, February 17th. Wells Fargo & Company increased their price target on shares of ArcelorMittal from $47.00 to $54.00 and gave the company an “equal weight” rating in a research note on Friday, February 6th. Finally, Santander raised shares of ArcelorMittal from a “neutral” rating to an “outperform” rating in a report on Thursday, February 5th. Six equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $51.98.

ArcelorMittal Price Performance

ArcelorMittal stock opened at $55.84 on Monday. The business’s fifty day moving average is $56.02 and its two-hundred day moving average is $45.03. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.53 and a current ratio of 1.36. The firm has a market cap of $43.28 billion, a P/E ratio of 13.62, a P/E/G ratio of 0.45 and a beta of 1.47. ArcelorMittal has a 52 week low of $23.19 and a 52 week high of $67.60.

ArcelorMittal (NYSE:MT) last announced its earnings results on Thursday, February 5th. The basic materials company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.30. ArcelorMittal had a return on equity of 5.27% and a net margin of 5.14%.The company had revenue of $14.97 billion during the quarter, compared to analyst estimates of $15.56 billion. During the same period last year, the company posted $0.52 earnings per share. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. Equities research analysts forecast that ArcelorMittal will post 3.72 earnings per share for the current fiscal year.

ArcelorMittal Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 2nd. Investors of record on Friday, November 13th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Friday, November 13th. ArcelorMittal’s dividend payout ratio (DPR) is presently 12.44%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP boosted its stake in shares of ArcelorMittal by 1.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,220,992 shares of the basic materials company’s stock valued at $146,780,000 after purchasing an additional 49,614 shares during the last quarter. Maple Rock Capital Partners Inc. raised its stake in shares of ArcelorMittal by 42.4% during the fourth quarter. Maple Rock Capital Partners Inc. now owns 1,630,600 shares of the basic materials company’s stock worth $74,306,000 after buying an additional 485,400 shares during the last quarter. UBS Group AG lifted its holdings in ArcelorMittal by 405.2% in the third quarter. UBS Group AG now owns 1,181,358 shares of the basic materials company’s stock valued at $42,706,000 after buying an additional 947,532 shares during the period. Bank of America Corp DE lifted its holdings in ArcelorMittal by 15.6% in the third quarter. Bank of America Corp DE now owns 947,909 shares of the basic materials company’s stock valued at $34,267,000 after buying an additional 128,045 shares during the period. Finally, Retirement Systems of Alabama bought a new position in ArcelorMittal in the fourth quarter valued at approximately $30,721,000. 9.29% of the stock is currently owned by institutional investors and hedge funds.

ArcelorMittal Company Profile

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.