ArcelorMittal (NYSE:MT) Lifted to “Overweight” at Barclays

ArcelorMittal (NYSE:MT) was upgraded by research analysts at Barclays from an “equal weight” rating to an “overweight” rating in a research report issued on Monday, Benzinga reports.

A number of other research firms also recently issued reports on MT. The Goldman Sachs Group initiated coverage on shares of ArcelorMittal in a research note on Thursday, May 9th. They set a “neutral” rating and a $29.60 price target on the stock. Deutsche Bank Aktiengesellschaft decreased their price target on shares of ArcelorMittal from $30.00 to $29.00 and set a “hold” rating on the stock in a research note on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, ArcelorMittal presently has an average rating of “Hold” and a consensus price target of $29.30.

ArcelorMittal Price Performance

Shares of NYSE:MT opened at $22.29 on Monday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.65 and a current ratio of 1.55. The firm has a fifty day moving average price of $22.89 and a 200 day moving average price of $25.20. ArcelorMittal has a fifty-two week low of $20.52 and a fifty-two week high of $29.01. The firm has a market cap of $17.95 billion, a price-to-earnings ratio of 25.04, a P/E/G ratio of 0.34 and a beta of 1.77.

ArcelorMittal (NYSE:MT) last issued its earnings results on Thursday, August 1st. The basic materials company reported $0.63 earnings per share for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.49). ArcelorMittal had a positive return on equity of 5.94% and a negative net margin of 0.93%. The company had revenue of $16.25 billion for the quarter, compared to the consensus estimate of $16.32 billion. During the same quarter in the prior year, the company posted $2.20 EPS. ArcelorMittal’s revenue was down 12.7% compared to the same quarter last year. As a group, sell-side analysts expect that ArcelorMittal will post 3.92 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ArcelorMittal

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Maple Rock Capital Partners Inc. bought a new position in shares of ArcelorMittal in the first quarter worth about $36,406,000. Bank of New York Mellon Corp grew its holdings in ArcelorMittal by 2,038.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 822,426 shares of the basic materials company’s stock worth $18,858,000 after acquiring an additional 783,965 shares in the last quarter. Encompass Capital Advisors LLC bought a new position in ArcelorMittal during the 2nd quarter worth about $12,679,000. MMCAP International Inc. SPC grew its holdings in ArcelorMittal by 103.4% during the 1st quarter. MMCAP International Inc. SPC now owns 650,820 shares of the basic materials company’s stock worth $17,950,000 after acquiring an additional 330,820 shares in the last quarter. Finally, Crestline Management LP bought a new position in ArcelorMittal during the 4th quarter worth about $2,839,000. Hedge funds and other institutional investors own 9.88% 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.