ArcelorMittal (NYSE:MT) Stock Rating Raised to "Overweight" at JPMorgan Chase & Co.

Key Points

• JPMorgan upgraded ArcelorMittal from “neutral” to “overweight,” joining a broader analyst consensus of “Moderate Buy” with a $74.55 price target.
• ArcelorMittal shares opened at $62.41, compared with a 12-month range of $36.70 to $79.68; the company has a market capitalization of approximately $48.36 billion.
• The company’s latest quarterly results fell short of expectations, with EPS of $0.90 versus the $1.18 consensus and revenue of $16.76 billion versus $17.56 billion expected.

ArcelorMittal (NYSE:MT - Get Free Report) was upgraded by research analysts at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a report released on Thursday, MarketBeat Ratings reports.

Several other brokerages have also issued reports on MT. Barclays restated a "neutral" rating on shares of ArcelorMittal in a research note on Tuesday, July 7th. UBS Group raised ArcelorMittal from a "neutral" rating to a "buy" rating in a report on Friday, October 9th. Jefferies Financial Group reissued a "buy" rating on shares of ArcelorMittal in a report on Wednesday, September 23rd. Morgan Stanley assumed coverage on ArcelorMittal in a research report on Monday, August 24th. They issued an "overweight" rating and a $82.00 target price for the company. Finally, Citigroup restated a "buy" rating on shares of ArcelorMittal in a research note on Tuesday, August 4th. Eight research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, ArcelorMittal presently has a consensus rating of "Moderate Buy" and a consensus price target of $74.55.

ArcelorMittal Price Performance

Shares of NYSE MT opened at $62.41 on Thursday. The company has a market capitalization of $48.36 billion, a PE ratio of 26.44, a PEG ratio of 0.53 and a beta of 1.54. The company has a quick ratio of 0.57, a current ratio of 1.43 and a debt-to-equity ratio of 0.21. The stock's 50 day moving average price is $71.51 and its 200-day moving average price is $66.26. ArcelorMittal has a twelve month low of $36.70 and a twelve month high of $79.68.

ArcelorMittal (NYSE:MT - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.90 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.18 by ($0.28). The company had revenue of $16.76 billion for the quarter, compared to analysts' expectations of $17.56 billion. ArcelorMittal had a return on equity of 4.20% and a net margin of 2.88%. The business's quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the business posted $1.32 EPS. On average, equities analysts anticipate that ArcelorMittal will post 4.03 EPS for the current year.

Institutional Trading of ArcelorMittal

Hedge funds and other institutional investors have recently modified their holdings of the business. Integrated Wealth Concepts LLC purchased a new position in ArcelorMittal in the 2nd quarter valued at approximately $35,000. Rockefeller Capital Management L.P. raised its holdings in ArcelorMittal by 27.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 4,383 shares of the basic materials company's stock valued at $200,000 after acquiring an additional 946 shares during the period. Moody National Bank Trust Division purchased a new stake in shares of ArcelorMittal during the second quarter worth $205,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of ArcelorMittal during the first quarter worth $207,000. Finally, Abel Hall LLC purchased a new stake in shares of ArcelorMittal during the first quarter worth $216,000. Institutional investors own 9.29% of the company's stock.

About ArcelorMittal

ArcelorMittal is a global steel and mining company headquartered in Luxembourg. The company produces a broad range of steel products, including flat steel, long steel, tubular products and specialty grades used in automotive manufacturing, construction, appliances, energy, packaging and other industrial applications.

Its operations span major steel-producing and consuming regions, including Europe, North and South America, and Africa. In addition to steelmaking and processing, ArcelorMittal owns and operates mining assets that supply iron ore for its production activities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.