ArcelorMittal (NYSE:MT) Stock Rating Lowered by Wall Street Zen

Key Points

• ArcelorMittal was downgraded from a "buy" rating to a "hold" rating by analysts at Wall Street Zen, reflecting a cautious outlook on the stock.
• Despite the downgrade, the company has a consensus rating of "Hold" from analysts, with an average target price of $33.45.
• ArcelorMittal's latest earnings report revealed $1.32 earnings per share, missing expectations by $0.01, and a 2.0% revenue decline year-over-year.

Wall Street Zen lowered shares of ArcelorMittal (NYSE:MT - Free Report) from a buy rating to a hold rating in a report published on Sunday morning.

Several other brokerages have also recently issued reports on MT. Wells Fargo & Company upgraded ArcelorMittal to a "hold" rating in a research report on Thursday, August 14th. Barclays cut shares of ArcelorMittal from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, July 16th. Three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, ArcelorMittal presently has a consensus rating of "Hold" and a consensus target price of $33.45.

ArcelorMittal Stock Up 1.5%

NYSE MT traded up $0.52 on Friday, reaching $35.29. The stock had a trading volume of 980,798 shares, compared to its average volume of 1,157,405. ArcelorMittal has a 1 year low of $21.59 and a 1 year high of $35.56. The company has a current ratio of 1.40, a quick ratio of 0.59 and a debt-to-equity ratio of 0.19. The business has a 50 day moving average price of $33.44 and a 200 day moving average price of $31.30. The company has a market capitalization of $28.91 billion, a price-to-earnings ratio of 10.89, a P/E/G ratio of 0.15 and a beta of 1.64.

ArcelorMittal (NYSE:MT - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The basic materials company reported $1.32 earnings per share for the quarter, missing the consensus estimate of $1.33 by ($0.01). ArcelorMittal had a return on equity of 4.99% and a net margin of 4.11%.The firm had revenue of $15.93 billion for the quarter, compared to the consensus estimate of $15.48 billion. During the same period in the prior year, the company earned $0.63 EPS. The company's revenue for the quarter was down 2.0% compared to the same quarter last year. On average, analysts forecast that ArcelorMittal will post 3.72 EPS for the current fiscal year.

Institutional Trading of ArcelorMittal

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of ArcelorMittal by 22.0% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,872,477 shares of the basic materials company's stock valued at $54,021,000 after acquiring an additional 337,158 shares during the last quarter. OLD Mission Capital LLC raised its stake in ArcelorMittal by 20.1% during the first quarter. OLD Mission Capital LLC now owns 814,793 shares of the basic materials company's stock valued at $23,507,000 after purchasing an additional 136,443 shares in the last quarter. ABC Arbitrage SA grew its holdings in ArcelorMittal by 31.0% during the 1st quarter. ABC Arbitrage SA now owns 560,329 shares of the basic materials company's stock worth $16,165,000 after acquiring an additional 132,535 shares in the last quarter. Telemark Asset Management LLC purchased a new position in ArcelorMittal during the 1st quarter worth approximately $11,540,000. Finally, American Century Companies Inc. boosted its position in shares of ArcelorMittal by 39.1% during the 2nd quarter. American Century Companies Inc. now owns 392,644 shares of the basic materials company's stock valued at $12,400,000 after acquiring an additional 110,420 shares during the last quarter. 9.29% of the stock is currently owned by institutional investors and hedge funds.

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.