ArcelorMittal (NYSE:MT) Shares Up 4.8% on Analyst Upgrade

Key Points

• ArcelorMittal shares rose 4.8% after JPMorgan Chase upgraded the stock from underweight to neutral. The shares traded as high as $66.12, up from a prior close of $62.96.
• Analyst sentiment remains mixed: multiple firms recently adjusted views, but the overall consensus is still Hold with a $68.40 price target. Current ratings include six Buys and seven Holds.
• The company recently reported earnings of $0.76 per share, beating estimates, though revenue of $15.46 billion came in below expectations. Revenue still increased 4.5% year over year.

ArcelorMittal (NYSE:MT - Get Free Report)'s share price rose 4.8% during mid-day trading on Friday after JPMorgan Chase & Co. upgraded the stock from an underweight rating to a neutral rating. The stock traded as high as $66.12 and last traded at $66.0010. 240,364 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 1,925,223 shares. The stock had previously closed at $62.96.

A number of other equities research analysts have also recently weighed in on the stock. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $70.00 price objective on shares of ArcelorMittal in a report on Tuesday. Santander cut ArcelorMittal from an "outperform" rating to a "neutral" rating in a research report on Tuesday, April 21st. Wells Fargo & Company upped their price target on ArcelorMittal from $61.00 to $62.00 and gave the stock an "equal weight" rating in a research note on Thursday. Weiss Ratings raised ArcelorMittal from a "hold (c)" rating to a "buy (b-)" rating in a research report on Monday, May 4th. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of ArcelorMittal in a research note on Monday. Six investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $68.40.

Institutional Investors Weigh In On ArcelorMittal

Several institutional investors and hedge funds have recently made changes to their positions in MT. Cetera Investment Advisers lifted its position in ArcelorMittal by 1.0% in the 4th quarter. Cetera Investment Advisers now owns 18,386 shares of the basic materials company's stock valued at $838,000 after acquiring an additional 190 shares in the last quarter. TD Waterhouse Canada Inc. increased its holdings in ArcelorMittal by 11.2% in the 4th quarter. TD Waterhouse Canada Inc. now owns 2,141 shares of the basic materials company's stock worth $98,000 after buying an additional 216 shares in the last quarter. True Wealth Design LLC raised its position in ArcelorMittal by 41.4% in the 4th quarter. True Wealth Design LLC now owns 799 shares of the basic materials company's stock worth $36,000 after buying an additional 234 shares during the last quarter. Aaron Wealth Advisors LLC raised its position in ArcelorMittal by 4.9% in the 1st quarter. Aaron Wealth Advisors LLC now owns 5,671 shares of the basic materials company's stock worth $295,000 after buying an additional 263 shares during the last quarter. Finally, Parallel Advisors LLC lifted its stake in ArcelorMittal by 16.4% during the 4th quarter. Parallel Advisors LLC now owns 2,455 shares of the basic materials company's stock valued at $112,000 after acquiring an additional 346 shares during the period. Institutional investors own 9.29% of the company's stock.

ArcelorMittal Stock Up 5.1%

The company's 50 day simple moving average is $64.33 and its 200-day simple moving average is $58.40. The company has a current ratio of 1.39, a quick ratio of 0.54 and a debt-to-equity ratio of 0.19. The firm has a market cap of $51.28 billion, a P/E ratio of 17.35, a PEG ratio of 0.50 and a beta of 1.55.

ArcelorMittal (NYSE:MT - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.76 EPS for the quarter, topping analysts' consensus estimates of $0.72 by $0.04. ArcelorMittal had a net margin of 4.71% and a return on equity of 4.77%. The firm had revenue of $15.46 billion during the quarter, compared to analyst estimates of $17.04 billion. During the same period in the previous year, the business posted $1.05 earnings per share. The business's revenue for the quarter was up 4.5% on a year-over-year basis. Research analysts forecast that ArcelorMittal will post 4.68 earnings per share for the current fiscal year.

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.

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.