ArcelorMittal (NYSE:MT) Upgraded at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. upgraded ArcelorMittal from “underweight” to “neutral”, signaling a more balanced outlook on the steel maker’s shares.
• Analyst sentiment remains mixed overall: six analysts rate the stock a Buy and seven rate it Hold, with a consensus rating of Hold and an average price target of $68.40.
• ArcelorMittal recently reported Q1 earnings of $0.76 per share, topping estimates, while revenue came in at $15.46 billion, below expectations but still up 4.5% year over year.

ArcelorMittal (NYSE:MT - Get Free Report) was upgraded by research analysts at JPMorgan Chase & Co. from an "underweight" rating to a "neutral" rating in a research report issued to clients and investors on Friday, Marketbeat.com reports.

Several other research analysts also recently commented on MT. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $70.00 price objective on shares of ArcelorMittal in a report on Tuesday. Citigroup reaffirmed a "buy" rating on shares of ArcelorMittal in a report on Wednesday, May 20th. KeyCorp initiated coverage on ArcelorMittal in a research report on Wednesday, March 25th. They issued a "sector weight" rating on the stock. Santander lowered ArcelorMittal from an "outperform" rating to a "neutral" rating in a research note on Tuesday, April 21st. Finally, Jefferies Financial Group restated a "buy" rating on shares of ArcelorMittal in a report on Monday. Six research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $68.40.

ArcelorMittal Trading Down 0.4%

ArcelorMittal stock opened at $62.97 on Friday. ArcelorMittal has a 1 year low of $30.17 and a 1 year high of $72.50. The firm's 50 day moving average price is $64.33 and its 200-day moving average price is $58.40. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.39 and a quick ratio of 0.54. The stock has a market cap of $48.80 billion, a P/E ratio of 16.53, a PEG ratio of 0.50 and a beta of 1.55.

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

Institutional Trading of ArcelorMittal

A number of institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP raised its stake in shares of ArcelorMittal by 0.4% in the first quarter. Dimensional Fund Advisors LP now owns 3,232,495 shares of the basic materials company's stock valued at $168,008,000 after acquiring an additional 11,503 shares during the period. Maple Rock Capital Partners Inc. raised its position in ArcelorMittal by 42.4% in the 4th quarter. Maple Rock Capital Partners Inc. now owns 1,630,600 shares of the basic materials company's stock worth $74,306,000 after purchasing an additional 485,400 shares during the period. UBS Group AG lifted its stake 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 worth $42,706,000 after purchasing an additional 947,532 shares during the last quarter. Bank of America Corp DE boosted its position in shares of ArcelorMittal by 15.6% during 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 shares of ArcelorMittal during the fourth quarter valued at approximately $30,721,000. 9.29% of the stock is currently owned by institutional investors.

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.

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