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

Key Points

• ArcelorMittal has been upgraded from a "hold" rating to a "buy" rating by analysts at Wall Street Zen, indicating a potential positive outlook for the stock.
• As of the latest reports, ArcelorMittal holds a consensus rating of "Hold" with an average price target set at $33.45, following mixed evaluations from various analysts.
• The company's recent earnings report showed earnings per share of $1.32, which fell slightly short of expectations, despite beating revenue forecasts with $15.93 billion for the quarter.

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

MT has been the topic of several other research reports. Wells Fargo & Company raised shares of 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 report 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, the company presently has an average rating of "Hold" and an average target price of $33.45.

ArcelorMittal Stock Up 1.1%

Shares of MT traded up $0.39 during trading hours on Friday, hitting $34.79. The stock had a trading volume of 995,094 shares, compared to its average volume of 1,191,499. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.40 and a quick ratio of 0.59. The firm has a 50 day simple moving average of $33.42 and a 200-day simple moving average of $31.28. The firm has a market capitalization of $28.50 billion, a P/E ratio of 10.74, a price-to-earnings-growth ratio of 0.15 and a beta of 1.64. ArcelorMittal has a 1-year low of $21.59 and a 1-year high of $35.13.

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. SVB Wealth LLC purchased a new position in ArcelorMittal in the 1st quarter valued at approximately $43,000. Geneos Wealth Management Inc. grew its position in shares of ArcelorMittal by 44.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company's stock valued at $47,000 after purchasing an additional 501 shares in the last quarter. Hexagon Capital Partners LLC grew its position in shares of ArcelorMittal by 25.4% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,779 shares of the basic materials company's stock valued at $51,000 after purchasing an additional 360 shares in the last quarter. GAMMA Investing LLC grew its position in shares of ArcelorMittal by 31.1% during the 1st quarter. GAMMA Investing LLC now owns 1,920 shares of the basic materials company's stock valued at $55,000 after purchasing an additional 456 shares in the last quarter. Finally, Bayforest Capital Ltd grew its position in shares of ArcelorMittal by 23.7% during the 1st quarter. Bayforest Capital Ltd now owns 2,298 shares of the basic materials company's stock valued at $62,000 after purchasing an additional 440 shares in the last quarter. 9.29% of the stock is currently owned by hedge funds and other institutional investors.

About ArcelorMittal

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.