ArcelorMittal (NYSE:MT) Upgraded by Wells Fargo & Company to Hold Rating

Key Points

• ArcelorMittal was upgraded to a "hold" rating by Wells Fargo & Company, indicating a moderate outlook for the stock following several mixed ratings from other analysts.
• The stock has a consensus price target of $32.96 and has seen fluctuations with a 1-year low of $21.59 and a high of $34.90.
• In its most recent quarterly earnings report, ArcelorMittal reported earnings per share of $1.32, slightly missing analysts' expectations, while revenue was $15.93 billion, exceeding forecasts.

ArcelorMittal (NYSE:MT - Get Free Report) was upgraded by investment analysts at Wells Fargo & Company to a "hold" rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Other analysts have also recently issued reports about the company. Wall Street Zen cut ArcelorMittal from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. Barclays cut ArcelorMittal from an "overweight" rating to an "equal weight" rating in a research report on Wednesday, July 16th. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $32.96.

ArcelorMittal Trading Down 1.1%

Shares of NYSE MT traded down $0.37 during trading hours on Thursday, hitting $33.54. The company's stock had a trading volume of 2,224,084 shares, compared to its average volume of 2,019,651. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.59 and a current ratio of 1.40. The stock has a market cap of $27.48 billion, a price-to-earnings ratio of 10.35, a P/E/G ratio of 0.15 and a beta of 1.65. ArcelorMittal has a 12 month low of $21.59 and a 12 month high of $34.90. The business has a 50-day simple moving average of $32.24 and a 200-day simple moving average of $30.29.

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

Hedge Funds Weigh In On ArcelorMittal

A number of hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its holdings in ArcelorMittal by 3.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,029,028 shares of the basic materials company's stock worth $70,061,000 after acquiring an additional 91,363 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in ArcelorMittal by 22.0% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,872,477 shares of the basic materials company's stock worth $54,021,000 after acquiring an additional 337,158 shares during the last quarter. Northern Trust Corp raised its holdings in ArcelorMittal by 31.7% in the 4th quarter. Northern Trust Corp now owns 1,153,924 shares of the basic materials company's stock worth $26,690,000 after acquiring an additional 277,891 shares during the last quarter. OLD Mission Capital LLC raised its holdings in ArcelorMittal by 20.1% in the 1st quarter. OLD Mission Capital LLC now owns 814,793 shares of the basic materials company's stock worth $23,507,000 after acquiring an additional 136,443 shares during the last quarter. Finally, Bank of America Corp DE raised its holdings in ArcelorMittal by 56.7% in the 4th quarter. Bank of America Corp DE now owns 784,252 shares of the basic materials company's stock worth $18,140,000 after acquiring an additional 283,758 shares during the last quarter. 9.29% of the stock is currently owned by hedge funds and other institutional investors.

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.