ArcelorMittal (NYSE:MT) Upgraded by Wall Street Zen to "Buy" Rating

Key Points

• ArcelorMittal was upgraded to a "Buy" rating by Wall Street Zen, moving from a "hold" rating in a report issued on Friday.
• Analysts have mixed opinions on the stock; while three analysts rate it as a Buy, six have issued Hold ratings, resulting in an average target price of $33.45.
• ArcelorMittal reported $1.32 earnings per share for its last quarter, slightly missing expectations, but revenue of $15.93 billion exceeded analysts' forecasts.

ArcelorMittal (NYSE:MT - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued on Friday.

Other analysts have also recently issued reports about the company. Weiss Ratings restated a "hold (c)" rating on shares of ArcelorMittal in a report on Saturday, September 27th. Barclays downgraded ArcelorMittal from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, July 16th. Finally, Wells Fargo & Company raised ArcelorMittal to a "hold" rating in a research note on Thursday, August 14th. Three equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, ArcelorMittal has an average rating of "Hold" and an average target price of $33.45.

ArcelorMittal Price Performance

Shares of MT traded up $0.22 during trading hours on Friday, hitting $38.38. 2,525,218 shares of the stock were exchanged, compared to its average volume of 1,205,929. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.59 and a current ratio of 1.40. ArcelorMittal has a 12-month low of $21.59 and a 12-month high of $38.83. The company has a market cap of $31.44 billion, a price-to-earnings ratio of 11.84, a price-to-earnings-growth ratio of 0.17 and a beta of 1.69. The stock's 50-day moving average price is $34.10 and its two-hundred day moving average price is $31.63.

ArcelorMittal (NYSE:MT - Get Free Report) last issued its quarterly 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). 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 analysts' expectations of $15.48 billion. During the same quarter in the previous year, the firm posted $0.63 earnings per share. The firm's revenue for the quarter was down 2.0% compared to the same quarter last year. Research analysts expect that ArcelorMittal will post 3.72 earnings per share for the current year.

Hedge Funds Weigh In On ArcelorMittal

A number of hedge funds have recently modified their holdings of MT. Telemark Asset Management LLC purchased a new position in shares of ArcelorMittal during the 1st quarter worth $11,540,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of ArcelorMittal by 22.0% during 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 purchasing an additional 337,158 shares during the period. Cubist Systematic Strategies LLC purchased a new position in shares of ArcelorMittal during the 1st quarter worth $5,263,000. Arrow Capital Pty Ltd purchased a new position in shares of ArcelorMittal during the 2nd quarter worth $5,206,000. Finally, Auto Owners Insurance Co purchased a new position in ArcelorMittal during the 1st quarter valued at about $3,940,000. 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.

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