ArcelorMittal (NYSE:MT) Rating Lowered to “Hold” at Wall Street Zen

ArcelorMittal (NYSE:MT) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Sunday.

Several other equities research analysts also recently commented on MT. Barclays downgraded shares of ArcelorMittal from an “overweight” rating to an “equal weight” rating in a report on Wednesday, July 16th. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of ArcelorMittal in a research note on Monday, April 14th. Jefferies Financial Group lowered shares of ArcelorMittal from a “buy” rating to a “hold” rating and set a $36.20 price objective for the company. in a research note on Wednesday, March 26th. Finally, The Goldman Sachs Group raised shares of ArcelorMittal from a “neutral” rating to a “buy” rating and boosted their target price for the company from $29.00 to $31.70 in a report on Thursday, April 10th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $32.95.

ArcelorMittal Stock Up 3.5%

MT stock opened at $33.62 on Friday. The firm has a market capitalization of $27.54 billion, a PE ratio of 11.51, a P/E/G ratio of 0.14 and a beta of 1.63. The company has a quick ratio of 0.58, a current ratio of 1.35 and a debt-to-equity ratio of 0.16. ArcelorMittal has a twelve month low of $20.52 and a twelve month high of $34.90. The stock’s 50 day moving average is $31.37 and its 200-day moving average is $28.95.

ArcelorMittal (NYSE:MT) last released its quarterly earnings results on Wednesday, April 30th. The basic materials company reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.33. ArcelorMittal had a net margin of 1.98% and a return on equity of 4.11%. The business had revenue of $14.80 billion for the quarter, compared to analysts’ expectations of $15.11 billion. During the same period in the previous year, the company earned $1.16 earnings per share. The firm’s revenue for the quarter was down 9.1% compared to the same quarter last year. Sell-side analysts expect that ArcelorMittal will post 3.72 EPS for the current fiscal year.

Hedge Funds Weigh In On ArcelorMittal

Several hedge funds have recently made changes to their positions in MT. SVB Wealth LLC purchased a new stake in shares of ArcelorMittal in the 1st quarter worth about $43,000. Geneos Wealth Management Inc. boosted its holdings in ArcelorMittal by 44.2% in the first quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock worth $47,000 after acquiring an additional 501 shares in the last quarter. Hexagon Capital Partners LLC grew its stake in shares of ArcelorMittal by 25.4% in the first quarter. Hexagon Capital Partners LLC now owns 1,779 shares of the basic materials company’s stock worth $51,000 after acquiring an additional 360 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of ArcelorMittal by 31.1% during the first quarter. GAMMA Investing LLC now owns 1,920 shares of the basic materials company’s stock valued at $55,000 after acquiring an additional 456 shares in the last quarter. Finally, Bayforest Capital Ltd raised its position in shares of ArcelorMittal by 23.7% in the 1st quarter. Bayforest Capital Ltd now owns 2,298 shares of the basic materials company’s stock worth $62,000 after purchasing an additional 440 shares during the last quarter. 9.29% of the stock is 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.