ArcelorMittal (NYSE:MT) Rating Lowered to “Underweight” at JPMorgan Chase & Co.

ArcelorMittal (NYSE:MT) was downgraded by equities research analysts at JPMorgan Chase & Co. from an “overweight” rating to an “underweight” rating in a research note issued to investors on Monday.

A number of other research firms have also commented on MT. Wells Fargo & Company raised their price objective on shares of ArcelorMittal from $47.00 to $54.00 and gave the company an “equal weight” rating in a research note on Friday, February 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ArcelorMittal in a research report on Wednesday, January 21st. Santander raised ArcelorMittal from a “neutral” rating to an “outperform” rating in a research report on Thursday, February 5th. Citigroup reaffirmed a “buy” rating on shares of ArcelorMittal in a research note on Friday, February 13th. Finally, UBS Group lowered shares of ArcelorMittal from a “buy” rating to a “neutral” rating in a research report on Monday, November 17th. Six research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, ArcelorMittal presently has a consensus rating of “Hold” and an average price target of $51.98.

ArcelorMittal Stock Performance

ArcelorMittal stock opened at $55.32 on Monday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 0.53. The company has a fifty day moving average price of $55.81 and a two-hundred day moving average price of $44.88. ArcelorMittal has a 12 month low of $23.19 and a 12 month high of $67.60. The company has a market cap of $42.87 billion, a PE ratio of 13.49, a P/E/G ratio of 0.45 and a beta of 1.47.

ArcelorMittal (NYSE:MT) last released its quarterly earnings results on Thursday, February 5th. The basic materials company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.30. The company had revenue of $14.97 billion during the quarter, compared to analysts’ expectations of $15.56 billion. ArcelorMittal had a return on equity of 5.27% and a net margin of 5.14%.The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.52 earnings per share. Research analysts expect that ArcelorMittal will post 3.72 earnings per share for the current year.

Hedge Funds Weigh In On ArcelorMittal

Several large investors have recently bought and sold shares of MT. Dimensional Fund Advisors LP increased its holdings in shares of ArcelorMittal by 1.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,220,992 shares of the basic materials company’s stock worth $146,780,000 after purchasing an additional 49,614 shares during the period. Maple Rock Capital Partners Inc. raised its holdings 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 valued at $74,306,000 after acquiring an additional 485,400 shares in the last quarter. UBS Group AG lifted its position in shares of ArcelorMittal by 405.2% in the 3rd quarter. UBS Group AG now owns 1,181,358 shares of the basic materials company’s stock worth $42,706,000 after acquiring an additional 947,532 shares during the period. Bank of America Corp DE lifted its position in shares of ArcelorMittal by 15.6% during the 3rd quarter. Bank of America Corp DE now owns 947,909 shares of the basic materials company’s stock worth $34,267,000 after buying an additional 128,045 shares during the period. Finally, Retirement Systems of Alabama acquired a new stake in ArcelorMittal in the 4th quarter valued at $30,721,000. 9.29% of the stock is currently owned by institutional investors and hedge funds.

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.