Deutsche Bank Aktiengesellschaft Upgrades ArcelorMittal (NYSE:MT) to “Buy”

ArcelorMittal (NYSE:MT) was upgraded by equities research analysts at Deutsche Bank Aktiengesellschaft from a “hold” rating to a “buy” rating in a research note issued on Wednesday, MarketBeat.com reports. The brokerage presently has a $31.00 price target on the basic materials company’s stock, up from their prior price target of $29.00. Deutsche Bank Aktiengesellschaft’s target price points to a potential upside of 31.91% from the company’s previous close.

Other analysts also recently issued research reports about the stock. The Goldman Sachs Group began coverage on shares of ArcelorMittal in a research report on Thursday, May 9th. They set a “neutral” rating and a $29.60 price target for the company. Barclays raised shares of ArcelorMittal from an “equal weight” rating to an “overweight” rating in a research report on Monday, August 19th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $30.30.

ArcelorMittal Stock Up 0.6 %

Shares of NYSE:MT opened at $23.50 on Wednesday. The company has a quick ratio of 0.65, a current ratio of 1.55 and a debt-to-equity ratio of 0.15. ArcelorMittal has a 52-week low of $20.52 and a 52-week high of $29.01. The company has a 50 day moving average of $22.73 and a two-hundred day moving average of $24.94. The company has a market capitalization of $18.93 billion, a price-to-earnings ratio of 26.42, a price-to-earnings-growth ratio of 0.34 and a beta of 1.77.

ArcelorMittal (NYSE:MT) last released its quarterly earnings results on Thursday, August 1st. The basic materials company reported $0.63 earnings per share for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.49). ArcelorMittal had a positive return on equity of 5.94% and a negative net margin of 0.93%. The company had revenue of $16.25 billion for the quarter, compared to analyst estimates of $16.32 billion. During the same period in the previous year, the business posted $2.20 EPS. The firm’s quarterly revenue was down 12.7% compared to the same quarter last year. As a group, analysts forecast that ArcelorMittal will post 3.92 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 business. Teachers Retirement System of The State of Kentucky boosted its holdings in ArcelorMittal by 8.2% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 131,850 shares of the basic materials company’s stock worth $3,023,000 after purchasing an additional 10,000 shares during the period. Truist Financial Corp acquired a new position in ArcelorMittal in the second quarter worth $250,000. Creative Planning boosted its holdings in ArcelorMittal by 25.2% in the second quarter. Creative Planning now owns 49,328 shares of the basic materials company’s stock worth $1,131,000 after purchasing an additional 9,938 shares during the period. Encompass Capital Advisors LLC acquired a new position in ArcelorMittal in the second quarter worth $12,679,000. Finally, AQR Capital Management LLC bought a new stake in ArcelorMittal in the second quarter valued at $571,000. Institutional investors and hedge funds own 9.88% of the company’s stock.

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.