ArcelorMittal Lowered to Neutral at Bank of America (MT)
ArcelorMittal (NYSE:MT) was downgraded by analysts at Bank of America from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Monday, AnalystRatings.NET reports.
Shares of ArcelorMittal (NYSE:MT) traded down 4.34% on Monday, hitting $16.52. The stock had a trading volume of 2,680,234 shares. ArcelorMittal has a 52-week low of $10.83 and a 52-week high of $17.92. The stock’s 50-day moving average is $17.03 and its 200-day moving average is $15.41.
ArcelorMittal (NYSE:MT) last issued its quarterly earnings data on Friday, February 7th. The company reported ($0.69) EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.39 by $1.08. The company had revenue of $19.85 billion for the quarter, compared to the consensus estimate of $19.31 billion. During the same quarter in the previous year, the company posted ($0.58) earnings per share. The company’s revenue for the quarter was up 2.8% on a year-over-year basis. Analysts expect that ArcelorMittal will post $-0.58 EPS for the current fiscal year.
MT has been the subject of a number of other recent research reports. Analysts at HSBC upgraded shares of ArcelorMittal from a “neutral” rating to an “overweight” rating in a research note to investors on Wednesday, February 5th. Separately, analysts at RBC Capital upgraded shares of ArcelorMittal from a “sector perform” rating to an “outperform” rating in a research note to investors on Tuesday, January 28th. They now have a $16.00 price target on the stock, up previously from $11.00. Finally, analysts at Deutsche Bank raised their price target on shares of ArcelorMittal from $19.00 to $19.50 in a research note to investors on Wednesday, December 18th. They now have a “buy” rating on the stock. Six investment analysts have rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $18.88.
ArcelorMittal is a global steel producer. The Company has steel-making operations in 20 countries on four continents, including 65 integrated, mini-mill and integrated mini-mill steel-making facilities.
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