ArcelorMittal SA (NYSE:MT) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday.

According to Zacks, “Estimates for ArcelorMittal have been stable of late. ArcelorMittal remains highly focused on reducing debt, lowering costs and improving efficiency. Moreover, it is looking to sell its non-core assets and increase focus on important operations. However, ArcelorMittal continues to contend with soft economic conditions in Europe and China, volatility in steel prices and tough competition. Moreover, China, which has built up a massive excess steel capacity, still remains a concern.”

Several other brokerages also recently commented on MT. JPMorgan Chase & Co. raised ArcelorMittal SA from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $2.93 to $6.55 in a research note on Friday, August 19th. Clarkson Capital raised ArcelorMittal SA from a “neutral” rating to a “buy” rating in a research note on Tuesday, August 9th. TheStreet raised ArcelorMittal SA from a “sell” rating to a “hold” rating in a research note on Friday, July 29th. Vetr reissued a “hold” rating and issued a $5.90 price objective on shares of ArcelorMittal SA in a research note on Monday, August 15th. Finally, Jefferies Group reissued a “buy” rating on shares of ArcelorMittal SA in a research note on Wednesday, August 3rd. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. ArcelorMittal SA has a consensus rating of “Hold” and an average price target of $5.28.

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ArcelorMittal SA (NYSE:MT) traded down 1.703% during mid-day trading on Tuesday, reaching $5.485. The company had a trading volume of 13,773,834 shares. ArcelorMittal SA has a one year low of $2.93 and a one year high of $6.94. The company’s 50-day moving average is $6.12 and its 200-day moving average is $5.32. The stock’s market capitalization is $16.77 billion.

ArcelorMittal SA (NYSE:MT) last issued its quarterly earnings data on Friday, July 29th. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.03 by $0.35. The firm earned $14.74 billion during the quarter, compared to the consensus estimate of $15.23 billion. ArcelorMittal SA had a positive return on equity of 0.62% and a negative net margin of 11.61%. The company’s quarterly revenue was down 12.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.10 earnings per share. Equities research analysts anticipate that ArcelorMittal SA will post ($0.05) earnings per share for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Allianz Asset Management AG boosted its position in shares of ArcelorMittal SA by 68.1% in the second quarter. Allianz Asset Management AG now owns 18,054,973 shares of the company’s stock worth $84,136,000 after buying an additional 7,316,803 shares during the period. Loomis Sayles & Co. L P bought a new position in shares of ArcelorMittal SA during the first quarter worth about $78,715,000. Adage Capital Partners GP L.L.C. boosted its position in shares of ArcelorMittal SA by 700.0% in the first quarter. Adage Capital Partners GP L.L.C. now owns 8,000,000 shares of the company’s stock worth $36,640,000 after buying an additional 7,000,000 shares during the period. Anchor Bolt Capital LP bought a new position in shares of ArcelorMittal SA during the second quarter worth about $35,108,000. Finally, Renaissance Technologies LLC boosted its position in shares of ArcelorMittal SA by 88.0% in the first quarter. Renaissance Technologies LLC now owns 5,567,420 shares of the company’s stock worth $25,495,000 after buying an additional 2,606,411 shares during the period. 3.88% of the stock is currently owned by hedge funds and other institutional investors.

ArcelorMittal SA Company Profile

ArcelorMittal SA (ArcelorMittal) is a holding company. The Company is an integrated steel and mining company. ArcelorMittal operates through five segments: NAFTA; Europe; Brazil; Africa and Commonwealth of Independent States (ACIS), and Mining. The NAFTA segment produces flat, long and tubular products.

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