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

According to Zacks, “ArcelorMittal saw higher profits in second-quarter 2017. Earnings for the quarter topped the Zacks Consensus Estimate. Revenues rose by double digits on higher metals pricing, and surpassed expectations. The company raised its steel demand outlook for 2017. ArcelorMittal outperformed the industry it belongs to over the past one year. ArcelorMittal should gain from its efforts to reduce debt, expand capacity and improve efficiency. It is also making a significant progress in reducing costs and expanding its advanced high strength steel product line under the Action 2020 program. The proposed acquisition of Ilva represents another attractive growth opportunity for the company. However, ArcelorMittal continues to contend with challenging steel market conditions in Europe. Demand for steel remains weak in Europe and Brazil. Moreover, cheap steel exports from China is still causing a problem.”

Other equities analysts have also recently issued reports about the company. TheStreet upgraded ArcelorMittal from a “c” rating to a “b-” rating in a report on Monday, May 15th. Jefferies Group LLC reiterated a “buy” rating and issued a $30.00 target price on shares of ArcelorMittal in a report on Tuesday, May 30th. Cowen and Company reiterated a “buy” rating and issued a $11.00 target price on shares of ArcelorMittal in a report on Friday, May 19th. ING Group raised ArcelorMittal from a “hold” rating to a “buy” rating in a research report on Friday, July 14th. Finally, Deutsche Bank AG raised ArcelorMittal from a “hold” rating to a “buy” rating and increased their price target for the company from $25.00 to $32.00 in a research report on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $29.72.

Shares of ArcelorMittal (MT) traded up 5.03% during mid-day trading on Monday, reaching $27.36. 7,376,818 shares of the company’s stock traded hands. ArcelorMittal has a 12 month low of $16.14 and a 12 month high of $28.11. The company has a 50 day moving average of $23.42 and a 200 day moving average of $24.04. The company has a market cap of $27.91 billion, a price-to-earnings ratio of 8.61 and a beta of 2.09.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.55. The firm had revenue of $17.24 billion for the quarter, compared to analysts’ expectations of $16.88 billion. ArcelorMittal had a return on equity of 10.52% and a net margin of 5.50%. The company’s revenue for the quarter was up 17.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.38 EPS. Analysts expect that ArcelorMittal will post $3.07 earnings per share for the current fiscal year.

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A number of hedge funds and other institutional investors have recently modified their holdings of the company. Integrated Investment Consultants LLC bought a new position in shares of ArcelorMittal during the second quarter valued at approximately $111,000. Genesee Valley Trust Co. bought a new position in shares of ArcelorMittal during the second quarter valued at approximately $241,000. Iron Financial LLC increased its position in shares of ArcelorMittal by 50.0% in the first quarter. Iron Financial LLC now owns 15,000 shares of the basic materials company’s stock valued at $125,000 after buying an additional 5,000 shares in the last quarter. Jacobi Capital Management LLC bought a new position in shares of ArcelorMittal during the first quarter valued at approximately $127,000. Finally, US Bancorp DE increased its position in shares of ArcelorMittal by 14.2% in the first quarter. US Bancorp DE now owns 15,540 shares of the basic materials company’s stock valued at $129,000 after buying an additional 1,934 shares in the last quarter. Institutional investors and hedge funds own 9.72% of the company’s stock.

ArcelorMittal Company Profile

ArcelorMittal SA (ArcelorMittal) is a holding company. The Company, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia and Africa. ArcelorMittal operates through five segments, which include NAFTA; Europe; Brazil; Africa and Commonwealth of Independent States (ACIS), and Mining.

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Analyst Recommendations for ArcelorMittal (NYSE:MT)

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