ArcelorMittal (NYSE:MT) Upgraded to Buy at Goldman Sachs Group

ArcelorMittal (NYSE:MT) was upgraded by stock analysts at Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research report issued on Wednesday, The Fly reports.

MT has been the subject of several other reports. TheStreet lowered shares of ArcelorMittal from a “b-” rating to a “c+” rating in a report on Tuesday, May 21st. ValuEngine upgraded shares of ArcelorMittal from a “sell” rating to a “hold” rating in a report on Thursday, May 16th. Zacks Investment Research upgraded shares of ArcelorMittal from a “strong sell” rating to a “hold” rating in a report on Tuesday, March 12th. Finally, KeyCorp assumed coverage on shares of ArcelorMittal in a report on Monday, April 15th. They set a “sector weight” rating and a $22.57 target price for the company. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the stock. ArcelorMittal currently has an average rating of “Hold” and a consensus price target of $26.79.

Shares of MT opened at $16.94 on Wednesday. The company has a quick ratio of 0.52, a current ratio of 1.40 and a debt-to-equity ratio of 0.24. ArcelorMittal has a one year low of $14.66 and a one year high of $34.13. The stock has a market capitalization of $17.39 billion, a price-to-earnings ratio of 2.94, a P/E/G ratio of 3.70 and a beta of 2.25.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings data on Thursday, May 9th. The basic materials company reported $0.53 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.88 by ($0.35). ArcelorMittal had a return on equity of 11.63% and a net margin of 5.75%. The company had revenue of $19.19 billion during the quarter, compared to analysts’ expectations of $18.83 billion. Sell-side analysts predict that ArcelorMittal will post 2.26 EPS for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the company. Cambiar Investors LLC raised its holdings in ArcelorMittal by 14.1% in the 1st quarter. Cambiar Investors LLC now owns 4,754,510 shares of the basic materials company’s stock worth $96,897,000 after acquiring an additional 586,262 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in ArcelorMittal by 1.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,576,919 shares of the basic materials company’s stock worth $52,518,000 after acquiring an additional 39,393 shares during the last quarter. PointState Capital LP purchased a new position in ArcelorMittal in the 1st quarter worth approximately $28,809,000. Deutsche Bank AG raised its holdings in ArcelorMittal by 3.7% in the 4th quarter. Deutsche Bank AG now owns 1,283,149 shares of the basic materials company’s stock worth $26,522,000 after acquiring an additional 45,717 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in ArcelorMittal by 1.9% in the 1st quarter. Northern Trust Corp now owns 1,147,183 shares of the basic materials company’s stock worth $23,379,000 after acquiring an additional 21,754 shares during the last quarter. Hedge funds and other institutional investors own 3.20% of the company’s stock.

ArcelorMittal Company Profile

ArcelorMittal, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia, and Africa. It operates through five segments: NAFTA, Brazil, Europe, ACIS, and Mining. The company produces finished and semi-finished steel products with various specifications.

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Analyst Recommendations for ArcelorMittal (NYSE:MT)

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