ArcelorMittal (NYSE:MT) Rating Lowered to “Equal Weight” at Morgan Stanley

ArcelorMittal (NYSE:MT) was downgraded by research analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research note issued on Friday,Briefing.com Automated Import reports.

Separately, Bank of America upgraded shares of ArcelorMittal from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $30.00 to $32.90 in a research report on Thursday, November 14th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $31.17.

ArcelorMittal Price Performance

NYSE:MT opened at $28.71 on Friday. The stock’s 50-day moving average price is $24.20 and its 200-day moving average price is $24.00. ArcelorMittal has a 52 week low of $20.52 and a 52 week high of $29.38. The stock has a market capitalization of $23.52 billion, a PE ratio of 17.40, a price-to-earnings-growth ratio of 0.56 and a beta of 1.74. The company has a quick ratio of 0.59, a current ratio of 1.46 and a debt-to-equity ratio of 0.16.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings data on Thursday, February 6th. The basic materials company reported $0.52 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.09). ArcelorMittal had a net margin of 2.14% and a return on equity of 4.24%. As a group, equities analysts expect that ArcelorMittal will post 3.6 EPS for the current fiscal year.

Institutional Investors Weigh In On ArcelorMittal

Hedge funds have recently modified their holdings of the company. Geneos Wealth Management Inc. grew its stake in shares of ArcelorMittal by 89.6% in the 4th quarter. Geneos Wealth Management Inc. now owns 1,134 shares of the basic materials company’s stock valued at $26,000 after buying an additional 536 shares during the period. GAMMA Investing LLC grew its position in ArcelorMittal by 68.5% in the fourth quarter. GAMMA Investing LLC now owns 1,464 shares of the basic materials company’s stock worth $34,000 after acquiring an additional 595 shares during the period. Smartleaf Asset Management LLC grew its position in ArcelorMittal by 76.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 5,963 shares of the basic materials company’s stock worth $137,000 after acquiring an additional 2,586 shares during the period. Callan Family Office LLC acquired a new stake in ArcelorMittal during the fourth quarter worth $207,000. Finally, PNC Financial Services Group Inc. raised its position in ArcelorMittal by 23.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 9,076 shares of the basic materials company’s stock valued at $210,000 after purchasing an additional 1,702 shares during the period. Hedge funds and other institutional investors own 9.29% 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.