ArcelorMittal (NYSE:MT) Rating Lowered to “Hold” at Wall Street Zen

ArcelorMittal (NYSE:MT) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

A number of other analysts have also weighed in on MT. Wells Fargo & Company raised ArcelorMittal to a “hold” rating in a research report on Thursday, August 14th. Citigroup reaffirmed a “buy” rating on shares of ArcelorMittal in a research report on Wednesday. The Goldman Sachs Group reiterated a “neutral” rating on shares of ArcelorMittal in a research note on Friday. Weiss Ratings reiterated a “hold (c)” rating on shares of ArcelorMittal in a research note on Wednesday, October 8th. Finally, Barclays downgraded shares of ArcelorMittal from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, July 16th. Three equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, ArcelorMittal presently has an average rating of “Hold” and an average price target of $33.45.

ArcelorMittal Stock Down 6.0%

ArcelorMittal stock opened at $37.16 on Friday. ArcelorMittal has a twelve month low of $21.59 and a twelve month high of $41.28. The stock’s fifty day simple moving average is $34.78 and its 200-day simple moving average is $31.90. The company has a current ratio of 1.40, a quick ratio of 0.59 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $30.44 billion, a P/E ratio of 11.47, a P/E/G ratio of 0.16 and a beta of 1.69.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings data on Thursday, July 31st. The basic materials company reported $1.32 earnings per share for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.01). ArcelorMittal had a return on equity of 4.99% and a net margin of 4.11%.The company had revenue of $15.93 billion for the quarter, compared to analysts’ expectations of $15.48 billion. During the same period in the prior year, the company posted $0.63 EPS. The firm’s revenue was down 2.0% compared to the same quarter last year. As a group, equities analysts expect that ArcelorMittal will post 3.72 earnings per share for the current fiscal year.

Institutional Trading of ArcelorMittal

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Contravisory Investment Management Inc. increased its position in shares of ArcelorMittal by 5.1% during the third quarter. Contravisory Investment Management Inc. now owns 9,002 shares of the basic materials company’s stock worth $325,000 after purchasing an additional 438 shares in the last quarter. Moody National Bank Trust Division acquired a new stake in shares of ArcelorMittal during the third quarter worth about $240,000. GAMMA Investing LLC increased its position in shares of ArcelorMittal by 13.3% during the third quarter. GAMMA Investing LLC now owns 2,749 shares of the basic materials company’s stock worth $99,000 after purchasing an additional 323 shares in the last quarter. Osaic Holdings Inc. increased its position in shares of ArcelorMittal by 16.2% during the second quarter. Osaic Holdings Inc. now owns 16,796 shares of the basic materials company’s stock worth $530,000 after purchasing an additional 2,338 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its position in shares of ArcelorMittal by 8.2% during the second quarter. Tower Research Capital LLC TRC now owns 123,457 shares of the basic materials company’s stock worth $3,899,000 after purchasing an additional 9,401 shares in the last quarter. Institutional investors and hedge funds 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.