Oct 31, 2023 Lowers ArcelorMittal (NYSE:MT) to Hold

ArcelorMittal (NYSE:MT - Get Free Report) was downgraded by from a "buy" rating to a "hold" rating in a report issued on Friday.

MT stock opened at $26.05 on Friday. The company has a market cap of $20.98 billion, a PE ratio of 5.34 and a beta of 1.89. The company has a current ratio of 1.63, a quick ratio of 0.68 and a debt-to-equity ratio of 0.15. ArcelorMittal has a 12-month low of $19.25 and a 12-month high of $32.49. The stock has a 50-day moving average price of $27.22 and a two-hundred day moving average price of $27.97.

ArcelorMittal (NYSE:MT - Get Free Report) last issued its quarterly earnings data on Wednesday, July 26th. The basic materials company reported $2.20 EPS for the quarter, topping analysts' consensus estimates of $1.81 by $0.39. The firm had revenue of $18.61 billion for the quarter, compared to analyst estimates of $17.41 billion. ArcelorMittal had a net margin of 5.77% and a return on equity of 9.88%. The firm's revenue was down 16.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.24 EPS. As a group, research analysts predict that ArcelorMittal will post 5.22 EPS for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Arrowstreet Capital Limited Partnership increased its stake in ArcelorMittal by 1,300.7% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 5,349,935 shares of the basic materials company's stock valued at $171,251,000 after buying an additional 4,967,981 shares during the period. Bank of Montreal Can acquired a new position in shares of ArcelorMittal during the 2nd quarter valued at about $62,305,000. BlackRock Inc. boosted its holdings in shares of ArcelorMittal by 96.3% during the 1st quarter. BlackRock Inc. now owns 3,706,360 shares of the basic materials company's stock worth $118,642,000 after buying an additional 1,818,361 shares during the period. Renaissance Technologies LLC bought a new position in ArcelorMittal in the 1st quarter worth $54,502,000. Finally, Marshall Wace LLP increased its stake in shares of ArcelorMittal by 317.3% in the second quarter. Marshall Wace LLP now owns 1,774,156 shares of the basic materials company's stock worth $48,505,000 after purchasing an additional 1,349,018 shares during the period. 5.24% of the stock is owned by institutional investors and hedge funds.

ArcelorMittal SA, together with its subsidiaries, operates as integrated steel and mining companies in the Americas, Europe, Asia, and Africa. 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.

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