United States Steel Co. (NYSE:X) shares hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $21.47 and last traded at $21.95, with a volume of 6551284 shares traded. The stock had previously closed at $22.57.
X has been the subject of several research reports. Credit Suisse Group cut their price objective on United States Steel from $55.00 to $48.00 in a research report on Thursday, August 23rd. TD Securities reiterated an “average” rating on shares of United States Steel in a report on Monday, November 12th. Seaport Global Securities initiated coverage on United States Steel in a report on Thursday, October 11th. They issued a “buy” rating and a $35.00 price target for the company. Citigroup cut their price target on United States Steel from $45.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, November 6th. Finally, Longbow Research cut their price target on United States Steel from $49.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, November 27th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company’s stock. United States Steel presently has an average rating of “Hold” and an average price target of $39.19.
The company has a quick ratio of 0.99, a current ratio of 1.62 and a debt-to-equity ratio of 0.63. The firm has a market cap of $4.00 billion, a price-to-earnings ratio of 11.35, a price-to-earnings-growth ratio of 0.52 and a beta of 2.88.
United States Steel (NYSE:X) last issued its quarterly earnings results on Friday, November 2nd. The basic materials company reported $1.79 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.73 by $0.06. The company had revenue of $3.73 billion during the quarter, compared to the consensus estimate of $3.67 billion. United States Steel had a return on equity of 21.69% and a net margin of 5.01%. United States Steel’s revenue was up 14.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.92 EPS. On average, research analysts expect that United States Steel Co. will post 5.48 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Stockholders of record on Friday, November 9th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, November 8th. This represents a $0.20 annualized dividend and a dividend yield of 0.91%. United States Steel’s dividend payout ratio is presently 10.31%.
United States Steel announced that its Board of Directors has initiated a stock buyback plan on Thursday, November 1st that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the basic materials company to purchase up to 6.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
In other news, VP James E. Bruno sold 12,000 shares of the business’s stock in a transaction on Tuesday, November 20th. The shares were sold at an average price of $25.75, for a total transaction of $309,000.00. Following the completion of the sale, the vice president now directly owns 54,137 shares of the company’s stock, valued at approximately $1,394,027.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kevin Bradley acquired 10,000 shares of the stock in a transaction dated Wednesday, November 7th. The shares were bought at an average cost of $29.53 per share, with a total value of $295,300.00. Following the completion of the purchase, the chief financial officer now directly owns 102,785 shares in the company, valued at $3,035,241.05. The disclosure for this purchase can be found here. 1.01% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in X. Bank of Montreal Can grew its stake in shares of United States Steel by 20.1% during the 2nd quarter. Bank of Montreal Can now owns 18,473 shares of the basic materials company’s stock valued at $642,000 after buying an additional 3,092 shares during the period. Janney Montgomery Scott LLC boosted its position in United States Steel by 44.0% during the 2nd quarter. Janney Montgomery Scott LLC now owns 29,484 shares of the basic materials company’s stock worth $1,025,000 after purchasing an additional 9,012 shares during the period. Raymond James Financial Services Advisors Inc. boosted its position in United States Steel by 36.4% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 147,096 shares of the basic materials company’s stock worth $5,112,000 after purchasing an additional 39,290 shares during the period. Commonwealth Equity Services LLC boosted its position in United States Steel by 3.2% during the 2nd quarter. Commonwealth Equity Services LLC now owns 57,801 shares of the basic materials company’s stock worth $2,009,000 after purchasing an additional 1,809 shares during the period. Finally, First Trust Advisors LP boosted its position in United States Steel by 67.5% during the 2nd quarter. First Trust Advisors LP now owns 335,247 shares of the basic materials company’s stock worth $11,650,000 after purchasing an additional 135,057 shares during the period. 63.23% of the stock is owned by institutional investors.
About United States Steel (NYSE:X)
United States Steel Corporation produces and sells flat-rolled and tubular steel products primarily in North America and Europe. It operates through three segments: Flat-Rolled Products (Flat-Rolled), U. S. Steel Europe (USSE), and Tubular Products (Tubular). The Flat-Rolled segment offers slabs, rounds, strip mill plates, sheets, and tin mill products.
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