Walleye Capital LLC bought a new position in shares of United States Steel Co. (NYSE:X – Get Rating) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 20,017 shares of the basic materials company’s stock, valued at approximately $359,000.
A number of other hedge funds also recently bought and sold shares of the stock. Rocky Mountain Advisers LLC lifted its holdings in shares of United States Steel by 80.0% during the 2nd quarter. Rocky Mountain Advisers LLC now owns 1,800 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 800 shares during the last quarter. Catalyst Capital Advisors LLC purchased a new stake in shares of United States Steel during the 1st quarter valued at $36,000. Fortitude Advisory Group L.L.C. purchased a new stake in shares of United States Steel during the 1st quarter valued at $38,000. Cullen Frost Bankers Inc. purchased a new stake in shares of United States Steel during the 2nd quarter valued at $38,000. Finally, Elequin Capital LP acquired a new position in shares of United States Steel in the 1st quarter valued at $46,000. Hedge funds and other institutional investors own 79.08% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities analysts recently issued reports on X shares. The Goldman Sachs Group cut their target price on United States Steel from $21.00 to $18.00 and set a “sell” rating on the stock in a research report on Thursday, October 6th. Morgan Stanley cut their target price on United States Steel from $21.50 to $19.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 2nd. StockNews.com started coverage on United States Steel in a research report on Wednesday, October 12th. They issued a “hold” rating on the stock. Citigroup upped their target price on United States Steel to $27.00 in a research report on Tuesday, September 13th. Finally, Credit Suisse Group cut their target price on United States Steel from $44.00 to $37.00 and set an “outperform” rating on the stock in a research report on Friday, September 16th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $24.88.
United States Steel Price Performance
United States Steel (NYSE:X – Get Rating) last posted its earnings results on Friday, October 28th. The basic materials company reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.93 by $0.02. United States Steel had a return on equity of 35.74% and a net margin of 15.30%. The firm had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $4.99 billion. During the same period last year, the firm earned $5.36 EPS. The company’s quarterly revenue was down 12.8% on a year-over-year basis. Research analysts predict that United States Steel Co. will post 9.29 earnings per share for the current year.
United States Steel Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 8th. Stockholders of record on Monday, November 7th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date of this dividend is Friday, November 4th. United States Steel’s dividend payout ratio (DPR) is presently 1.66%.
United States Steel declared that its Board of Directors has authorized a share buyback plan on Thursday, July 28th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to repurchase up to 8.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
United States Steel Company Profile
United States Steel Corporation produces and sells flat-rolled and tubular steel products primarily in North America and Europe. It operates through four segments: North American Flat-Rolled (Flat-Rolled), Mini Mill, U. S. Steel Europe (USSE), and Tubular Products (Tubular). The Flat-Rolled segment offers slabs, strip mill plates, sheets, and tin mill products, as well as iron ore and coke.
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