United States Steel Co. (NYSE:X – Get Rating) – Equities researchers at KeyCorp raised their FY2023 earnings estimates for United States Steel in a report issued on Monday, November 21st. KeyCorp analyst P. Gibbs now forecasts that the basic materials company will earn $1.63 per share for the year, up from their previous estimate of $1.25. The consensus estimate for United States Steel’s current full-year earnings is $9.29 per share.
United States Steel (NYSE:X – Get Rating) last released its quarterly earnings results on Friday, October 28th. The basic materials company reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.93 by $0.02. The firm had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $4.99 billion. United States Steel had a net margin of 15.30% and a return on equity of 35.74%. The company’s revenue for the quarter was down 12.8% on a year-over-year basis. During the same quarter last year, the firm earned $5.36 earnings per share.
United States Steel Stock Performance
NYSE:X opened at $26.01 on Thursday. The company has a 50 day simple moving average of $20.93 and a two-hundred day simple moving average of $21.77. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.37 and a current ratio of 2.03. United States Steel has a fifty-two week low of $16.41 and a fifty-two week high of $39.25. The company has a market capitalization of $6.09 billion, a PE ratio of 2.16 and a beta of 2.14.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of X. Dimensional Fund Advisors LP grew its position in United States Steel by 13.5% during the third quarter. Dimensional Fund Advisors LP now owns 10,771,233 shares of the basic materials company’s stock valued at $195,183,000 after acquiring an additional 1,284,547 shares during the last quarter. GQG Partners LLC bought a new position in shares of United States Steel during the first quarter valued at approximately $351,087,000. First Trust Advisors LP raised its stake in United States Steel by 46.2% during the third quarter. First Trust Advisors LP now owns 3,890,460 shares of the basic materials company’s stock valued at $70,495,000 after buying an additional 1,229,322 shares during the last quarter. AQR Capital Management LLC raised its position in shares of United States Steel by 163.2% in the 2nd quarter. AQR Capital Management LLC now owns 3,235,338 shares of the basic materials company’s stock worth $56,942,000 after purchasing an additional 2,006,222 shares during the last quarter. Finally, Marshall Wace LLP grew its holdings in shares of United States Steel by 23.2% during the third quarter. Marshall Wace LLP now owns 2,811,971 shares of the basic materials company’s stock valued at $50,950,000 after buying an additional 530,212 shares during the last quarter. 79.08% of the stock is currently owned by institutional investors.
United States Steel Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 8th. Investors of record on Monday, November 7th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.77%. The ex-dividend date is Friday, November 4th. United States Steel’s dividend payout ratio is 1.66%.
United States Steel declared that its board has authorized a stock repurchase plan on Thursday, July 28th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the basic materials company to repurchase up to 8.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are 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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