Chicago Equity Partners LLC lowered its position in United States Steel Co. (NYSE:X) by 6.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 204,750 shares of the basic materials company’s stock after selling 13,450 shares during the period. Chicago Equity Partners LLC owned about 0.12% of United States Steel worth $6,241,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of the business. Nomura Holdings Inc. increased its stake in shares of United States Steel by 103.2% during the second quarter. Nomura Holdings Inc. now owns 54,373 shares of the basic materials company’s stock worth $1,889,000 after purchasing an additional 1,748,567 shares in the last quarter. Pelham Capital Ltd. purchased a new stake in shares of United States Steel during the second quarter worth about $50,388,000. Luminus Management LLC increased its stake in shares of United States Steel by 88.9% during the second quarter. Luminus Management LLC now owns 2,491,501 shares of the basic materials company’s stock worth $86,580,000 after purchasing an additional 1,172,525 shares in the last quarter. Allianz Asset Management GmbH increased its stake in shares of United States Steel by 261.9% during the first quarter. Allianz Asset Management GmbH now owns 907,501 shares of the basic materials company’s stock worth $31,935,000 after purchasing an additional 656,726 shares in the last quarter. Finally, Hodges Capital Management Inc. increased its stake in shares of United States Steel by 31.4% during the third quarter. Hodges Capital Management Inc. now owns 1,373,722 shares of the basic materials company’s stock worth $41,871,000 after purchasing an additional 328,492 shares in the last quarter. Institutional investors and hedge funds own 68.30% of the company’s stock.
Shares of NYSE X opened at $29.06 on Wednesday. United States Steel Co. has a 12-month low of $24.84 and a 12-month high of $47.64. The stock has a market cap of $4.96 billion, a P/E ratio of 14.98, a price-to-earnings-growth ratio of 0.60 and a beta of 2.92. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.62 and a quick ratio of 0.99.
United States Steel (NYSE:X) last posted its earnings results on Friday, November 2nd. The basic materials company reported $1.79 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.06. The company had revenue of $3.73 billion for the quarter, compared to analyst estimates of $3.67 billion. United States Steel had a net margin of 5.01% and a return on equity of 21.69%. United States Steel’s revenue was up 14.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.92 EPS. As a group, equities analysts forecast that United States Steel Co. will post 5.82 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 9th will be issued a $0.05 dividend. The ex-dividend date is Thursday, November 8th. This represents a $0.20 annualized dividend and a yield of 0.69%. United States Steel’s payout ratio is 10.31%.
United States Steel declared that its board has authorized a stock repurchase plan on Thursday, November 1st that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the basic materials company to purchase up to 6.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
A number of analysts have recently commented on X shares. Zacks Investment Research raised shares of United States Steel from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a research note on Tuesday, July 17th. ValuEngine raised shares of United States Steel from a “sell” rating to a “hold” rating in a research note on Wednesday, September 26th. Morgan Stanley cut shares of United States Steel from an “overweight” rating to an “underweight” rating and dropped their price objective for the company from $44.00 to $30.00 in a research note on Monday, August 27th. Deutsche Bank cut shares of United States Steel from a “buy” rating to a “hold” rating and dropped their price objective for the company from $47.00 to $35.00 in a research note on Tuesday, October 2nd. Finally, Seaport Global Securities initiated coverage on shares of United States Steel in a research note on Thursday, October 11th. They set a “buy” rating and a $35.00 price objective for the company. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $39.72.
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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 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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