Retirement Systems of Alabama lifted its position in United States Steel Co. (NYSE:X) by 0.4% in the 4th quarter, Holdings Channel reports. The firm owned 229,840 shares of the basic materials company’s stock after purchasing an additional 813 shares during the quarter. Retirement Systems of Alabama’s holdings in United States Steel were worth $4,192,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently made changes to their positions in the company. Exane Derivatives raised its position in United States Steel by 364,000.0% during the third quarter. Exane Derivatives now owns 3,641 shares of the basic materials company’s stock valued at $112,000 after acquiring an additional 3,640 shares in the last quarter. Trustcore Financial Services LLC purchased a new position in United States Steel during the third quarter valued at approximately $128,000. Truvestments Capital LLC purchased a new position in United States Steel during the third quarter valued at approximately $143,000. Point72 Hong Kong Ltd purchased a new position in United States Steel during the third quarter valued at approximately $156,000. Finally, Macquarie Group Ltd. raised its position in United States Steel by 252.8% during the third quarter. Macquarie Group Ltd. now owns 6,350 shares of the basic materials company’s stock valued at $194,000 after acquiring an additional 4,550 shares in the last quarter. Hedge funds and other institutional investors own 63.20% of the company’s stock.
Shares of X opened at $20.63 on Thursday. The company has a current ratio of 1.62, a quick ratio of 0.99 and a debt-to-equity ratio of 0.63. United States Steel Co. has a 12 month low of $17.08 and a 12 month high of $47.64. The company has a market capitalization of $3.69 billion, a price-to-earnings ratio of 10.63, a price-to-earnings-growth ratio of 0.58 and a beta of 2.77.
United States Steel (NYSE:X) last issued its quarterly earnings data on Friday, November 2nd. The basic materials company reported $1.79 EPS for the quarter, beating the consensus estimate of $1.73 by $0.06. United States Steel had a return on equity of 21.69% and a net margin of 5.01%. The company had revenue of $3.73 billion for the quarter, compared to analyst estimates of $3.67 billion. During the same period last year, the company earned $0.92 earnings per share. United States Steel’s quarterly revenue was up 14.8% compared to the same quarter last year. Research analysts anticipate that United States Steel Co. will post 5.39 earnings per share for the current year.
United States Steel announced that its Board of Directors has initiated a share buyback program 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 shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its stock is undervalued.
X has been the subject of several recent research reports. ValuEngine upgraded United States Steel from a “sell” rating to a “hold” rating in a research report on Wednesday, September 26th. Deutsche Bank cut United States Steel from a “buy” rating to a “hold” rating and reduced their price target for the company from $47.00 to $35.00 in a research report on Tuesday, October 2nd. Seaport Global Securities initiated coverage on United States Steel in a research report on Thursday, October 11th. They set a “buy” rating and a $35.00 price target for the company. BMO Capital Markets reduced their price target on United States Steel from $36.00 to $33.00 and set a “market perform” rating for the company in a research report on Monday, November 5th. They noted that the move was a valuation call. Finally, Citigroup dropped their price objective on United States Steel from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, November 6th. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $37.67.
In other news, CFO Kevin Bradley purchased 10,000 shares of the stock in a transaction dated Wednesday, November 7th. The shares were purchased 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 of the company’s stock, valued at approximately $3,035,241.05. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP James E. Bruno sold 12,000 shares of United States Steel stock in a transaction that occurred on Tuesday, November 20th. The stock was sold at an average price of $25.75, for a total value of $309,000.00. Following the completion of the sale, the vice president now directly owns 54,137 shares in the company, valued at $1,394,027.75. The disclosure for this sale can be found here. 1.01% of the stock is currently owned by company insiders.
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United States Steel 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.
Further Reading: Momentum Indicator: Relative Strength Index
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