Longbow Research downgraded shares of United States Steel (NYSE:X) from a buy rating to a neutral rating in a research note published on Friday morning, MarketBeat reports. Longbow Research currently has $21.40 price objective on the basic materials company’s stock.
A number of other research firms have also weighed in on X. ValuEngine lowered shares of United States Steel from a hold rating to a sell rating in a report on Tuesday, October 2nd. Deutsche Bank lowered shares of United States Steel from a buy rating to a hold rating and cut their target price for the company from $47.00 to $35.00 in a report on Tuesday, October 2nd. Citigroup lowered their price target on United States Steel from $45.00 to $40.00 and set a buy rating for the company in a research report on Tuesday, November 6th. Seaport Global Securities initiated coverage on United States Steel in a research report on Thursday, October 11th. They issued a buy rating and a $35.00 price target for the company. Finally, BMO Capital Markets lowered 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. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $36.51.
X traded up $0.28 during trading on Friday, reaching $21.50. 8,154,125 shares of the company traded hands, compared to its average volume of 7,629,579. 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 has a 12-month low of $17.08 and a 12-month high of $47.64. The firm has a market cap of $3.76 billion, a P/E ratio of 4.90, a price-to-earnings-growth ratio of 0.59 and a beta of 2.77.
United States Steel (NYSE:X) last announced its quarterly earnings data on Friday, November 2nd. The basic materials company reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.06. United States Steel had a net margin of 5.01% and a return on equity of 21.69%. The business had revenue of $3.73 billion during the quarter, compared to analyst estimates of $3.67 billion. During the same period last year, the firm posted $0.92 EPS. The company’s revenue was up 14.8% on a year-over-year basis. On average, sell-side analysts anticipate that United States Steel will post 5.37 earnings per share for the current year.
United States Steel announced that its board has authorized a stock repurchase program on Thursday, November 1st that allows the company to buyback $300.00 million in shares. This buyback authorization allows the basic materials company to purchase up to 6.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.
In other United States Steel news, CFO Kevin Bradley bought 10,000 shares of the firm’s stock in a transaction dated Thursday, December 13th. The stock was acquired at an average cost of $20.33 per share, for a total transaction of $203,300.00. Following the completion of the transaction, the chief financial officer now owns 112,830 shares in the company, valued at $2,293,833.90. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, VP James E. Bruno sold 12,000 shares of United States Steel stock in a transaction 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 sale, the vice president now owns 54,137 shares of the company’s stock, 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.
Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of United States Steel by 1.2% during the third quarter. Vanguard Group Inc. now owns 16,224,060 shares of the basic materials company’s stock valued at $494,509,000 after buying an additional 194,618 shares during the period. Vanguard Group Inc grew its stake in United States Steel by 1.2% in the third quarter. Vanguard Group Inc now owns 16,224,060 shares of the basic materials company’s stock valued at $494,509,000 after purchasing an additional 194,618 shares during the last quarter. BlackRock Inc. grew its stake in United States Steel by 4.3% in the third quarter. BlackRock Inc. now owns 15,829,392 shares of the basic materials company’s stock valued at $482,480,000 after purchasing an additional 654,678 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in United States Steel by 4.8% in the third quarter. Dimensional Fund Advisors LP now owns 4,921,315 shares of the basic materials company’s stock valued at $149,998,000 after purchasing an additional 223,665 shares during the last quarter. Finally, Luminus Management LLC grew its stake in United States Steel by 34.2% in the third quarter. Luminus Management LLC now owns 3,342,501 shares of the basic materials company’s stock valued at $101,879,000 after purchasing an additional 851,000 shares during the last quarter. Institutional investors and hedge funds own 63.20% of the company’s stock.
About United States Steel
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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