Pinebridge Investments L.P. decreased its stake in United States Steel Co. (NYSE:X – Get Rating) by 40.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,427 shares of the basic materials company’s stock after selling 14,162 shares during the period. Pinebridge Investments L.P.’s holdings in United States Steel were worth $771,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of X. Byrne Asset Management LLC bought a new position in United States Steel during the fourth quarter worth about $26,000. Rational Advisors LLC bought a new stake in shares of United States Steel during the fourth quarter worth approximately $27,000. Catalyst Capital Advisors LLC bought a new stake in shares of United States Steel during the first quarter worth approximately $36,000. Rocky Mountain Advisers LLC bought a new stake in shares of United States Steel during the first quarter worth approximately $38,000. Finally, First Quadrant LLC CA bought a new stake in shares of United States Steel during the first quarter worth approximately $45,000. Institutional investors own 79.08% of the company’s stock.
Analyst Upgrades and Downgrades
X has been the subject of a number of research analyst reports. UBS Group set a $23.00 price objective on United States Steel in a report on Monday, June 20th. Credit Suisse Group dropped their price target on shares of United States Steel from $49.00 to $44.00 and set an “outperform” rating for the company in a research report on Friday, June 17th. BMO Capital Markets dropped their price target on shares of United States Steel from $30.00 to $23.00 in a research report on Friday, June 17th. Morgan Stanley lifted their price target on shares of United States Steel from $20.00 to $21.50 and gave the company an “equal weight” rating in a research report on Monday, August 1st. Finally, The Goldman Sachs Group dropped their price target on shares of United States Steel from $36.00 to $22.00 and set a “sell” rating for the company in a research report on Tuesday, May 31st. Three research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat, United States Steel currently has an average rating of “Hold” and an average target price of $29.05.
United States Steel Stock Down 6.8 %
Shares of X opened at $23.67 on Wednesday. United States Steel Co. has a one year low of $16.41 and a one year high of $39.25. The company has a market cap of $5.62 billion, a P/E ratio of 1.38 and a beta of 2.16. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.98 and a quick ratio of 1.32. The firm has a 50 day simple moving average of $21.20 and a two-hundred day simple moving average of $26.45.
United States Steel (NYSE:X – Get Rating) last announced its quarterly earnings data on Thursday, July 28th. The basic materials company reported $3.86 EPS for the quarter, beating the consensus estimate of $3.85 by $0.01. United States Steel had a net margin of 21.59% and a return on equity of 49.21%. The business had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $5.82 billion. During the same period in the previous year, the business earned $3.37 earnings per share. The company’s revenue was up 25.2% on a year-over-year basis. Research analysts forecast that United States Steel Co. will post 9.92 EPS for the current fiscal year.
United States Steel Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 8th. Stockholders of record on Monday, August 8th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, August 5th. This represents a $0.20 annualized dividend and a dividend yield of 0.84%. United States Steel’s dividend payout ratio (DPR) is presently 1.17%.
United States Steel declared that its Board of Directors has initiated a stock repurchase program on Thursday, July 28th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the basic materials company to purchase up to 8.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
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 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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