Bank of New York Mellon Corp decreased its holdings in shares of United States Steel Co. (NYSE:X) by 1.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,011,296 shares of the basic materials company’s stock after selling 35,519 shares during the quarter. Bank of New York Mellon Corp owned about 1.13% of United States Steel worth $69,892,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also bought and sold shares of X. Advisors Preferred LLC grew its position in shares of United States Steel by 131.7% during the 2nd quarter. Advisors Preferred LLC now owns 3,074 shares of the basic materials company’s stock valued at $107,000 after buying an additional 1,747 shares during the last quarter. NuWave Investment Management LLC acquired a new stake in United States Steel during the second quarter valued at approximately $189,000. Syntal Capital Partners LLC purchased a new stake in shares of United States Steel in the 2nd quarter valued at approximately $208,000. Hartford Investment Management Co. purchased a new stake in shares of United States Steel in the 2nd quarter valued at approximately $212,000. Finally, Zacks Investment Management acquired a new position in United States Steel in the 2nd quarter valued at approximately $218,000. Institutional investors and hedge funds own 63.23% of the company’s stock.
In other United States Steel news, CFO Kevin Bradley purchased 10,000 shares of the stock in a transaction dated Wednesday, November 7th. The stock was bought at an average price of $29.53 per share, for a total transaction of $295,300.00. Following the transaction, the chief financial officer now directly owns 102,785 shares in the company, valued at $3,035,241.05. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 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 transaction of $309,000.00. Following the sale, the vice president now owns 54,137 shares of the company’s stock, valued at approximately $1,394,027.75. The disclosure for this sale can be found here. Company insiders own 1.01% of the company’s stock.
Several brokerages have recently commented on X. ValuEngine upgraded shares of United States Steel from a “strong sell” rating to a “sell” rating in a research note on Thursday, November 1st. Morgan Stanley lowered shares of United States Steel from an “overweight” rating to an “underweight” rating and lowered their target price for the company from $44.00 to $30.00 in a research note on Monday, August 27th. Citigroup reduced their price target on shares of United States Steel from $45.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, November 6th. Longbow Research reduced their price objective on shares of United States Steel from $49.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, November 27th. Finally, BMO Capital Markets reduced their price objective on shares of United States Steel from $36.00 to $33.00 and set a “market perform” rating for the company in a report on Monday, November 5th. They noted that the move was a valuation call. Four analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company’s stock. United States Steel presently has a consensus rating of “Hold” and an average price target of $39.19.
X stock traded down $0.56 during trading on Thursday, hitting $22.01. 9,459,600 shares of the stock traded hands, compared to its average volume of 9,997,088. The company has a quick ratio of 0.99, a current ratio of 1.62 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $4.00 billion, a P/E ratio of 11.35, a P/E/G ratio of 0.52 and a beta of 2.88. United States Steel Co. has a one year low of $21.47 and a one year high of $47.64.
United States Steel (NYSE:X) last posted its quarterly earnings data 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 firm had revenue of $3.73 billion during the quarter, compared to analysts’ expectations of $3.67 billion. United States Steel had a net margin of 5.01% and a return on equity of 21.69%. The company’s quarterly revenue was up 14.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.92 EPS. As a group, research analysts expect that United States Steel Co. will post 5.48 earnings per share for the current year.
United States Steel declared that its board has authorized a stock repurchase program on Thursday, November 1st that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the basic materials company to reacquire up to 6.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 9th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.91%. The ex-dividend date of this dividend is Thursday, November 8th. United States Steel’s payout ratio is presently 10.31%.
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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