United States Steel Co. (NYSE:X – Get Free Report)’s stock price fell 4.3% during mid-day trading on Monday . The company traded as low as $39.93 and last traded at $39.99. 4,868,884 shares traded hands during trading, an increase of 32% from the average session volume of 3,679,009 shares. The stock had previously closed at $41.79.
Analysts Set New Price Targets
A number of brokerages have issued reports on X. Jefferies Financial Group started coverage on United States Steel in a research note on Monday, May 20th. They set a “buy” rating and a $45.00 price objective for the company. Morgan Stanley boosted their price target on United States Steel from $48.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday. StockNews.com started coverage on United States Steel in a research note on Monday. They issued a “hold” rating for the company. BMO Capital Markets upgraded United States Steel from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $43.00 to $45.00 in a research note on Wednesday, June 26th. Finally, JPMorgan Chase & Co. decreased their price target on United States Steel from $43.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, July 16th. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $40.13.
United States Steel Stock Down 6.0 %
The company has a fifty day simple moving average of $38.94 and a 200-day simple moving average of $40.37. The company has a quick ratio of 1.14, a current ratio of 1.72 and a debt-to-equity ratio of 0.36. The firm has a market cap of $8.83 billion, a P/E ratio of 11.52 and a beta of 1.93.
United States Steel (NYSE:X – Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The basic materials company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.12. United States Steel had a return on equity of 7.93% and a net margin of 3.40%. The business had revenue of $4.12 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the previous year, the company posted $1.92 earnings per share. United States Steel’s revenue for the quarter was down 17.8% on a year-over-year basis. On average, equities analysts anticipate that United States Steel Co. will post 2.38 earnings per share for the current year.
United States Steel Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 11th. Stockholders of record on Monday, August 12th will be given a $0.05 dividend. The ex-dividend date is Monday, August 12th. This represents a $0.20 annualized dividend and a dividend yield of 0.51%. United States Steel’s payout ratio is 5.87%.
Institutional Investors Weigh In On United States Steel
Hedge funds have recently made changes to their positions in the company. Norges Bank purchased a new stake in United States Steel during the fourth quarter valued at approximately $200,952,000. Massachusetts Financial Services Co. MA raised its position in United States Steel by 4,305.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,634,364 shares of the basic materials company’s stock valued at $137,379,000 after purchasing an additional 3,551,870 shares during the period. KRYGER CAPITAL Ltd purchased a new stake in United States Steel during the fourth quarter valued at approximately $95,529,000. Segantii Capital Management Ltd purchased a new stake in United States Steel during the fourth quarter valued at approximately $68,840,000. Finally, Bank of Nova Scotia purchased a new stake in United States Steel during the fourth quarter valued at approximately $53,338,000. 81.92% of the stock is currently owned by hedge funds and other institutional investors.
About United States Steel
United States Steel Corporation produces and sells flat-rolled and tubular steel products primarily in North America and Europe. The company operates through North American Flat-Rolled (Flat-Rolled), Mini Mill, U. S. Steel Europe (USSE), and Tubular Products (Tubular) segments. The Flat-Rolled segment offers slabs, strip mill plates, sheets, and tin mill products, as well as iron ore and coke.