United States Steel Co. (NYSE:X)’s share price traded down 11.2% during trading on Thursday after Credit Suisse Group lowered their price target on the stock from $9.00 to $8.00. Credit Suisse Group currently has an underperform rating on the stock. United States Steel traded as low as $10.63 and last traded at $11.06, 44,234,002 shares were traded during mid-day trading. An increase of 282% from the average session volume of 11,576,203 shares. The stock had previously closed at $12.45.
Other equities analysts also recently issued research reports about the company. Bank of America reiterated an “underperform” rating and issued a $12.00 price objective on shares of United States Steel in a research note on Friday, May 31st. Barclays assumed coverage on United States Steel in a research note on Friday, September 6th. They issued an “overweight” rating on the stock. Macquarie downgraded United States Steel from an “outperform” rating to an “underperform” rating and dropped their price objective for the company from $18.00 to $9.00 in a research note on Thursday. ValuEngine downgraded United States Steel from a “sell” rating to a “strong sell” rating in a research note on Monday, August 26th. Finally, Vertical Group upgraded United States Steel from a “sell” rating to a “buy” rating in a research note on Wednesday, June 19th. Seven research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company’s stock. United States Steel presently has a consensus rating of “Hold” and a consensus target price of $17.95.
Hedge funds have recently modified their holdings of the business. CWM LLC raised its holdings in United States Steel by 448.6% during the 2nd quarter. CWM LLC now owns 11,016 shares of the basic materials company’s stock valued at $169,000 after acquiring an additional 9,008 shares during the period. Advisory Services Network LLC raised its holdings in United States Steel by 26.5% during the 1st quarter. Advisory Services Network LLC now owns 8,822 shares of the basic materials company’s stock valued at $172,000 after acquiring an additional 1,850 shares during the period. LSV Asset Management raised its holdings in United States Steel by 12.3% during the 2nd quarter. LSV Asset Management now owns 861,031 shares of the basic materials company’s stock valued at $13,182,000 after acquiring an additional 94,000 shares during the period. Bridgecreek Investment Management LLC bought a new stake in United States Steel during the 1st quarter valued at $610,000. Finally, Commonwealth Equity Services LLC increased its holdings in shares of United States Steel by 4.5% in the second quarter. Commonwealth Equity Services LLC now owns 102,817 shares of the basic materials company’s stock worth $1,574,000 after purchasing an additional 4,396 shares during the period. 60.77% of the stock is currently owned by institutional investors and hedge funds.
United States Steel (NYSE:X) last released its quarterly earnings results on Thursday, August 1st. The basic materials company reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.05. The firm had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.43 billion. United States Steel had a net margin of 6.95% and a return on equity of 19.27%. The business’s quarterly revenue was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.46 earnings per share. On average, research analysts expect that United States Steel Co. will post 0.68 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Wednesday, August 14th were paid a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $0.20 dividend on an annualized basis and a yield of 1.81%. United States Steel’s dividend payout ratio is presently 3.73%.
United States Steel Company Profile (NYSE:X)
United States Steel Corporation produces and sells flat-rolled and tubular steel products primarily in North America and Europe. It operates through three segments: North American Flat-Rolled (Flat-Rolled), 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 all iron ore and coke.
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