Third Point LLC grew its position in shares of United States Steel Co. (NYSE:X – Free Report) by 15.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,500,000 shares of the basic materials company’s stock after purchasing an additional 750,000 shares during the quarter. United States Steel makes up 4.0% of Third Point LLC’s holdings, making the stock its 7th biggest holding. Third Point LLC owned approximately 2.46% of United States Steel worth $267,575,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the company. Donald Smith & CO. Inc. raised its position in shares of United States Steel by 11.0% during the fourth quarter. Donald Smith & CO. Inc. now owns 4,513,531 shares of the basic materials company’s stock worth $219,583,000 after acquiring an additional 447,186 shares during the last quarter. KGH Ltd raised its position in shares of United States Steel by 7.5% during the third quarter. KGH Ltd now owns 4,488,769 shares of the basic materials company’s stock worth $145,795,000 after acquiring an additional 315,000 shares during the last quarter. Norges Bank bought a new position in shares of United States Steel during the fourth quarter worth about $200,952,000. Charles Schwab Investment Management Inc. raised its position in shares of United States Steel by 3.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,498,737 shares of the basic materials company’s stock worth $121,564,000 after acquiring an additional 94,080 shares during the last quarter. Finally, PSquared Asset Management AG raised its position in shares of United States Steel by 1.0% during the fourth quarter. PSquared Asset Management AG now owns 2,370,000 shares of the basic materials company’s stock worth $105,658,000 after acquiring an additional 23,700 shares during the last quarter. 81.92% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
X has been the subject of a number of analyst reports. Morgan Stanley upgraded United States Steel from an “equal weight” rating to an “overweight” rating and lowered their price objective for the stock from $51.00 to $48.00 in a research report on Monday, May 6th. BMO Capital Markets lowered their target price on United States Steel from $55.00 to $45.00 and set a “market perform” rating for the company in a report on Tuesday, March 19th. Jefferies Financial Group started coverage on United States Steel in a report on Monday, May 20th. They issued a “buy” rating and a $45.00 target price for the company. Wolfe Research upgraded United States Steel from a “peer perform” rating to an “outperform” rating and set a $46.00 target price for the company in a report on Tuesday, April 9th. Finally, StockNews.com started coverage on United States Steel in a report on Saturday. They issued a “hold” rating for the company. Eight equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $38.78.
United States Steel Stock Performance
United States Steel stock remained flat at $37.24 during mid-day trading on Wednesday. The company’s stock had a trading volume of 2,142,652 shares, compared to its average volume of 4,076,889. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.71 and a quick ratio of 1.14. United States Steel Co. has a 12-month low of $22.26 and a 12-month high of $50.20. The company has a fifty day simple moving average of $38.31 and a 200-day simple moving average of $42.28. The stock has a market cap of $8.37 billion, a price-to-earnings ratio of 10.93 and a beta of 1.99.
United States Steel (NYSE:X – Get Free Report) last announced its quarterly earnings results on Thursday, May 2nd. The basic materials company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.01. United States Steel had a return on equity of 10.61% and a net margin of 4.89%. The business had revenue of $4.16 billion during the quarter, compared to the consensus estimate of $4.22 billion. On average, research analysts forecast that United States Steel Co. will post 2.86 earnings per share for the current fiscal year.
United States Steel Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Monday, May 13th will be issued a dividend of $0.05 per share. The ex-dividend date is Friday, May 10th. This represents a $0.20 annualized dividend and a yield of 0.54%. United States Steel’s dividend payout ratio (DPR) is currently 5.87%.
United States Steel Company Profile
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.