United States Steel Corp. (X) Bonds Trading 2.8% Lower
An issue of United States Steel Corp. (NYSE:X) bonds fell 2.8% against their face value during trading on Thursday. The high-yield debt issue has a 7.5% coupon and will mature on March 15, 2022. The bonds in the issue are now trading at $97.75 and were trading at $99.75 one week ago. Price moves in a company’s bonds in credit markets sometimes predict parallel moves in its share price.
Several brokerages have weighed in on X. Credit Suisse Group AG set a $29.00 price objective on United States Steel Corp. and gave the company a “buy” rating in a research note on Saturday, October 8th. JPMorgan Chase & Co. restated an “overweight” rating on shares of United States Steel Corp. in a research note on Monday, September 26th. Jefferies Group set a $18.00 price objective on United States Steel Corp. and gave the company a “hold” rating in a research note on Thursday, September 15th. Zacks Investment Research cut United States Steel Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, August 31st. Finally, Vetr upgraded United States Steel Corp. from a “buy” rating to a “strong-buy” rating and set a $21.99 price objective on the stock in a research note on Tuesday, August 30th. Five equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $19.84.
Shares of United States Steel Corp. (NYSE:X) opened at 16.45 on Friday. The stock’s 50 day moving average price is $18.22 and its 200-day moving average price is $18.58. United States Steel Corp. has a 12 month low of $6.15 and a 12 month high of $27.64. The company’s market cap is $2.41 billion.
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United States Steel Corp. (NYSE:X) last announced its quarterly earnings results on Tuesday, July 26th. The company reported ($0.31) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.18. The firm had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.68 billion. United States Steel Corp. had a negative return on equity of 20.96% and a negative net margin of 15.09%. The company’s quarterly revenue was down 10.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.79) earnings per share. Equities research analysts expect that United States Steel Corp. will post $3.26 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently bought and sold shares of X. Anchor Bolt Capital LP increased its position in United States Steel Corp. by 473.2% in the second quarter. Anchor Bolt Capital LP now owns 4,694,947 shares of the company’s stock worth $79,157,000 after buying an additional 3,875,834 shares in the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in United States Steel Corp. during the first quarter worth $41,730,000. Allianz Asset Management AG increased its position in United States Steel Corp. by 361.3% in the second quarter. Allianz Asset Management AG now owns 2,795,482 shares of the company’s stock worth $47,132,000 after buying an additional 2,189,432 shares in the last quarter. Impala Asset Management LLC increased its position in United States Steel Corp. by 192.5% in the second quarter. Impala Asset Management LLC now owns 2,854,325 shares of the company’s stock worth $48,124,000 after buying an additional 1,878,547 shares in the last quarter. Finally, Bocage Capital LLC increased its position in United States Steel Corp. by 201.4% in the first quarter. Bocage Capital LLC now owns 912,283 shares of the company’s stock worth $14,642,000 after buying an additional 1,812,283 shares in the last quarter. 63.51% of the stock is currently owned by institutional investors.
About United States Steel Corp.
United States Steel Corporation (U. S. Steel) is an integrated steel producer. The Company is engaged in producing flat-rolled and tubular products with production operations in North America and Europe. The Company operates through three segments: Flat-Rolled Products (Flat-Rolled), U. S. Steel Europe (USSE) and Tubular Products (Tubular).
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