United States Steel (NYSE:X) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “U.S. Steel has outperformed the industry it belongs to over the past six months. The company is actively engaged in improving its cost structure and operations through the Carnegie Way initiative. It should also gain from healthy automotive demand and actions to expand its foothold in this key market. The company remains focused on bringing more products in the automotive market. However, U.S. Steel is facing certain operational issues in its Flat-Rolled unit. Moreover, downtime related to asset revitalization is expected to affect its volumes.”
X has been the topic of a number of other reports. Bank of America downgraded United States Steel from a “buy” rating to a “neutral” rating and set a $50.00 price target on the stock. in a report on Friday, March 2nd. ValuEngine raised United States Steel from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Longbow Research raised United States Steel from a “neutral” rating to a “buy” rating in a report on Wednesday, December 20th. Argus reaffirmed a “buy” rating and set a $52.00 price target (up from $41.00) on shares of United States Steel in a report on Wednesday, February 21st. Finally, Citigroup raised United States Steel from a “sell” rating to a “neutral” rating in a report on Monday, January 22nd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $37.00.
United States Steel (NYSE:X) last released its earnings results on Wednesday, January 31st. The basic materials company reported $0.76 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.09. United States Steel had a return on equity of 12.56% and a net margin of 3.16%. The business had revenue of $3.13 billion for the quarter, compared to the consensus estimate of $3.10 billion. During the same period in the previous year, the company posted $0.27 earnings per share. The company’s revenue for the quarter was up 18.2% compared to the same quarter last year. equities analysts expect that United States Steel will post 4.01 EPS for the current fiscal year.
In other United States Steel news, VP Colleen M. Darragh sold 1,060 shares of the stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $37.85, for a total value of $40,121.00. Following the transaction, the vice president now owns 18,076 shares of the company’s stock, valued at $684,176.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Sara A. Greenstein sold 2,613 shares of the stock in a transaction dated Thursday, March 1st. The shares were sold at an average price of $45.33, for a total value of $118,447.29. Following the completion of the transaction, the vice president now directly owns 51,250 shares in the company, valued at approximately $2,323,162.50. The disclosure for this sale can be found here. In the last three months, insiders sold 128,831 shares of company stock worth $5,195,060. 1.00% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the business. BlackRock Inc. increased its position in United States Steel by 0.8% in the fourth quarter. BlackRock Inc. now owns 14,848,328 shares of the basic materials company’s stock worth $522,514,000 after buying an additional 116,386 shares in the last quarter. Slate Path Capital LP increased its position in United States Steel by 47.1% in the fourth quarter. Slate Path Capital LP now owns 3,280,000 shares of the basic materials company’s stock worth $115,423,000 after buying an additional 1,050,000 shares in the last quarter. Millennium Management LLC increased its position in United States Steel by 23,428.9% in the fourth quarter. Millennium Management LLC now owns 2,210,301 shares of the basic materials company’s stock worth $77,780,000 after buying an additional 2,200,907 shares in the last quarter. Bank of New York Mellon Corp increased its position in United States Steel by 2.7% in the fourth quarter. Bank of New York Mellon Corp now owns 2,023,402 shares of the basic materials company’s stock worth $71,203,000 after buying an additional 53,069 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in United States Steel by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 1,477,929 shares of the basic materials company’s stock worth $52,008,000 after buying an additional 23,879 shares in the last quarter. 68.34% of the stock is currently owned by institutional investors.
About United States Steel
United States Steel Corporation 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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