Virginia Retirement Systems ET AL Grows Stake in United States Steel Co. (NYSE:X)
Virginia Retirement Systems ET AL grew its position in United States Steel Co. (NYSE:X) by 14.5% during the 2nd quarter, Holdings Channel.com reports. The firm owned 54,500 shares of the basic materials company’s stock after purchasing an additional 6,900 shares during the period. Virginia Retirement Systems ET AL’s holdings in United States Steel were worth $834,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in X. Quadrant Capital Group LLC grew its holdings in United States Steel by 1,151.3% in the first quarter. Quadrant Capital Group LLC now owns 2,440 shares of the basic materials company’s stock worth $45,000 after purchasing an additional 2,245 shares during the last quarter. NEXT Financial Group Inc grew its holdings in shares of United States Steel by 139.8% during the second quarter. NEXT Financial Group Inc now owns 3,153 shares of the basic materials company’s stock valued at $48,000 after buying an additional 1,838 shares during the last quarter. Truvestments Capital LLC purchased a new stake in shares of United States Steel during the first quarter valued at $67,000. Investors Research Corp purchased a new stake in shares of United States Steel during the first quarter valued at $76,000. Finally, Trustcore Financial Services LLC purchased a new stake in shares of United States Steel during the second quarter valued at $92,000. 62.02% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have recently weighed in on X. Bank of America reissued an “underperform” rating and set a $12.00 price objective on shares of United States Steel in a report on Friday, May 31st. UBS Group lowered shares of United States Steel from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $22.00 to $10.00 in a report on Wednesday, May 8th. Deutsche Bank lowered shares of United States Steel from a “hold” rating to a “sell” rating and set a $12.64 price objective on the stock. in a report on Thursday, May 30th. Goldman Sachs Group lowered shares of United States Steel from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $17.00 to $11.00 in a report on Tuesday, June 4th. Finally, Vertical Group raised shares of United States Steel from a “sell” rating to a “buy” rating in a report on Wednesday, June 19th. Six equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $18.94.
United States Steel (NYSE:X) last posted its earnings results on Thursday, August 1st. The basic materials company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.05. The company had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.43 billion. United States Steel had a net margin of 6.95% and a return on equity of 19.27%. The firm’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.46 earnings per share. On average, analysts expect that United States Steel Co. will post 0.68 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Wednesday, August 14th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Tuesday, August 13th. This represents a $0.20 dividend on an annualized basis and a yield of 1.66%. United States Steel’s dividend payout ratio is presently 3.73%.
United States Steel Profile
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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