United States Steel (X) Given New $40.00 Price Target at Citigroup

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United States Steel (NYSE:X) had its price target trimmed by Citigroup from $45.00 to $40.00 in a report released on Tuesday. The brokerage currently has a buy rating on the basic materials company’s stock.

Several other analysts have also commented on the stock. ValuEngine lowered shares of United States Steel from a hold rating to a sell rating in a research report on Tuesday, October 2nd. Deutsche Bank lowered shares of United States Steel from a buy rating to a hold rating and decreased their price target for the company from $47.00 to $35.00 in a research report on Tuesday, October 2nd. Morgan Stanley lowered shares of United States Steel from an overweight rating to an underweight rating and decreased their price objective for the company from $44.00 to $30.00 in a research report on Monday, August 27th. TheStreet raised shares of United States Steel from a c rating to a b rating in a research report on Thursday, August 2nd. Finally, Credit Suisse Group decreased their price objective on shares of United States Steel from $55.00 to $48.00 in a research report on Thursday, August 23rd. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $39.72.

NYSE:X opened at $27.69 on Tuesday. United States Steel has a 1-year low of $24.84 and a 1-year high of $47.64. The stock has a market capitalization of $5.15 billion, a P/E ratio of 14.27, a price-to-earnings-growth ratio of 0.67 and a beta of 2.92. The company has a quick ratio of 0.99, a current ratio of 1.62 and a debt-to-equity ratio of 0.63.

United States Steel (NYSE:X) last released its quarterly earnings data on Friday, November 2nd. The basic materials company reported $1.79 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.73 by $0.06. United States Steel had a net margin of 5.01% and a return on equity of 21.69%. The company had revenue of $3.73 billion during the quarter, compared to analyst estimates of $3.67 billion. During the same period in the prior year, the firm earned $0.92 earnings per share. The firm’s revenue for the quarter was up 14.8% compared to the same quarter last year. Analysts predict that United States Steel will post 5.41 earnings per share for the current fiscal year.

United States Steel declared that its Board of Directors has authorized a stock buyback program on Thursday, November 1st that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the basic materials company to buy up to 6.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Investors of record on Friday, November 9th will be issued a $0.05 dividend. The ex-dividend date is Thursday, November 8th. This represents a $0.20 annualized dividend and a yield of 0.72%. United States Steel’s dividend payout ratio (DPR) is presently 10.31%.

In other United States Steel news, CFO Kevin Bradley purchased 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 7th. The shares were bought at an average price of $29.53 per share, for a total transaction of $295,300.00. Following the acquisition, the chief financial officer now owns 102,785 shares in the company, valued at $3,035,241.05. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.01% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC lifted its position in shares of United States Steel by 5.5% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 27,804 shares of the basic materials company’s stock valued at $988,000 after buying an additional 1,448 shares in the last quarter. Retirement Systems of Alabama lifted its position in shares of United States Steel by 0.6% during the 2nd quarter. Retirement Systems of Alabama now owns 228,930 shares of the basic materials company’s stock valued at $7,955,000 after buying an additional 1,458 shares in the last quarter. Louisiana State Employees Retirement System lifted its position in shares of United States Steel by 3.5% during the 2nd quarter. Louisiana State Employees Retirement System now owns 47,800 shares of the basic materials company’s stock valued at $1,661,000 after buying an additional 1,600 shares in the last quarter. D.A. Davidson & CO. lifted its position in shares of United States Steel by 23.2% during the 2nd quarter. D.A. Davidson & CO. now owns 8,892 shares of the basic materials company’s stock valued at $309,000 after buying an additional 1,676 shares in the last quarter. Finally, Advisors Preferred LLC lifted its position in shares of United States Steel by 131.7% during the 2nd quarter. Advisors Preferred LLC now owns 3,074 shares of the basic materials company’s stock valued at $107,000 after buying an additional 1,747 shares in the last quarter. 68.30% of the stock is currently owned by institutional investors and hedge funds.

About United States Steel

United States Steel Corporation produces and sells flat-rolled and tubular steel products primarily in North America and Europe. It operates through three segments: Flat-Rolled Products (Flat-Rolled), U. S. Steel Europe (USSE), and Tubular Products (Tubular). The Flat-Rolled segment offers slabs, rounds, strip mill plates, sheets, and tin mill products.

Further Reading: Reverse Stock Split

Analyst Recommendations for United States Steel (NYSE:X)

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