United States Steel (X) Bond Prices Fall 1.2%

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An issue of United States Steel Co. (NYSE:X) bonds fell 1.2% against their face value during trading on Tuesday. The debt issue has a 6.25% coupon and is set to mature on March 15, 2026. The bonds in the issue are now trading at $92.50 and were trading at $94.50 one week ago. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its share price.

A number of brokerages have recently weighed in on X. Bank of America reissued a “buy” rating and set a $31.00 price objective (up from $28.00) on shares of United States Steel in a research note on Wednesday, February 27th. Berenberg Bank raised shares of United States Steel from a “hold” rating to a “buy” rating and set a $30.00 price objective for the company in a research note on Thursday, February 21st. Argus dropped their price objective on shares of United States Steel from $30.00 to $6.00 and set a “buy” rating for the company in a research note on Friday, February 1st. They noted that the move was a valuation call. Morgan Stanley raised shares of United States Steel from an “underweight” rating to an “equal weight” rating and set a $22.00 price objective for the company in a research note on Monday, January 28th. Finally, Jefferies Financial Group cut shares of United States Steel from a “buy” rating to a “hold” rating and set a $21.15 price objective for the company. in a research note on Tuesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $29.27.

X stock traded down $0.58 during midday trading on Thursday, hitting $19.78. The stock had a trading volume of 6,946,409 shares, compared to its average volume of 9,978,817. The stock has a market capitalization of $3.53 billion, a P/E ratio of 3.69, a PEG ratio of 1.07 and a beta of 2.87. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.86 and a current ratio of 1.51. United States Steel Co. has a 12-month low of $17.08 and a 12-month high of $40.54.

United States Steel (NYSE:X) last released its earnings results on Wednesday, January 30th. The basic materials company reported $1.82 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.83 by ($0.01). The firm had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $3.77 billion. United States Steel had a return on equity of 25.39% and a net margin of 7.86%. The firm’s revenue was up 17.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.76 earnings per share. Research analysts forecast that United States Steel Co. will post 2.38 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Wednesday, February 13th were paid a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, February 12th. This represents a $0.20 annualized dividend and a yield of 1.01%. United States Steel’s payout ratio is currently 3.73%.

In other news, CFO Kevin Bradley bought 10,000 shares of the stock in a transaction on Friday, February 15th. The stock was purchased at an average cost of $22.79 per share, with a total value of $227,900.00. Following the purchase, the chief financial officer now owns 122,830 shares of the company’s stock, valued at $2,799,295.70. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.01% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Morgan Stanley grew its stake in shares of United States Steel by 8.4% during the 3rd quarter. Morgan Stanley now owns 1,909,374 shares of the basic materials company’s stock valued at $58,195,000 after buying an additional 147,262 shares during the period. Kentucky Retirement Systems purchased a new stake in shares of United States Steel during the 3rd quarter valued at $352,000. Victory Capital Management Inc. purchased a new stake in shares of United States Steel during the 3rd quarter valued at $1,886,000. Pitcairn Co. grew its stake in shares of United States Steel by 8.5% during the 4th quarter. Pitcairn Co. now owns 14,327 shares of the basic materials company’s stock valued at $262,000 after buying an additional 1,126 shares during the period. Finally, Retirement Systems of Alabama grew its stake in shares of United States Steel by 0.4% during the 4th quarter. Retirement Systems of Alabama now owns 229,840 shares of the basic materials company’s stock valued at $4,192,000 after buying an additional 813 shares during the period. 68.85% of the stock is owned by institutional investors.

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About United States Steel (NYSE:X)

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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