Bank of America Begins Coverage on United States Steel (NYSE:X)

Equities research analysts at Bank of America assumed coverage on shares of United States Steel (NYSE:X) in a research report issued on Monday. The firm set a “neutral” rating and a $35.00 price target on the basic materials company’s stock. Bank of America‘s price objective points to a potential upside of 10.24% from the stock’s current price.

A number of other equities analysts have also recently weighed in on X. BMO Capital Markets reduced their price target on United States Steel from $43.00 to $40.00 and set an “outperform” rating for the company in a report on Friday, December 20th. JPMorgan Chase & Co. raised shares of United States Steel from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $40.00 to $42.00 in a research note on Monday, September 9th. Jefferies Financial Group reduced their price objective on shares of United States Steel from $45.00 to $40.00 and set a “buy” rating for the company in a research report on Monday. Finally, Glj Research upgraded shares of United States Steel from a “sell” rating to a “buy” rating and set a $38.57 target price on the stock in a research report on Monday, September 9th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, United States Steel currently has an average rating of “Moderate Buy” and a consensus target price of $41.32.

United States Steel Stock Performance

Shares of X stock traded up $1.28 during mid-day trading on Monday, reaching $31.75. The stock had a trading volume of 5,386,644 shares, compared to its average volume of 14,192,878. The company has a current ratio of 1.67, a quick ratio of 1.08 and a debt-to-equity ratio of 0.35. United States Steel has a 1-year low of $26.92 and a 1-year high of $48.85. The firm has a market cap of $7.15 billion, a price-to-earnings ratio of 20.89 and a beta of 1.88. The business’s fifty day moving average is $36.62 and its 200-day moving average is $37.34.

United States Steel (NYSE:X) last released its quarterly earnings data on Thursday, October 31st. The basic materials company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.41 by $0.15. United States Steel had a return on equity of 6.01% and a net margin of 2.41%. The business had revenue of $3.85 billion for the quarter, compared to analyst estimates of $3.77 billion. During the same quarter in the prior year, the firm posted $1.36 EPS. The business’s quarterly revenue was down 13.0% compared to the same quarter last year. On average, research analysts forecast that United States Steel will post 2.17 earnings per share for the current year.

Hedge Funds Weigh In On United States Steel

Several institutional investors and hedge funds have recently bought and sold shares of the company. Palouse Capital Management Inc. purchased a new position in United States Steel in the third quarter valued at $35,000. Gladius Capital Management LP purchased a new position in shares of United States Steel in the 3rd quarter valued at about $39,000. GAMMA Investing LLC lifted its stake in United States Steel by 50.0% during the fourth quarter. GAMMA Investing LLC now owns 1,326 shares of the basic materials company’s stock worth $45,000 after purchasing an additional 442 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in United States Steel in the second quarter valued at approximately $46,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in United States Steel in the third quarter valued at approximately $59,000. 81.92% 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. The company operates through North American Flat-Rolled (Flat-Rolled), Mini Mill, U. S. Steel Europe (USSE), and Tubular Products (Tubular) segments. The Flat-Rolled segment offers slabs, strip mill plates, sheets, and tin mill products, as well as iron ore and coke.