Covestor Ltd Sells 661 Shares of United States Steel Co. (NYSE:X)

Covestor Ltd lessened its stake in United States Steel Co. (NYSE:X) by 21.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,467 shares of the basic materials company’s stock after selling 661 shares during the period. Covestor Ltd’s holdings in United States Steel were worth $87,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in X. Swiss National Bank boosted its holdings in United States Steel by 0.3% in the 1st quarter. Swiss National Bank now owns 440,600 shares of the basic materials company’s stock worth $17,968,000 after buying an additional 1,200 shares during the period. Headlands Technologies LLC purchased a new stake in shares of United States Steel during the first quarter worth $58,000. Russell Investments Group Ltd. boosted its holdings in shares of United States Steel by 5.8% in the first quarter. Russell Investments Group Ltd. now owns 212,829 shares of the basic materials company’s stock worth $8,679,000 after acquiring an additional 11,715 shares during the period. Entropy Technologies LP purchased a new position in shares of United States Steel in the first quarter valued at $586,000. Finally, State Board of Administration of Florida Retirement System lifted its holdings in United States Steel by 5.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 260,803 shares of the basic materials company’s stock worth $10,636,000 after purchasing an additional 13,444 shares in the last quarter. Institutional investors and hedge funds own 81.92% of the company’s stock.

United States Steel Trading Down 5.6 %

Shares of X stock opened at $37.78 on Thursday. The stock has a market capitalization of $8.51 billion, a PE ratio of 24.86 and a beta of 1.86. United States Steel Co. has a 1-year low of $26.92 and a 1-year high of $50.20. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.67 and a quick ratio of 1.08. The business has a 50-day moving average of $36.92 and a 200 day moving average of $37.80.

United States Steel (NYSE:X) last posted its earnings results on Thursday, October 31st. The basic materials company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.15. The company had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $3.77 billion. United States Steel had a return on equity of 6.01% and a net margin of 2.41%. United States Steel’s quarterly revenue was down 13.0% on a year-over-year basis. During the same period last year, the firm earned $1.36 earnings per share. As a group, sell-side analysts anticipate that United States Steel Co. will post 2.21 earnings per share for the current year.

United States Steel Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Monday, November 11th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date of this dividend is Friday, November 8th. United States Steel’s payout ratio is 13.16%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on X shares. JPMorgan Chase & Co. raised United States Steel from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $40.00 to $42.00 in a report on Monday, September 9th. Glj Research raised shares of United States Steel from a “sell” rating to a “buy” rating and set a $38.57 price target for the company in a research note on Monday, September 9th. Jefferies Financial Group dropped their price objective on shares of United States Steel from $47.00 to $41.00 and set a “buy” rating for the company in a report on Thursday, September 5th. BNP Paribas raised United States Steel from a “neutral” rating to an “outperform” rating and set a $40.00 target price on the stock in a research note on Friday, September 6th. Finally, Morgan Stanley lifted their price target on United States Steel from $48.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $42.80.

United States Steel Company Profile

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.