United States Steel (NYSE:X) Given New $40.00 Price Target at JPMorgan Chase & Co.

United States Steel (NYSE:X) had its target price lowered by equities research analysts at JPMorgan Chase & Co. from $44.00 to $40.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 10.95% from the stock’s current price.

X has been the subject of a number of other research reports. BMO Capital Markets cut their price target on shares of United States Steel from $43.00 to $40.00 and set an “outperform” rating for the company in a report on Friday, December 20th. Bank of America started coverage on United States Steel in a research report on Monday, January 6th. They issued a “neutral” rating and a $35.00 price objective for the company. Finally, Jefferies Financial Group reduced their target price on United States Steel from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $41.07.

United States Steel Trading Up 0.7 %

Shares of United States Steel stock opened at $36.05 on Friday. The stock’s 50 day simple moving average is $35.61 and its 200-day simple moving average is $37.18. The stock has a market cap of $8.12 billion, a P/E ratio of 23.72 and a beta of 1.88. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.67 and a quick ratio of 1.08. United States Steel has a 1-year low of $26.92 and a 1-year high of $48.85.

United States Steel (NYSE:X) last posted its quarterly earnings results 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 previous year, the firm earned $1.36 EPS. The company’s quarterly revenue was down 13.0% compared to the same quarter last year. Analysts predict that United States Steel will post 1.99 EPS for the current fiscal year.

Institutional Investors Weigh In On United States Steel

A number of hedge funds have recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. raised its stake in shares of United States Steel by 646.0% in the third quarter. Rockefeller Capital Management L.P. now owns 506,694 shares of the basic materials company’s stock valued at $17,902,000 after acquiring an additional 438,771 shares in the last quarter. Geode Capital Management LLC raised its position in United States Steel by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 3,839,684 shares of the basic materials company’s stock valued at $135,691,000 after purchasing an additional 37,528 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of United States Steel by 1.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,600,708 shares of the basic materials company’s stock valued at $91,883,000 after buying an additional 28,293 shares during the period. Water Island Capital LLC grew its position in shares of United States Steel by 5.3% during the second quarter. Water Island Capital LLC now owns 906,092 shares of the basic materials company’s stock worth $34,250,000 after buying an additional 45,567 shares in the last quarter. Finally, Oppenheimer & Co. Inc. purchased a new stake in shares of United States Steel during the third quarter worth approximately $608,000. 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.