United States Steel (NYSE:X) Shares Up 10.2% – Here’s What Happened

United States Steel Co. (NYSE:X)’s stock price shot up 10.2% on Tuesday . The company traded as high as $34.29 and last traded at $34.20. 5,787,128 shares traded hands during trading, an increase of 25% from the average session volume of 4,619,719 shares. The stock had previously closed at $31.03.

Analyst Ratings Changes

Several analysts recently commented on X shares. BNP Paribas raised shares of United States Steel from a “neutral” rating to an “outperform” rating and set a $40.00 price objective on the stock in a report on Friday, September 6th. JPMorgan Chase & Co. raised United States Steel from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $40.00 to $42.00 in a report on Monday, September 9th. Jefferies Financial Group lowered their target price on United States Steel from $47.00 to $41.00 and set a “buy” rating on the stock in a report on Thursday, September 5th. Glj Research raised 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. Finally, BMO Capital Markets lowered their price objective on shares of United States Steel from $43.00 to $40.00 and set an “outperform” rating on the stock in a research note on Friday, December 20th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $42.37.

United States Steel Stock Down 0.5 %

The firm has a market cap of $7.62 billion, a price-to-earnings ratio of 22.26 and a beta of 1.83. The firm has a fifty day moving average price of $36.92 and a 200-day moving average price of $37.42. The company has a quick ratio of 1.08, a current ratio of 1.67 and a debt-to-equity ratio of 0.35.

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

United States Steel Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 11th. Shareholders of record on Monday, November 11th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.59%. The ex-dividend date was Friday, November 8th. United States Steel’s dividend payout ratio (DPR) is presently 13.16%.

Hedge Funds Weigh In On United States Steel

Large investors have recently modified their holdings of the company. B. Riley Wealth Advisors Inc. lifted its holdings in shares of United States Steel by 27.1% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 55,904 shares of the basic materials company’s stock valued at $1,963,000 after acquiring an additional 11,905 shares in the last quarter. Oddo BHF Asset Management Sas acquired a new position in shares of United States Steel during the third quarter worth $883,000. Wilmington Savings Fund Society FSB purchased a new position in shares of United States Steel in the third quarter valued at $59,000. Sanctuary Advisors LLC boosted its stake in shares of United States Steel by 17.5% in the third quarter. Sanctuary Advisors LLC now owns 15,416 shares of the basic materials company’s stock valued at $602,000 after purchasing an additional 2,300 shares during the period. Finally, Geode Capital Management LLC grew its holdings in United States Steel by 1.0% during 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. 81.92% of the stock is currently owned by hedge funds and other institutional investors.

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.