Covestor Ltd Has $84,000 Stake in United States Steel Co. (NYSE:X)

Covestor Ltd reduced its stake in United States Steel Co. (NYSE:X) by 25.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,067 shares of the basic materials company’s stock after selling 721 shares during the quarter. Covestor Ltd’s holdings in United States Steel were worth $84,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Third Point LLC raised its holdings in shares of United States Steel by 15.8% in the fourth quarter. Third Point LLC now owns 5,500,000 shares of the basic materials company’s stock valued at $267,575,000 after purchasing an additional 750,000 shares during the last quarter. Donald Smith & CO. Inc. increased its stake in United States Steel by 11.0% in the 4th quarter. Donald Smith & CO. Inc. now owns 4,513,531 shares of the basic materials company’s stock valued at $219,583,000 after buying an additional 447,186 shares during the last quarter. Norges Bank bought a new stake in United States Steel during the 4th quarter worth about $200,952,000. Charles Schwab Investment Management Inc. boosted its stake in shares of United States Steel by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,498,737 shares of the basic materials company’s stock worth $121,564,000 after buying an additional 94,080 shares during the last quarter. Finally, PSquared Asset Management AG grew its holdings in shares of United States Steel by 1.0% in the 4th quarter. PSquared Asset Management AG now owns 2,370,000 shares of the basic materials company’s stock valued at $105,658,000 after acquiring an additional 23,700 shares in the last quarter. 81.92% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

X has been the subject of a number of recent analyst reports. Jefferies Financial Group assumed coverage on United States Steel in a research report on Monday, May 20th. They issued a “buy” rating and a $45.00 price objective for the company. StockNews.com initiated coverage on shares of United States Steel in a report on Thursday, July 18th. They issued a “hold” rating on the stock. BMO Capital Markets upgraded shares of United States Steel from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $43.00 to $45.00 in a research note on Wednesday, June 26th. Wolfe Research upgraded shares of United States Steel from a “peer perform” rating to an “outperform” rating and set a $46.00 price target on the stock in a research note on Tuesday, April 9th. Finally, Morgan Stanley upgraded shares of United States Steel from an “equal weight” rating to an “overweight” rating and cut their price objective for the stock from $51.00 to $48.00 in a research report on Monday, May 6th. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $40.00.

United States Steel Price Performance

X stock traded up $0.35 during mid-day trading on Wednesday, hitting $39.83. The stock had a trading volume of 1,249,999 shares, compared to its average volume of 3,804,337. The firm has a fifty day simple moving average of $37.61 and a 200 day simple moving average of $41.31. The firm has a market capitalization of $8.96 billion, a P/E ratio of 11.58 and a beta of 1.93. The company has a current ratio of 1.71, a quick ratio of 1.14 and a debt-to-equity ratio of 0.36. United States Steel Co. has a 52 week low of $22.26 and a 52 week high of $50.20.

United States Steel (NYSE:X) last issued its earnings results on Thursday, May 2nd. The basic materials company reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.01. United States Steel had a return on equity of 10.61% and a net margin of 4.89%. The firm had revenue of $4.16 billion for the quarter, compared to the consensus estimate of $4.22 billion. As a group, research analysts forecast that United States Steel Co. will post 2.49 EPS for the current year.

United States Steel Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Monday, May 13th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date of this dividend was Friday, May 10th. United States Steel’s payout ratio is 5.87%.

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.