United States Steel Co. (NYSE:X – Get Rating) – Stock analysts at KeyCorp reduced their Q3 2022 EPS estimates for shares of United States Steel in a research note issued to investors on Tuesday, September 20th. KeyCorp analyst P. Gibbs now forecasts that the basic materials company will post earnings of $1.95 per share for the quarter, down from their previous forecast of $2.20. The consensus estimate for United States Steel’s current full-year earnings is $9.92 per share. KeyCorp also issued estimates for United States Steel’s FY2022 earnings at $10.05 EPS.
X has been the subject of a number of other reports. JPMorgan Chase & Co. lowered their price target on United States Steel from $34.00 to $28.00 and set an “underweight” rating for the company in a report on Tuesday, June 14th. Credit Suisse Group cut their price target on United States Steel from $44.00 to $37.00 and set an “outperform” rating for the company in a research note on Friday, September 16th. Citigroup upped their price target on United States Steel to $27.00 in a research note on Tuesday, September 13th. StockNews.com cut United States Steel from a “buy” rating to a “hold” rating in a research note on Friday, July 29th. Finally, The Goldman Sachs Group cut their price objective on United States Steel from $36.00 to $22.00 and set a “sell” rating for the company in a research report on Tuesday, May 31st. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $25.61.
United States Steel Stock Down 0.9 %
United States Steel (NYSE:X – Get Rating) last posted its quarterly earnings results on Thursday, July 28th. The basic materials company reported $3.86 EPS for the quarter, topping the consensus estimate of $3.85 by $0.01. The business had revenue of $6.29 billion for the quarter, compared to analyst estimates of $5.82 billion. United States Steel had a return on equity of 49.21% and a net margin of 21.59%. The company’s quarterly revenue was up 25.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.37 EPS.
United States Steel Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 8th. Stockholders of record on Monday, August 8th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date of this dividend was Friday, August 5th. United States Steel’s dividend payout ratio is presently 1.17%.
United States Steel announced that its board has initiated a stock repurchase program on Thursday, July 28th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the basic materials company to buy up to 8.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.
Institutional Investors Weigh In On United States Steel
Institutional investors and hedge funds have recently modified their holdings of the stock. GQG Partners LLC purchased a new position in shares of United States Steel during the first quarter valued at $351,087,000. Dimensional Fund Advisors LP boosted its stake in shares of United States Steel by 11.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,969,346 shares of the basic materials company’s stock worth $263,015,000 after acquiring an additional 742,370 shares in the last quarter. Soroban Capital Partners LP bought a new stake in shares of United States Steel during the 4th quarter worth about $146,173,000. Geode Capital Management LLC boosted its stake in shares of United States Steel by 10.6% during the 4th quarter. Geode Capital Management LLC now owns 4,441,360 shares of the basic materials company’s stock worth $106,304,000 after acquiring an additional 424,496 shares in the last quarter. Finally, First Trust Advisors LP boosted its stake in shares of United States Steel by 155.8% during the 1st quarter. First Trust Advisors LP now owns 3,309,824 shares of the basic materials company’s stock worth $124,913,000 after acquiring an additional 2,015,980 shares in the last quarter. 79.08% of the stock is 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. It operates through four segments: North American Flat-Rolled (Flat-Rolled), Mini Mill, U. S. Steel Europe (USSE), and Tubular Products (Tubular). The Flat-Rolled segment offers slabs, strip mill plates, sheets, and tin mill products, as well as iron ore and coke.
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