Principal Financial Group Inc. Increases Stock Holdings in United States Steel Co. (NYSE:X)

Principal Financial Group Inc. lifted its stake in United States Steel Co. (NYSE:XGet Rating) by 15.6% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 1,025,878 shares of the basic materials company’s stock after purchasing an additional 138,775 shares during the quarter. Principal Financial Group Inc.’s holdings in United States Steel were worth $18,374,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Arizona State Retirement System raised its stake in shares of United States Steel by 0.5% in the first quarter. Arizona State Retirement System now owns 73,048 shares of the basic materials company’s stock worth $2,757,000 after buying an additional 344 shares during the period. EPG Wealth Management LLC raised its stake in shares of United States Steel by 2.9% in the first quarter. EPG Wealth Management LLC now owns 14,252 shares of the basic materials company’s stock worth $538,000 after buying an additional 408 shares during the period. Versor Investments LP raised its stake in shares of United States Steel by 1.8% in the first quarter. Versor Investments LP now owns 24,000 shares of the basic materials company’s stock worth $906,000 after buying an additional 421 shares during the period. US Bancorp DE raised its stake in shares of United States Steel by 6.0% in the second quarter. US Bancorp DE now owns 8,678 shares of the basic materials company’s stock worth $155,000 after buying an additional 493 shares during the period. Finally, Journey Strategic Wealth LLC raised its stake in shares of United States Steel by 4.5% in the first quarter. Journey Strategic Wealth LLC now owns 11,395 shares of the basic materials company’s stock worth $430,000 after buying an additional 495 shares during the period. Institutional investors own 79.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. StockNews.com initiated coverage on United States Steel in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Morgan Stanley decreased their target price on United States Steel from $21.50 to $19.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 2nd. Credit Suisse Group decreased their target price on United States Steel from $44.00 to $37.00 and set an “outperform” rating on the stock in a research note on Friday, September 16th. The Goldman Sachs Group decreased their target price on United States Steel from $21.00 to $18.00 and set a “sell” rating on the stock in a research note on Thursday, October 6th. Finally, Citigroup lifted their target price on United States Steel to $27.00 in a research note on Tuesday, September 13th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $24.88.

United States Steel Stock Performance

NYSE:X opened at $25.85 on Wednesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.03 and a quick ratio of 1.37. United States Steel Co. has a 1 year low of $16.41 and a 1 year high of $39.25. The stock’s 50 day simple moving average is $20.70 and its two-hundred day simple moving average is $21.72. The company has a market cap of $6.06 billion, a price-to-earnings ratio of 2.15 and a beta of 2.14.

United States Steel (NYSE:XGet Rating) last released its quarterly earnings data on Friday, October 28th. The basic materials company reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.02. The business had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $4.99 billion. United States Steel had a return on equity of 35.74% and a net margin of 15.30%. The company’s revenue was down 12.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.36 EPS. As a group, equities analysts anticipate that United States Steel Co. will post 9.29 earnings per share for the current fiscal year.

United States Steel Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 8th. Stockholders of record on Monday, November 7th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.77%. The ex-dividend date is Friday, November 4th. United States Steel’s dividend payout ratio (DPR) is 1.66%.

United States Steel declared that its Board of Directors has approved a share buyback program on Thursday, July 28th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the basic materials company to reacquire up to 8.8% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

About United States Steel

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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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Institutional Ownership by Quarter for United States Steel (NYSE:X)

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