United States Steel Co. (NYSE:X) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System lessened its stake in shares of United States Steel Co. (NYSE:XGet Rating) by 7.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 503,100 shares of the basic materials company’s stock after selling 39,817 shares during the period. California Public Employees Retirement System’s holdings in United States Steel were worth $9,011,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Bornite Capital Management LP grew its stake in United States Steel by 300.0% during the 1st quarter. Bornite Capital Management LP now owns 400,000 shares of the basic materials company’s stock valued at $15,096,000 after acquiring an additional 300,000 shares in the last quarter. Venture Visionary Partners LLC grew its stake in United States Steel by 6.4% during the 1st quarter. Venture Visionary Partners LLC now owns 14,316 shares of the basic materials company’s stock valued at $540,000 after acquiring an additional 867 shares in the last quarter. Arizona State Retirement System grew its stake in United States Steel by 0.5% during the 1st quarter. Arizona State Retirement System now owns 73,048 shares of the basic materials company’s stock valued at $2,757,000 after acquiring an additional 344 shares in the last quarter. Versor Investments LP grew its stake in United States Steel by 1.8% during the 1st quarter. Versor Investments LP now owns 24,000 shares of the basic materials company’s stock valued at $906,000 after acquiring an additional 421 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in United States Steel by 12.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 37,694 shares of the basic materials company’s stock valued at $1,423,000 after acquiring an additional 4,202 shares in the last quarter. Institutional investors and hedge funds own 79.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Morgan Stanley dropped their price objective on shares of United States Steel from $21.50 to $19.00 and set an “equal weight” rating for the company in a research note on Wednesday, November 2nd. StockNews.com began coverage on shares of United States Steel in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Citigroup increased their price target on shares of United States Steel to $27.00 in a research note on Tuesday, September 13th. Credit Suisse Group dropped their price target on shares of 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. Finally, The Goldman Sachs Group dropped their price target on shares of United States Steel from $21.00 to $18.00 and set a “sell” rating for the company in a research note on Thursday, October 6th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, United States Steel currently has an average rating of “Hold” and a consensus target price 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 quick ratio of 1.37 and a current ratio of 2.03. The stock has a market capitalization of $6.06 billion, a P/E ratio of 2.15 and a beta of 2.14. The company has a 50 day moving average price of $20.70 and a 200 day moving average price of $21.72. United States Steel Co. has a fifty-two week low of $16.41 and a fifty-two week high of $39.25.

United States Steel (NYSE:XGet Rating) last posted its quarterly earnings data on Friday, October 28th. The basic materials company reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.02. The firm had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $4.99 billion. United States Steel had a net margin of 15.30% and a return on equity of 35.74%. The firm’s quarterly revenue was down 12.8% on a year-over-year basis. During the same quarter last year, the company posted $5.36 EPS. Equities research analysts forecast that United States Steel Co. will post 9.29 EPS for the current year.

United States Steel Dividend Announcement

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

United States Steel declared that its board has authorized a share buyback 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 shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

United States Steel Company Profile

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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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