United States Steel (X) Reaches New 12-Month Low at $21.47

United States Steel Co. (NYSE:X)’s share price hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $21.47 and last traded at $21.95, with a volume of 6551284 shares trading hands. The stock had previously closed at $22.57.

A number of equities research analysts have weighed in on the stock. ValuEngine upgraded shares of United States Steel from a “strong sell” rating to a “sell” rating in a report on Thursday, November 1st. Morgan Stanley cut shares of United States Steel from an “overweight” rating to an “underweight” rating and cut their price objective for the stock from $44.00 to $30.00 in a report on Monday, August 27th. Citigroup cut their price objective on shares of United States Steel from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, November 6th. Longbow Research cut their price objective on shares of United States Steel from $49.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, November 27th. Finally, BMO Capital Markets cut their price objective on shares of United States Steel from $36.00 to $33.00 and set a “market perform” rating on the stock in a report on Monday, November 5th. They noted that the move was a valuation call. Four analysts have rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company’s stock. United States Steel currently has an average rating of “Hold” and a consensus target price of $39.19.

The stock has a market cap of $3.90 billion, a price-to-earnings ratio of 10.98, a P/E/G ratio of 0.50 and a beta of 2.88. The company has a current ratio of 1.62, a quick ratio of 0.99 and a debt-to-equity ratio of 0.63.

United States Steel (NYSE:X) last released its quarterly earnings results on Friday, November 2nd. The basic materials company reported $1.79 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.73 by $0.06. United States Steel had a net margin of 5.01% and a return on equity of 21.69%. The business had revenue of $3.73 billion for the quarter, compared to the consensus estimate of $3.67 billion. During the same period last year, the firm earned $0.92 earnings per share. The company’s quarterly revenue was up 14.8% on a year-over-year basis. On average, equities analysts forecast that United States Steel Co. will post 5.48 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Stockholders of record on Friday, November 9th will be paid a $0.05 dividend. The ex-dividend date is Thursday, November 8th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.94%. United States Steel’s dividend payout ratio (DPR) is presently 10.31%.

United States Steel announced that its Board of Directors has initiated a share buyback program on Thursday, November 1st that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the basic materials company to repurchase up to 6.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

In other news, CFO Kevin Bradley acquired 10,000 shares of United States Steel stock in a transaction dated Wednesday, November 7th. The stock was purchased at an average cost of $29.53 per share, with a total value of $295,300.00. Following the completion of the purchase, the chief financial officer now directly owns 102,785 shares in the company, valued at approximately $3,035,241.05. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP James E. Bruno sold 12,000 shares of the stock in a transaction on Tuesday, November 20th. The stock was sold at an average price of $25.75, for a total transaction of $309,000.00. Following the completion of the sale, the vice president now directly owns 54,137 shares of the company’s stock, valued at $1,394,027.75. The disclosure for this sale can be found here. Corporate insiders own 1.01% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. D.A. Davidson & CO. grew its stake in United States Steel by 23.2% during the second quarter. D.A. Davidson & CO. now owns 8,892 shares of the basic materials company’s stock valued at $309,000 after acquiring an additional 1,676 shares in the last quarter. Advisors Preferred LLC grew its stake in United States Steel by 131.7% during the second quarter. Advisors Preferred LLC now owns 3,074 shares of the basic materials company’s stock valued at $107,000 after acquiring an additional 1,747 shares in the last quarter. Commonwealth Equity Services LLC grew its stake in United States Steel by 3.2% during the second quarter. Commonwealth Equity Services LLC now owns 57,801 shares of the basic materials company’s stock valued at $2,009,000 after acquiring an additional 1,809 shares in the last quarter. Stone Ridge Asset Management LLC grew its stake in United States Steel by 38.3% during the third quarter. Stone Ridge Asset Management LLC now owns 9,005 shares of the basic materials company’s stock valued at $274,000 after acquiring an additional 2,495 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in United States Steel by 26.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,836 shares of the basic materials company’s stock valued at $446,000 after acquiring an additional 2,716 shares in the last quarter. 63.23% of the stock is owned by institutional investors.

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About United States Steel (NYSE:X)

United States Steel Corporation produces and sells flat-rolled and tubular steel products primarily in North America and Europe. It operates through three segments: Flat-Rolled Products (Flat-Rolled), U. S. Steel Europe (USSE), and Tubular Products (Tubular). The Flat-Rolled segment offers slabs, rounds, strip mill plates, sheets, and tin mill products.

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