StockNews.com Initiates Coverage on United States Steel (NYSE:X)

StockNews.com began coverage on shares of United States Steel (NYSE:X) in a research note issued on Tuesday. The brokerage set a “hold” rating on the basic materials company’s stock.

X has been the subject of several other research reports. Jefferies Financial Group began coverage on shares of United States Steel in a research report on Monday, May 20th. They set a “buy” rating and a $45.00 price objective for the company. BMO Capital Markets raised shares of United States Steel from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $43.00 to $45.00 in a research report on Wednesday, June 26th. Morgan Stanley raised shares of United States Steel from an “equal weight” rating to an “overweight” rating and cut their price objective for the company from $51.00 to $48.00 in a research report on Monday, May 6th. JPMorgan Chase & Co. cut their price objective on shares of United States Steel from $47.00 to $43.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Finally, Wolfe Research raised 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 report on Tuesday, April 9th. Seven research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $38.78.

United States Steel Stock Performance

Shares of X stock opened at $39.26 on Tuesday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.14 and a current ratio of 1.71. United States Steel has a one year low of $22.26 and a one year high of $50.20. The company has a 50 day moving average price of $37.31 and a 200 day moving average price of $42.31. The firm has a market capitalization of $8.83 billion, a price-to-earnings ratio of 11.51 and a beta of 1.93.

United States Steel (NYSE:X) last announced its earnings results on Thursday, May 2nd. The basic materials company reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.01. United States Steel had a net margin of 4.89% and a return on equity of 10.61%. The business had revenue of $4.16 billion during the quarter, compared to the consensus estimate of $4.22 billion. Sell-side analysts anticipate that United States Steel will post 2.66 EPS for the current year.

Hedge Funds Weigh In On United States Steel

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pacific Capital Wealth Advisors Inc. bought a new position in United States Steel during the 4th quarter valued at approximately $25,000. Byrne Asset Management LLC boosted its stake in United States Steel by 1,140.0% during the 1st quarter. Byrne Asset Management LLC now owns 620 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 570 shares during the last quarter. GAMMA Investing LLC bought a new position in shares of United States Steel during the 4th quarter valued at $33,000. Riverview Trust Co bought a new position in United States Steel in the 1st quarter worth $29,000. Finally, Pineridge Advisors LLC bought a new position in United States Steel in the 4th quarter worth $44,000. 81.92% of the stock is currently owned by hedge funds and other institutional investors.

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.