United States Steel (NYSE:X) Issues Q1 Earnings Guidance

United States Steel (NYSE:X) updated its first quarter earnings guidance on Monday. The company provided EPS guidance of $0.80-0.84 for the period, compared to the consensus EPS estimate of $0.89. United States Steel also updated its Q1 2024 guidance to 0.820-0.820 EPS.

United States Steel Stock Performance

X opened at $38.87 on Tuesday. The business’s 50 day moving average is $46.44 and its 200-day moving average is $39.72. The stock has a market cap of $8.70 billion, a PE ratio of 11.07 and a beta of 2.02. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 0.37. United States Steel has a twelve month low of $20.40 and a twelve month high of $50.20.

United States Steel (NYSE:X) last released its quarterly earnings results on Friday, February 2nd. The basic materials company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.46. The company had revenue of $4.14 billion for the quarter, compared to analysts’ expectations of $3.73 billion. United States Steel had a return on equity of 10.80% and a net margin of 4.96%. The business’s revenue for the quarter was down 4.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.87 earnings per share. On average, analysts predict that United States Steel will post 3.19 earnings per share for the current year.

United States Steel Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 13th. Investors of record on Monday, February 12th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, February 9th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.51%. United States Steel’s dividend payout ratio is presently 5.70%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. JPMorgan Chase & Co. assumed coverage on shares of United States Steel in a research note on Friday, January 12th. They set a neutral rating and a $52.00 price objective on the stock. StockNews.com assumed coverage on shares of United States Steel in a research note on Tuesday, March 12th. They set a hold rating on the stock. Finally, Morgan Stanley lowered shares of United States Steel from an overweight rating to an equal weight rating and raised their price objective for the company from $40.00 to $51.00 in a research note on Thursday, February 15th. One research analyst has rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Hold and an average target price of $32.78.

Hedge Funds Weigh In On United States Steel

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of United States Steel in the 4th quarter valued at $61,925,000. First Trust Advisors LP grew its stake in United States Steel by 155.8% during the first quarter. First Trust Advisors LP now owns 3,309,824 shares of the basic materials company’s stock worth $124,913,000 after buying an additional 2,015,980 shares during the last quarter. FIL Ltd bought a new stake in United States Steel during the fourth quarter worth about $65,678,000. Murchinson Ltd. bought a new stake in United States Steel during the fourth quarter worth about $61,365,000. Finally, Balyasny Asset Management L.P. grew its stake in shares of United States Steel by 930.3% during the first quarter. Balyasny Asset Management L.P. now owns 1,252,910 shares of the basic materials company’s stock valued at $32,701,000 after purchasing an additional 1,131,304 shares during the last quarter. Institutional investors and hedge funds own 74.60% of the company’s stock.

United States Steel Company Profile

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.