United States Steel (NYSE:X) Shares Gap Down – Here’s What Happened

Shares of United States Steel Co. (NYSE:X) gapped down before the market opened on Friday . The stock had previously closed at $40.51, but opened at $39.25. United States Steel shares last traded at $39.77, with a volume of 660,338 shares traded.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. BNP Paribas raised United States Steel from a “neutral” rating to an “outperform” rating and set a $40.00 target price on the stock in a research report on Friday, September 6th. BMO Capital Markets lowered their price objective on shares of United States Steel from $45.00 to $43.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Morgan Stanley increased their target price on shares of United States Steel from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. StockNews.com began coverage on shares of United States Steel in a research note on Monday, August 19th. They issued a “hold” rating on the stock. Finally, JPMorgan Chase & Co. upgraded United States Steel from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $40.00 to $42.00 in a report on Monday, September 9th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $42.80.

United States Steel Stock Down 2.6 %

The company has a current ratio of 1.67, a quick ratio of 1.08 and a debt-to-equity ratio of 0.35. The firm’s 50 day moving average price is $37.78 and its two-hundred day moving average price is $37.85. The company has a market capitalization of $8.89 billion, a price-to-earnings ratio of 26.14 and a beta of 1.86.

United States Steel (NYSE:X) last announced its quarterly earnings results on Thursday, October 31st. The basic materials company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.15. United States Steel had a return on equity of 6.01% and a net margin of 2.41%. The firm had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $3.77 billion. During the same quarter in the previous year, the business earned $1.36 earnings per share. The business’s revenue was down 13.0% compared to the same quarter last year. Sell-side analysts anticipate that United States Steel Co. will post 2.21 earnings per share for the current fiscal year.

United States Steel Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Monday, November 11th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.51%. The ex-dividend date of this dividend is Friday, November 8th. United States Steel’s payout ratio is presently 13.16%.

Hedge Funds Weigh In On United States Steel

A number of large investors have recently made changes to their positions in the company. Rothschild Investment LLC acquired a new stake in United States Steel in the 2nd quarter worth about $26,000. Palouse Capital Management Inc. bought a new position in shares of United States Steel during the third quarter worth approximately $35,000. Blue Trust Inc. raised its position in shares of United States Steel by 339.0% in the second quarter. Blue Trust Inc. now owns 1,001 shares of the basic materials company’s stock valued at $41,000 after buying an additional 773 shares in the last quarter. Gladius Capital Management LP bought a new stake in shares of United States Steel in the third quarter valued at approximately $39,000. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in United States Steel during the second quarter worth approximately $46,000. Institutional investors own 81.92% 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.