Stone Ridge Asset Management LLC boosted its position in United States Steel Co. (NYSE:X) by 38.3% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 9,005 shares of the basic materials company’s stock after acquiring an additional 2,495 shares during the period. Stone Ridge Asset Management LLC’s holdings in United States Steel were worth $274,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Advisors Preferred LLC increased its position in shares of 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 buying an additional 1,747 shares during the period. Exane Derivatives increased its position in shares of United States Steel by 364,000.0% during the third quarter. Exane Derivatives now owns 3,641 shares of the basic materials company’s stock valued at $112,000 after buying an additional 3,640 shares during the period. Truvestments Capital LLC bought a new stake in shares of United States Steel during the third quarter valued at about $143,000. NuWave Investment Management LLC bought a new stake in shares of United States Steel during the second quarter valued at about $189,000. Finally, Syntal Capital Partners LLC bought a new stake in shares of United States Steel during the second quarter valued at about $208,000. Institutional investors and hedge funds own 68.67% of the company’s stock.
Shares of X opened at $25.72 on Friday. The company has a market capitalization of $4.66 billion, a price-to-earnings ratio of 6.07, a PEG ratio of 0.61 and a beta of 2.92. The company has a quick ratio of 0.99, a current ratio of 1.62 and a debt-to-equity ratio of 0.63. United States Steel Co. has a 1 year low of $24.84 and a 1 year high of $47.64.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 9th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.78%. The ex-dividend date is Thursday, November 8th. United States Steel’s dividend payout ratio is currently 10.31%.
United States Steel declared that its Board of Directors has approved a share repurchase plan on Thursday, November 1st that allows the company to buyback $300.00 million in shares. This buyback authorization allows the basic materials company to buy up to 6.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
Several brokerages have recently commented on X. TD Securities reissued an “average” rating on shares of United States Steel in a report on Monday, November 12th. TheStreet raised United States Steel from a “c” rating to a “b” rating in a report on Thursday, August 2nd. Credit Suisse Group cut their price objective on United States Steel from $55.00 to $48.00 in a report on Thursday, August 23rd. Seaport Global Securities began coverage on United States Steel in a report on Thursday, October 11th. They set a “buy” rating and a $35.00 price objective for the company. Finally, Deutsche Bank lowered United States Steel from a “buy” rating to a “hold” rating and cut their price objective for the stock from $47.00 to $35.00 in a report on Tuesday, October 2nd. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $39.72.
In other news, VP James E. Bruno sold 12,000 shares of the stock in a transaction that occurred 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 owns 54,137 shares of the company’s stock, valued at $1,394,027.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Kevin Bradley acquired 10,000 shares of the company’s stock in a transaction dated Wednesday, November 7th. The shares were bought at an average cost of $29.53 per share, with a total value of $295,300.00. Following the purchase, the chief financial officer now owns 102,785 shares of the company’s stock, valued at approximately $3,035,241.05. The disclosure for this purchase can be found here. 1.01% of the stock is owned by corporate insiders.
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United States Steel Profile
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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