United States Steel (X) Cut to Neutral at Longbow Research

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Longbow Research lowered shares of United States Steel (NYSE:X) from a buy rating to a neutral rating in a research note released on Friday, Marketbeat.com reports. Longbow Research currently has $21.40 price objective on the basic materials company’s stock.

Other research analysts also recently issued research reports about the stock. TD Securities restated an average rating on shares of United States Steel in a report on Monday, November 12th. Credit Suisse Group downgraded shares of United States Steel from an outperform rating to a neutral rating in a report on Tuesday, January 8th. Seaport Global Securities began coverage on shares of United States Steel in a report on Thursday, October 11th. They set a buy rating and a $35.00 price objective on the stock. TheStreet downgraded shares of United States Steel from a b- rating to a c+ rating in a report on Tuesday, January 8th. Finally, Deutsche Bank downgraded shares of United States Steel from a buy rating to a hold rating and dropped their price objective for the stock from $47.00 to $35.00 in a report on Tuesday, October 2nd. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company. The company has a consensus rating of Hold and an average target price of $36.51.

United States Steel stock opened at $21.50 on Friday. The firm has a market cap of $3.81 billion, a PE ratio of 11.08, a price-to-earnings-growth ratio of 0.60 and a beta of 2.77. 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 has a 1-year low of $17.08 and a 1-year high of $47.64.

United States Steel (NYSE:X) last announced its earnings results on Friday, November 2nd. The basic materials company reported $1.79 EPS for the quarter, topping the consensus estimate of $1.73 by $0.06. The firm had revenue of $3.73 billion for the quarter, compared to the consensus estimate of $3.67 billion. United States Steel had a net margin of 5.01% and a return on equity of 21.69%. The business’s quarterly revenue was up 14.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.92 EPS. On average, research analysts expect that United States Steel will post 5.37 EPS for the current year.

United States Steel declared that its Board of Directors has initiated a share buyback program on Thursday, November 1st that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the basic materials company to repurchase up to 6.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its shares are undervalued.

In related news, VP James E. Bruno sold 12,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 20th. The shares were 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Kevin Bradley purchased 10,000 shares of the company’s stock in a transaction that occurred on Thursday, December 13th. The shares were acquired at an average cost of $20.33 per share, with a total value of $203,300.00. Following the completion of the purchase, the chief financial officer now owns 112,830 shares of the company’s stock, valued at $2,293,833.90. The disclosure for this purchase can be found here. 1.01% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently bought and sold shares of X. Retirement Systems of Alabama increased its stake in United States Steel by 0.4% in the fourth quarter. Retirement Systems of Alabama now owns 229,840 shares of the basic materials company’s stock valued at $4,192,000 after purchasing an additional 813 shares in the last quarter. Stone Ridge Asset Management LLC increased its stake in United States Steel by 38.3% in 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 purchasing an additional 2,495 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in United States Steel by 10.3% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 30,674 shares of the basic materials company’s stock valued at $781,000 after purchasing an additional 2,870 shares in the last quarter. Arizona State Retirement System increased its stake in United States Steel by 2.5% in the third quarter. Arizona State Retirement System now owns 125,837 shares of the basic materials company’s stock valued at $3,836,000 after purchasing an additional 3,093 shares in the last quarter. Finally, Highbridge Capital Management LLC increased its stake in United States Steel by 21.1% in the third quarter. Highbridge Capital Management LLC now owns 17,800 shares of the basic materials company’s stock valued at $543,000 after purchasing an additional 3,100 shares in the last quarter. 63.20% of the stock is owned by institutional investors and hedge funds.

About United States Steel

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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Analyst Recommendations for United States Steel (NYSE:X)

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