United States Steel Corp. (X) Bond Prices Rise 1.3% Insider Trade
An issue of United States Steel Corp. (NYSE:X) bonds rose 1.3% as a percentage of their face value during trading on Tuesday following insider selling activity. The debt issue has a 6.875% coupon and will mature on April 1, 2021. The bonds in the issue are now trading at $101.75. Price changes in a company’s bonds in credit markets often predict parallel changes in its stock price. Specifically, VP David B. Burritt sold 51,791 shares of the stock in a transaction on Wednesday, November 23rd. The stock was sold at an average price of $32.56, for a total transaction of $1,686,314.96. Following the sale, the vice president now owns 135,672 shares of the company’s stock, valued at approximately $4,417,480.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP David J. Rintoul sold 18,330 shares of the stock in a transaction on Wednesday, November 16th. The shares were sold at an average price of $28.19, for a total value of $516,722.70. Following the sale, the vice president now directly owns 61,957 shares in the company, valued at approximately $1,746,567.83. The disclosure for this sale can be found here. 1.31% of the stock is owned by corporate insiders.
Several analysts have recently commented on the company. Morgan Stanley upgraded United States Steel Corp. from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $19.00 to $46.00 in a report on Monday, November 14th. Deutsche Bank AG upgraded United States Steel Corp. from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a report on Wednesday, November 9th. Jefferies Group set a $18.00 price objective on United States Steel Corp. and gave the company a “hold” rating in a report on Thursday, September 15th. Zacks Investment Research lowered United States Steel Corp. from a “buy” rating to a “hold” rating in a report on Monday, August 8th. Finally, Vetr upgraded United States Steel Corp. from a “strong sell” rating to a “sell” rating and set a $21.70 price objective for the company in a report on Tuesday, August 9th. Four equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $20.74.
The firm has a 50-day moving average of $22.55 and a 200 day moving average of $19.81. The company’s market cap is $5.37 billion.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 12th. Stockholders of record on Friday, November 11th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Tuesday, November 8th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.64%. United States Steel Corp.’s payout ratio is -2.19%.
Large investors have recently made changes to their positions in the stock. Mitsubishi UFJ Securities Holdings Co. Ltd. acquired a new stake in shares of United States Steel Corp. during the third quarter worth approximately $103,000. D.A. Davidson & CO. boosted its position in United States Steel Corp. by 65.1% in the third quarter. D.A. Davidson & CO. now owns 5,550 shares of the company’s stock valued at $104,000 after buying an additional 2,188 shares in the last quarter. Advisor Group Inc. purchased a new position in United States Steel Corp. during the second quarter valued at about $120,000. DekaBank Deutsche Girozentrale boosted its position in United States Steel Corp. by 61.0% in the second quarter. DekaBank Deutsche Girozentrale now owns 8,337 shares of the company’s stock valued at $133,000 after buying an additional 3,160 shares in the last quarter. Finally, LS Investment Advisors LLC boosted its position in United States Steel Corp. by 71.9% in the second quarter. LS Investment Advisors LLC now owns 8,787 shares of the company’s stock valued at $148,000 after buying an additional 3,675 shares in the last quarter. 76.89% of the stock is owned by institutional investors and hedge funds.
About United States Steel Corp.
United States Steel Corporation (U. S. Steel) is an integrated steel producer. The Company is engaged in producing flat-rolled and tubular products with production operations in North America and Europe. The Company operates through three segments: Flat-Rolled Products (Flat-Rolled), U. S. Steel Europe (USSE) and Tubular Products (Tubular).
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