United States Steel (X) Given New $40.00 Price Target at Citigroup
United States Steel (NYSE:X) had its target price reduced by Citigroup from $45.00 to $40.00 in a research note released on Tuesday morning. They currently have a buy rating on the basic materials company’s stock.
Several other analysts have also issued reports on X. BMO Capital Markets cut their target price on shares of United States Steel from $36.00 to $33.00 and set a market perform rating for the company in a research report on Monday, November 5th. They noted that the move was a valuation call. ValuEngine upgraded shares of United States Steel from a strong sell rating to a sell rating in a research report on Thursday, November 1st. Zacks Investment Research upgraded shares of United States Steel from a hold rating to a buy rating and set a $40.00 target price for the company in a research report on Tuesday, July 17th. Seaport Global Securities initiated coverage on shares of United States Steel in a research report on Thursday, October 11th. They set a buy rating and a $35.00 target price for the company. Finally, Credit Suisse Group lowered their price target on shares of United States Steel from $55.00 to $48.00 in a report on Thursday, August 23rd. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the stock. The stock has an average rating of Hold and an average price target of $39.72.
Shares of X stock opened at $27.69 on Tuesday. United States Steel has a 52 week low of $24.84 and a 52 week high of $47.64. The company has a market capitalization of $5.15 billion, a PE ratio of 14.27, a P/E/G ratio of 0.67 and a beta of 2.92. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.62 and a quick ratio of 0.99.
United States Steel declared that its board has approved a stock repurchase program on Thursday, November 1st that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to buy up to 6.7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Stockholders of record on Friday, November 9th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.72%. The ex-dividend date of this dividend is Thursday, November 8th. United States Steel’s dividend payout ratio (DPR) is presently 10.31%.
In related news, CFO Kevin Bradley bought 10,000 shares of the stock in a transaction dated Wednesday, November 7th. The shares were purchased at an average price of $29.53 per share, with a total value of $295,300.00. Following the completion of the acquisition, the chief financial officer now owns 102,785 shares of the company’s stock, valued at $3,035,241.05. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 1.01% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in X. Advisors Preferred LLC increased its position in United States Steel by 131.7% in the second quarter. Advisors Preferred LLC now owns 3,074 shares of the basic materials company’s stock worth $107,000 after purchasing an additional 1,747 shares during the last quarter. Exane Derivatives increased its position in United States Steel by 364,000.0% in the third quarter. Exane Derivatives now owns 3,641 shares of the basic materials company’s stock worth $112,000 after purchasing an additional 3,640 shares during the last quarter. Trustcore Financial Services LLC bought a new stake in United States Steel in the third quarter worth $128,000. Truvestments Capital LLC bought a new stake in United States Steel in the third quarter worth $143,000. Finally, NuWave Investment Management LLC bought a new stake in United States Steel in the second quarter worth $189,000. Institutional investors own 68.30% of the company’s stock.
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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