United States Steel (NYSE:X) was downgraded by Zacks Investment Research from a "buy" rating to a "hold" rating in a report released on Wednesday, Zacks.com reports. They currently have a $25.00 price target on the basic materials company's stock. Zacks Investment Research's price target suggests a potential upside of 10.08% from the company's previous close.
According to Zacks, "Earnings estimate for U.S. Steel for the fourth quarter of 2020 have been going up over the past month. U.S. Steel anicipates adjusted loss per share for the fourth quarter to be narrower on a sequential comparison basis. The company should gain from its efforts to improve its cost structure and operations. U.S Steel's strategic investments should also boost its capability and efficiency. Its Big River investment is likely to contribute to its margins. The company has also outperformed the industry over a year. The company’s strong liquidity position will also allow it to meet its near-term debt obligations. However, U.S. Steel is facing significant headwind in its tubular business. While market conditions have somewhat improved of late, sustained headwinds are likely to hurt Flat-Rolled margins."
A number of other analysts have also recently weighed in on the stock. Argus upgraded shares of United States Steel from a "hold" rating to a "buy" rating and set a $22.00 price target on the stock in a report on Wednesday, December 9th. Cfra upgraded shares of United States Steel from a "strong sell" rating to a "hold" rating in a research note on Friday, October 30th. Credit Suisse Group reaffirmed a "sell" rating on shares of United States Steel in a research report on Tuesday, September 22nd. Morgan Stanley began coverage on United States Steel in a research note on Wednesday, December 9th. They set an "equal weight" rating and a $17.00 target price on the stock. Finally, ValuEngine cut United States Steel from a "strong-buy" rating to a "buy" rating in a research note on Thursday, October 1st. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company. The company presently has an average rating of "Hold" and a consensus target price of $11.33.
NYSE X traded down $1.15 during trading on Wednesday, reaching $22.71. 362,890 shares of the company's stock traded hands, compared to its average volume of 22,583,072. United States Steel has a 12-month low of $4.54 and a 12-month high of $24.71. The company has a debt-to-equity ratio of 1.51, a current ratio of 2.30 and a quick ratio of 1.54. The firm has a market cap of $5.01 billion, a price-to-earnings ratio of -2.24 and a beta of 2.39. The company's 50 day simple moving average is $17.31 and its two-hundred day simple moving average is $10.49.
United States Steel (NYSE:X) last issued its quarterly earnings data on Thursday, October 29th. The basic materials company reported ($1.21) earnings per share (EPS) for the quarter, beating the Thomson Reuters' consensus estimate of ($1.39) by $0.18. The company had revenue of $2.34 billion for the quarter, compared to analyst estimates of $2.17 billion. United States Steel had a negative net margin of 16.25% and a negative return on equity of 18.78%. United States Steel's revenue was down 23.8% compared to the same quarter last year. During the same period last year, the company posted ($0.21) earnings per share. Research analysts expect that United States Steel will post -5.57 earnings per share for the current fiscal year.
A number of large investors have recently modified their holdings of the stock. Amundi Pioneer Asset Management Inc. raised its holdings in shares of United States Steel by 1.8% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 159,943 shares of the basic materials company's stock worth $3,117,000 after purchasing an additional 2,795 shares during the last quarter. Federated Hermes Inc. raised its stake in shares of United States Steel by 62.0% during the 2nd quarter. Federated Hermes Inc. now owns 29,015 shares of the basic materials company's stock valued at $209,000 after buying an additional 11,102 shares during the last quarter. Baird Financial Group Inc. lifted its holdings in shares of United States Steel by 50.8% in the 2nd quarter. Baird Financial Group Inc. now owns 25,945 shares of the basic materials company's stock valued at $228,000 after buying an additional 8,745 shares during the period. Vanguard Group Inc. boosted its stake in shares of United States Steel by 28.8% in the second quarter. Vanguard Group Inc. now owns 20,874,015 shares of the basic materials company's stock worth $150,711,000 after buying an additional 4,663,268 shares during the last quarter. Finally, Stifel Financial Corp grew its holdings in United States Steel by 4.9% during the second quarter. Stifel Financial Corp now owns 37,940 shares of the basic materials company's stock worth $274,000 after acquiring an additional 1,760 shares during the period. Institutional investors own 60.36% 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. It operates through three segments: North American Flat-Rolled (Flat-Rolled), U. S. Steel Europe (USSE), and Tubular Products (Tubular). The Flat-Rolled segment offers slabs, strip mill plates, sheets and tin mill products, as well as all iron ore and coke.
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