NuWave Investment Management LLC grew its stake in United States Steel Co. (NYSE:X) by 8,528.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 27,093 shares of the basic materials company’s stock after acquiring an additional 26,779 shares during the quarter. NuWave Investment Management LLC’s holdings in United States Steel were worth $494,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in X. Exane Derivatives increased its position in United States Steel by 364,000.0% during the 3rd quarter. Exane Derivatives now owns 3,641 shares of the basic materials company’s stock valued at $112,000 after purchasing an additional 3,640 shares during the period. Trustcore Financial Services LLC purchased a new stake in shares of United States Steel during the 3rd quarter valued at $128,000. Truvestments Capital LLC purchased a new stake in shares of United States Steel in the 3rd quarter valued at approximately $143,000. Point72 Hong Kong Ltd acquired a new stake in United States Steel in the 3rd quarter valued at about $156,000. Finally, Macquarie Group Ltd. grew its stake in shares of United States Steel by 252.8% in the third quarter. Macquarie Group Ltd. now owns 6,350 shares of the basic materials company’s stock valued at $194,000 after acquiring an additional 4,550 shares in the last quarter. Hedge funds and other institutional investors own 65.11% of the company’s stock.
NYSE:X opened at $22.75 on Thursday. The stock has a market capitalization of $4.04 billion, a price-to-earnings ratio of 4.24, a PEG ratio of 0.97 and a beta of 2.78. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.51 and a quick ratio of 0.86. United States Steel Co. has a 1-year low of $17.08 and a 1-year high of $47.64.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 8th. Stockholders of record on Wednesday, February 13th will be paid a $0.05 dividend. The ex-dividend date is Tuesday, February 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.88%. United States Steel’s payout ratio is 3.73%.
United States Steel announced that its Board of Directors has approved a stock buyback program on Thursday, November 1st that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the basic materials company to buy up to 6.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
Several analysts have commented on X shares. Citigroup lowered their target price on shares of United States Steel from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, November 6th. BMO Capital Markets decreased 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. TD Securities restated an “average” rating on shares of United States Steel in a research report on Monday, November 12th. ValuEngine upgraded United States Steel from a “strong sell” rating to a “sell” rating in a research report on Thursday, November 1st. Finally, Longbow Research decreased their price objective on United States Steel from $49.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, November 27th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $32.89.
In related news, CFO Kevin Bradley purchased 10,000 shares of the firm’s stock in a transaction on Thursday, December 13th. The shares were bought at an average cost of $20.33 per share, for a total transaction of $203,300.00. Following the transaction, the chief financial officer now directly owns 112,830 shares of the company’s stock, valued at approximately $2,293,833.90. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP James E. Bruno sold 12,000 shares of the stock in a transaction dated 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 transaction, the vice president now directly owns 54,137 shares in the company, valued at $1,394,027.75. The disclosure for this sale can be found here. 1.01% of the stock is owned by corporate insiders.
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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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