Cibc World Market Inc. Purchases 15,620 Shares of United States Steel Co. (NYSE:X)

06 Dec 2023, 14:02 by Danessa Lincoln · The Markets Daily

Cibc World Market Inc. lifted its position in shares of United States Steel Co. (NYSE:X – Free Report) by 67.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,701 shares of the basic materials company’s stock after purchasing an additional 15,620 shares during the quarter. Cibc World Market Inc.’s holdings in United States Steel were worth $968,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its position in United States Steel by 8.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 10,524,881 shares of the basic materials company’s stock valued at $263,230,000 after acquiring an additional 792,958 shares in the last quarter. Donald Smith & CO. Inc. lifted its position in United States Steel by 8.6% in the 2nd quarter. Donald Smith & CO. Inc. now owns 3,855,848 shares of the basic materials company’s stock valued at $96,435,000 after acquiring an additional 304,694 shares in the last quarter. Geode Capital Management LLC lifted its position in United States Steel by 3.5% in the 2nd quarter. Geode Capital Management LLC now owns 3,357,009 shares of the basic materials company’s stock valued at $83,959,000 after acquiring an additional 114,921 shares in the last quarter. First Trust Advisors LP lifted its position in United States Steel by 155.8% in the 1st quarter. First Trust Advisors LP now owns 3,309,824 shares of the basic materials company’s stock valued at $124,913,000 after acquiring an additional 2,015,980 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in United States Steel by 14.1% in the 1st quarter. AQR Capital Management LLC now owns 3,305,951 shares of the basic materials company’s stock valued at $86,285,000 after acquiring an additional 409,293 shares in the last quarter. 74.60% of the stock is owned by institutional investors.

United States Steel Stock Down 0.8 %

United States Steel stock opened at $36.22 on Wednesday. The firm has a market capitalization of $8.08 billion, a PE ratio of 7.96 and a beta of 2.04. The company’s 50-day moving average is $33.79 and its 200-day moving average is $28.87. United States Steel Co. has a fifty-two week low of $20.40 and a fifty-two week high of $36.64. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.95 and a quick ratio of 1.34.

United States Steel (NYSE:X – Get Free Report) last released its quarterly earnings data on Thursday, October 26th. The basic materials company reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.25. The company had revenue of $4.43 billion for the quarter, compared to analyst estimates of $4.39 billion. United States Steel had a net margin of 6.30% and a return on equity of 11.67%. Sell-side analysts anticipate that United States Steel Co. will post 4.13 earnings per share for the current year.

United States Steel Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 7th. Investors of record on Monday, November 6th will be paid a $0.05 dividend. The ex-dividend date is Friday, November 3rd. This represents a $0.20 dividend on an annualized basis and a yield of 0.55%. United States Steel’s dividend payout ratio (DPR) is currently 4.40%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on X shares. Royal Bank of Canada cut their price objective on shares of United States Steel from $34.00 to $33.00 and set a “sector perform” rating on the stock in a research report on Tuesday, October 31st. StockNews.com initiated coverage on shares of United States Steel in a research note on Wednesday, November 29th. They issued a “hold” rating on the stock. Morgan Stanley upgraded shares of United States Steel from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $25.00 to $40.00 in a research note on Monday, October 2nd. Citigroup lifted their price target on shares of United States Steel from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Monday, September 25th. Finally, Argus lowered shares of United States Steel from a “buy” rating to a “hold” rating in a research note on Friday, November 3rd. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $28.10.

Get Our Latest Stock Report on X

Insider Activity at United States Steel

In related news, SVP Daniel R. Brown sold 4,860 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $33.00, for a total value of $160,380.00. Following the transaction, the senior vice president now owns 96,968 shares in the company, valued at approximately $3,199,944. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, SVP Daniel R. Brown sold 4,860 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $33.00, for a total value of $160,380.00. Following the transaction, the senior vice president now owns 96,968 shares in the company, valued at approximately $3,199,944. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Daniel R. Brown sold 5,000 shares of the business’s stock in a transaction dated Friday, November 24th. The shares were sold at an average price of $35.00, for a total transaction of $175,000.00. Following the completion of the sale, the senior vice president now directly owns 91,968 shares of the company’s stock, valued at approximately $3,218,880. The disclosure for this sale can be found here. 0.98% of the stock is owned by company insiders.

United States Steel Company Profile

(Free Report)

United States Steel Corporation produces and sells flat-rolled and tubular steel products primarily in North America and Europe. It operates through four segments: North American Flat-Rolled (Flat-Rolled), Mini Mill, 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 iron ore and coke.

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