United States Steel (NYSE:X) Upgraded to “Strong-Buy” at Zacks Investment Research
United States Steel (NYSE:X – Get Note) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note released Thursday to investors, Zacks.com reports. The company currently has a price target of $29.00 on shares of the basic materials company. Zacks Investment Research’s price target suggests a potential upside of 20.23% from the stock’s previous close.
According to Zacks, “US Steel is well positioned to take advantage of the dramatic rebound in steel prices, primarily due to escalating supply disruptions caused by the Russian-Ukrainian conflict. We expect US Steel revenue to grow 5.9% in 2022, reflecting rising steel prices. Strong end-market demand and tight supply conditions are expected to support steel prices, helping the company offset rising input costs. Big River’s cost structure improvement actions and investment should also work in its favour. Big River’s investment strengthened the company’s position in high-margin steel end markets. US Steel’s strong liquidity position will also allow it to meet its short-term obligations. It also remains committed to increasing shareholder value by building on a strong balance sheet. All of these factors support our bullish stance on the stock.
A number of other equity research analysts have also recently commented on X. Goldman Sachs Group raised its price target on United States Steel from $28.00 to $31.00 and assigned the company a rating. of “sale” in a Tuesday, March 22 research report. JPMorgan Chase & Co. raised its price target on United States Steel from $30.00 to $33.00 and gave the stock an “underweight” rating in a Thursday, March 24 report. StockNews.com upgraded United States Steel from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Morgan Stanley upgraded United States Steel from an “underweight” rating to an “equally weighted” rating and raised its price target for the stock from $21.00 to $31.00 in a report from the Sunday March 6. Three investment analysts have assigned the stock a sell rating, three have assigned a hold rating, three have assigned a buy rating and one has assigned the company’s stock a strong buy rating. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $31.44.
Shares of NYSE X traded down $0.13 on Thursday, hitting $24.12. The company had a trading volume of 208,939 shares, compared to its average volume of 14,635,131. The company has a quick ratio of 1.30, a current ratio of 1.90 and a leverage ratio of 0. ,40. United States Steel has a 12-month low of $17.98 and a 12-month high of $39.25. The company has a 50-day moving average of $32.94 and a two-hundred-day moving average of $27.30. The company has a market capitalization of $6.29 billion, a P/E ratio of 1.40 and a beta of 2.00.
United States Steel (NYSE:X – Get Rating) last reported quarterly earnings data on Thursday, April 28. The basic materials company reported earnings per share (EPS) of $3.05 for the quarter, beating the consensus estimate of $2.95 by $0.10. The company posted revenue of $5.23 billion for the quarter, versus $5.26 billion expected by analysts. United States Steel had a return on equity of 54.02% and a net margin of 23.01%. United States Steel’s revenue for the quarter increased 42.8% compared to the same quarter last year. In the same quarter a year earlier, the company posted earnings per share of $1.08. On average, sell-side analysts expect United States Steel to post earnings per share of 11.47 for the current year.
Separately, CFO Christine S. Breves sold 2,217 shares in a transaction dated Thursday, April 14. The shares were sold at an average price of $38.00, for a total value of $84,246.00. Following the completion of the sale, the CFO now owns 215,875 shares of the company, valued at $8,203,250. The transaction was disclosed in a filing with the SEC, accessible via this link. Additionally, Chief Financial Officer Christine S. Breves sold 22,387 shares in a trade dated Wednesday, April 6. The shares were sold at an average price of $36.90, for a total transaction of $826,080.30. Following the completion of the sale, the CFO now owns 215,875 shares of the company, valued at approximately $7,965,787.50. The disclosure of this sale can be found here. In the past ninety days, insiders have sold 195,343 shares of the company worth $6,804,448. 1.20% of the shares are currently held by insiders of the company.
Hedge funds and other institutional investors have recently increased or reduced their stakes in the stock. Golden State Equity Partners bought a new position in United States Steel during the first quarter for a value of approximately $523,000. Range Financial Group LLC bought a new position in United States Steel during the first quarter for a value of approximately $1,061,000. Delphia USA Inc. increased its stake in United States Steel shares by 11.1% in the first quarter. Delphia USA Inc. now owns 38,359 shares of the basic materials company valued at $1,448,000 after acquiring 3,820 additional shares in the last quarter. Forum Financial Management LP bought a new position in United States Steel stock in the first quarter valued at around $206,000. Finally, Guggenheim Capital LLC increased its stake in United States Steel shares by 28.0% in the first quarter. Guggenheim Capital LLC now owns 68,467 shares of the basic materials company valued at $2,584,000 after acquiring an additional 14,984 shares in the last quarter. Institutional investors and hedge funds hold 72.56% of the company’s shares.
About United States Steel (Get a rating)
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, US Steel Europe (USSE) and Tubular Products (Tubular). The Flat Rolled Products segment offers slabs, strip rolling plates, sheets and tinned products, as well as iron ore and coke.
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