United States Steel Corporation (X) Shares Gap Up on Strong Earnings

United States Steel Corporation (NYSE:X) shares gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at ($27.85), but opened at $0.00. United States Steel Corporation shares last traded at $0.00, with a volume of 37472254 shares trading hands.

The basic materials company reported $0.92 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.25. United States Steel Corporation had a net margin of 0.24% and a return on equity of 6.50%. The firm had revenue of $3.25 billion for the quarter, compared to analysts’ expectations of $3.07 billion. During the same period in the prior year, the firm earned $0.40 EPS. The business’s revenue was up 20.9% on a year-over-year basis.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Friday, November 10th will be issued a dividend of $0.05 per share. The ex-dividend date is Thursday, November 9th. This represents a $0.20 annualized dividend and a dividend yield of 0.79%. United States Steel Corporation’s dividend payout ratio is presently 125.00%.

Several research analysts have recently commented on X shares. Longbow Research cut shares of United States Steel Corporation from a “buy” rating to a “neutral” rating in a report on Thursday, July 27th. Argus raised their target price on shares of United States Steel Corporation to $1.48 and gave the stock a “buy” rating in a report on Friday, July 28th. Cowen and Company raised their target price on shares of United States Steel Corporation from $21.00 to $24.00 and gave the stock a “market perform” rating in a report on Thursday, July 27th. Macquarie started coverage on shares of United States Steel Corporation in a report on Wednesday, September 6th. They set an “outperform” rating and a $31.00 target price on the stock. Finally, Bank of America Corporation raised shares of United States Steel Corporation from a “neutral” rating to a “buy” rating and raised their target price for the stock from $29.00 to $31.00 in a report on Tuesday, September 5th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $28.34.

In other United States Steel Corporation news, Director Murry Gerber purchased 4,000 shares of the business’s stock in a transaction dated Friday, September 1st. The shares were bought at an average price of $26.89 per share, for a total transaction of $107,560.00. Following the completion of the acquisition, the director now owns 168,457 shares in the company, valued at $4,529,808.73. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eugene Sperling purchased 1,000 shares of the business’s stock in a transaction dated Friday, September 15th. The shares were acquired at an average price of $25.16 per share, for a total transaction of $25,160.00. Following the acquisition, the director now owns 3,009 shares of the company’s stock, valued at approximately $75,706.44. The disclosure for this purchase can be found here. Insiders acquired 64,597 shares of company stock worth $1,764,452 in the last 90 days. Company insiders own 1.00% of the company’s stock.

Several large investors have recently modified their holdings of X. Stevens Capital Management LP acquired a new position in United States Steel Corporation in the third quarter valued at $275,000. Chicago Equity Partners LLC lifted its holdings in United States Steel Corporation by 888.7% in the third quarter. Chicago Equity Partners LLC now owns 230,070 shares of the basic materials company’s stock valued at $5,904,000 after buying an additional 206,800 shares during the period. Meridian Wealth Management LLC acquired a new position in United States Steel Corporation in the third quarter valued at $2,078,000. ARP Americas LLC acquired a new position in United States Steel Corporation in the third quarter valued at $223,000. Finally, Canada Pension Plan Investment Board lifted its holdings in United States Steel Corporation by 63.1% in the third quarter. Canada Pension Plan Investment Board now owns 39,300 shares of the basic materials company’s stock valued at $1,008,000 after buying an additional 15,200 shares during the period. Institutional investors own 63.77% of the company’s stock.

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United States Steel Corporation Company Profile

United States Steel Corporation is an integrated steel producer. The Company is engaged in producing flat-rolled and tubular products with production operations in North America and Europe. The Company operates through three segments: Flat-Rolled Products (Flat-Rolled), U. S. Steel Europe (USSE) and Tubular Products (Tubular).

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