Virtu Financial LLC purchased a new position in shares of United States Steel Co. (NYSE:X) during the first quarter, Holdings Channel reports. The fund purchased 52,531 shares of the basic materials company’s stock, valued at approximately $1,024,000.
Several other hedge funds also recently added to or reduced their stakes in the business. Mercer Global Advisors Inc. ADV bought a new stake in shares of United States Steel during the 1st quarter worth about $263,000. Truvestments Capital LLC bought a new position in shares of United States Steel in the 1st quarter valued at about $67,000. NuWave Investment Management LLC boosted its stake in shares of United States Steel by 55.1% in the 1st quarter. NuWave Investment Management LLC now owns 42,013 shares of the basic materials company’s stock valued at $819,000 after purchasing an additional 14,920 shares during the last quarter. Grassi Investment Management bought a new position in shares of United States Steel in the 1st quarter valued at about $307,000. Finally, Beech Hill Advisors Inc. boosted its stake in shares of United States Steel by 138.1% in the 1st quarter. Beech Hill Advisors Inc. now owns 25,000 shares of the basic materials company’s stock valued at $487,000 after purchasing an additional 14,500 shares during the last quarter. Institutional investors own 69.78% of the company’s stock.
In other United States Steel news, CFO Kevin Bradley purchased 10,000 shares of the firm’s stock in a transaction dated Friday, February 15th. The stock was bought at an average cost of $22.79 per share, with a total value of $227,900.00. Following the purchase, the chief financial officer now directly owns 122,830 shares of the company’s stock, valued at $2,799,295.70. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 1.10% of the stock is owned by company insiders.
United States Steel (NYSE:X) last issued its quarterly earnings results on Wednesday, January 30th. The basic materials company reported $1.82 earnings per share for the quarter, missing the consensus estimate of $1.83 by ($0.01). The business had revenue of $3.69 billion for the quarter, compared to the consensus estimate of $3.77 billion. United States Steel had a return on equity of 25.39% and a net margin of 7.86%. United States Steel’s revenue was up 17.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.76 earnings per share. As a group, sell-side analysts expect that United States Steel Co. will post 2.17 EPS for the current fiscal year.
A number of analysts recently weighed in on X shares. Zacks Investment Research downgraded shares of United States Steel from a “hold” rating to a “strong sell” rating in a research report on Saturday, January 12th. Jefferies Financial Group downgraded shares of United States Steel from a “buy” rating to a “hold” rating and set a $21.15 target price on the stock. in a report on Tuesday, January 22nd. Berenberg Bank upgraded shares of United States Steel from a “hold” rating to a “buy” rating and set a $30.00 target price on the stock in a report on Thursday, February 21st. Longbow Research downgraded shares of United States Steel from a “buy” rating to a “neutral” rating and set a $21.40 target price on the stock. in a report on Friday, January 18th. Finally, Morgan Stanley upgraded shares of United States Steel from an “underweight” rating to an “equal weight” rating and set a $22.00 target price on the stock in a report on Monday, January 28th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $23.90.
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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: 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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