BMO Capital Markets Cuts United States Steel (NYSE:X) Price Target to $40.00

United States Steel (NYSE:X) had its price objective cut by investment analysts at BMO Capital Markets from $43.00 to $40.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the basic materials company’s stock. BMO Capital Markets’ price target suggests a potential upside of 30.34% from the company’s previous close.

Other research analysts have also issued research reports about the stock. Jefferies Financial Group cut their price target on shares of United States Steel from $47.00 to $41.00 and set a “buy” rating on the stock in a research note on Thursday, September 5th. BNP Paribas upgraded shares of United States Steel from a “neutral” rating to an “outperform” rating and set a $40.00 target price for the company in a research report on Friday, September 6th. Glj Research raised United States Steel from a “sell” rating to a “buy” rating and set a $38.57 price objective for the company in a report on Monday, September 9th. Finally, JPMorgan Chase & Co. upgraded United States Steel from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $40.00 to $42.00 in a research report on Monday, September 9th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $42.37.

United States Steel Price Performance

Shares of NYSE X traded down $1.03 during midday trading on Friday, reaching $30.69. The stock had a trading volume of 3,126,514 shares, compared to its average volume of 4,583,624. The company has a market capitalization of $6.91 billion, a price-to-earnings ratio of 20.19 and a beta of 1.83. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.08 and a current ratio of 1.67. The stock has a 50-day moving average of $38.01 and a 200-day moving average of $37.79. United States Steel has a 12-month low of $26.92 and a 12-month high of $48.95.

United States Steel (NYSE:X) last released its quarterly earnings data on Thursday, October 31st. The basic materials company reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.15. The business had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $3.77 billion. United States Steel had a return on equity of 6.01% and a net margin of 2.41%. The company’s revenue was down 13.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.36 EPS. As a group, research analysts anticipate that United States Steel will post 2.17 EPS for the current fiscal year.

Institutional Investors Weigh In On United States Steel

Large investors have recently modified their holdings of the stock. Rockefeller Capital Management L.P. raised its position in United States Steel by 646.0% in the third quarter. Rockefeller Capital Management L.P. now owns 506,694 shares of the basic materials company’s stock worth $17,902,000 after acquiring an additional 438,771 shares in the last quarter. Geode Capital Management LLC boosted its holdings in United States Steel by 1.0% during the third quarter. Geode Capital Management LLC now owns 3,839,684 shares of the basic materials company’s stock worth $135,691,000 after buying an additional 37,528 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in United States Steel by 1.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,600,708 shares of the basic materials company’s stock worth $91,883,000 after buying an additional 28,293 shares during the period. Water Island Capital LLC lifted its position in shares of United States Steel by 5.3% during the 2nd quarter. Water Island Capital LLC now owns 906,092 shares of the basic materials company’s stock valued at $34,250,000 after acquiring an additional 45,567 shares during the period. Finally, Oppenheimer & Co. Inc. purchased a new stake in shares of United States Steel during the 3rd quarter worth approximately $608,000. Hedge funds and other institutional investors own 81.92% of the company’s stock.

United States Steel Company Profile

United States Steel Corporation produces and sells flat-rolled and tubular steel products primarily in North America and Europe. The company operates through North American Flat-Rolled (Flat-Rolled), Mini Mill, U. S. Steel Europe (USSE), and Tubular Products (Tubular) segments. The Flat-Rolled segment offers slabs, strip mill plates, sheets, and tin mill products, as well as iron ore and coke.