Bank of America Initiates Coverage on United States Steel (NYSE:X)

Bank of America initiated coverage on shares of United States Steel (NYSE:X) in a research note issued on Monday, Marketbeat.com reports. The firm set a “neutral” rating and a $35.00 price target on the basic materials company’s stock. Bank of America‘s price objective would suggest a potential upside of 4.92% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. Glj Research upgraded shares of United States Steel from a “sell” rating to a “buy” rating and set a $38.57 target price on the stock in a research note on Monday, September 9th. Jefferies Financial Group cut their target price on United States Steel from $45.00 to $40.00 and set a “buy” rating on the stock in a research note on Monday. JPMorgan Chase & Co. raised United States Steel from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $40.00 to $42.00 in a report on Monday, September 9th. Finally, BMO Capital Markets lowered their price target on United States Steel from $43.00 to $40.00 and set an “outperform” rating on the stock in a report on Friday, December 20th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $41.32.

United States Steel Trading Up 1.2 %

X opened at $33.36 on Monday. The company has a quick ratio of 1.08, a current ratio of 1.67 and a debt-to-equity ratio of 0.35. United States Steel has a 52 week low of $26.92 and a 52 week high of $48.85. The stock has a market cap of $7.51 billion, a PE ratio of 21.95 and a beta of 1.88. The business has a 50 day moving average of $36.51 and a 200-day moving average of $37.31.

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

Institutional Investors Weigh In On United States Steel

A number of institutional investors have recently added to or reduced their stakes in X. Everence Capital Management Inc. purchased a new position in shares of United States Steel during the fourth quarter valued at about $222,000. GAMMA Investing LLC boosted its stake in United States Steel by 50.0% during the fourth quarter. GAMMA Investing LLC now owns 1,326 shares of the basic materials company’s stock valued at $45,000 after buying an additional 442 shares during the last quarter. B. Riley Wealth Advisors Inc. boosted its stake in United States Steel by 27.1% during the third quarter. B. Riley Wealth Advisors Inc. now owns 55,904 shares of the basic materials company’s stock valued at $1,963,000 after buying an additional 11,905 shares during the last quarter. Oddo BHF Asset Management Sas purchased a new position in United States Steel during the 3rd quarter valued at approximately $883,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in United States Steel in the 3rd quarter worth approximately $59,000. 81.92% of the stock is owned by hedge funds and other institutional investors.

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.