Federated Hermes Inc. Has $1.75 Million Stock Holdings in United States Steel Co. (NYSE:X)

Posted by Defense World Staff on Mar 12th, 2023

Federated Hermes Inc. lifted its stake in United States Steel Co. (NYSE:X – Get Rating) by 4.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 96,511 shares of the basic materials company’s stock after acquiring an additional 3,842 shares during the quarter. Federated Hermes Inc.’s holdings in United States Steel were worth $1,749,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of X. Avion Wealth bought a new stake in United States Steel in the second quarter worth $36,000. Alpha Paradigm Partners LLC bought a new stake in United States Steel in the second quarter worth $39,000. Quadrant Capital Group LLC boosted its holdings in United States Steel by 111.9% in the third quarter. Quadrant Capital Group LLC now owns 2,708 shares of the basic materials company’s stock worth $49,000 after purchasing an additional 1,430 shares in the last quarter. Wipfli Financial Advisors LLC bought a new stake in United States Steel in the third quarter worth $58,000. Finally, Signaturefd LLC boosted its holdings in United States Steel by 72.6% during the third quarter. Signaturefd LLC now owns 3,886 shares of the basic materials company’s stock valued at $70,000 after acquiring an additional 1,635 shares during the period. 75.02% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

X has been the subject of a number of recent analyst reports. The Goldman Sachs Group upped their price target on shares of United States Steel from $23.00 to $26.00 and gave the company a “sell” rating in a report on Monday, February 6th. Bank of America initiated coverage on shares of United States Steel in a report on Wednesday, January 4th. They set an “underperform” rating for the company. BMO Capital Markets upped their price target on shares of United States Steel from $25.00 to $33.00 and gave the company a “market perform” rating in a report on Monday, February 6th. Finally, Morgan Stanley upped their price target on shares of United States Steel from $20.00 to $31.00 and gave the company an “equal weight” rating in a report on Wednesday, February 8th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $29.29.

United States Steel Stock Down 5.6 %

Shares of X opened at $27.21 on Friday. The company has a 50-day simple moving average of $28.43 and a 200-day simple moving average of $24.70. The firm has a market capitalization of $6.17 billion, a P/E ratio of 3.03 and a beta of 2.20. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.39 and a current ratio of 1.99. United States Steel Co. has a 52 week low of $16.41 and a 52 week high of $39.25.

United States Steel (NYSE:X – Get Rating) last announced its quarterly earnings data on Friday, February 3rd. The basic materials company reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.27. United States Steel had a net margin of 11.98% and a return on equity of 26.75%. The business had revenue of $4.34 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the prior year, the business earned $3.64 earnings per share. The firm’s revenue for the quarter was down 22.8% on a year-over-year basis. On average, equities research analysts expect that United States Steel Co. will post 1.91 earnings per share for the current year.

United States Steel Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 14th. Investors of record on Monday, February 13th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.74%. The ex-dividend date of this dividend is Friday, February 10th. United States Steel’s dividend payout ratio (DPR) is presently 2.23%.

Insider Buying and Selling

In other United States Steel news, Director Andrea J. Ayers purchased 1,000 shares of the company’s stock in a transaction that occurred on Friday, March 3rd. The stock was purchased at an average price of $31.45 per share, with a total value of $31,450.00. Following the completion of the transaction, the director now directly owns 5,014 shares of the company’s stock, valued at approximately $157,690.30. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Andrea J. Ayers acquired 1,000 shares of the company’s stock in a transaction dated Friday, March 3rd. The stock was bought at an average price of $31.45 per share, with a total value of $31,450.00. Following the completion of the acquisition, the director now owns 5,014 shares in the company, valued at approximately $157,690.30. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Kenneth E. Jaycox sold 6,090 shares of the firm’s stock in a transaction that occurred on Friday, February 3rd. The stock was sold at an average price of $30.00, for a total transaction of $182,700.00. Following the sale, the senior vice president now directly owns 79,637 shares of the company’s stock, valued at approximately $2,389,110. The disclosure for this sale can be found here. Company insiders own 1.20% of the company’s stock.

United States Steel Profile

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United States Steel Corp. engages in the manufacturing and selling of steel products. It operates through the following business segments: Flat-Rolled Products, Mini Mill, U.S. Steel Europe, and Tubular Products. The Flat-Rolled Products segment includes managing steel plants and production facilities that manufacture steel slabs, rounds, strip mill plates, sheets, tin mill, iron ore, and coke.