Quadrant Capital Group LLC Trims Holdings in United States Steel Co. (NYSE:X)

Posted by Defense World Staff on Jun 7th, 2023

Quadrant Capital Group LLC decreased its holdings in shares of United States Steel Co. (NYSE:X – Get Rating) by 16.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,254 shares of the basic materials company’s stock after selling 454 shares during the quarter. Quadrant Capital Group LLC’s holdings in United States Steel were worth $56,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bornite Capital Management LP grew its stake in shares of United States Steel by 300.0% in the first quarter. Bornite Capital Management LP now owns 400,000 shares of the basic materials company’s stock valued at $15,096,000 after buying an additional 300,000 shares in the last quarter. Natixis Advisors L.P. acquired a new stake in shares of United States Steel in the first quarter valued at $455,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of United States Steel in the first quarter valued at $1,150,000. Great West Life Assurance Co. Can grew its stake in shares of United States Steel by 6.0% in the first quarter. Great West Life Assurance Co. Can now owns 151,647 shares of the basic materials company’s stock valued at $5,891,000 after buying an additional 8,560 shares in the last quarter. Finally, Blair William & Co. IL grew its stake in shares of United States Steel by 9.5% in the first quarter. Blair William & Co. IL now owns 60,133 shares of the basic materials company’s stock valued at $2,269,000 after buying an additional 5,217 shares in the last quarter. Institutional investors and hedge funds own 75.02% of the company’s stock.

United States Steel Stock Up 3.2 %

Shares of NYSE X opened at $22.63 on Wednesday. The company has a market capitalization of $5.12 billion, a price-to-earnings ratio of 3.36 and a beta of 2.13. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.88 and a quick ratio of 1.25. The business has a 50-day moving average of $23.32 and a two-hundred day moving average of $25.80. United States Steel Co. has a 1 year low of $16.41 and a 1 year high of $31.55.

United States Steel (NYSE:X – Get Rating) last announced its quarterly earnings results on Friday, April 28th. The basic materials company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.16. United States Steel had a return on equity of 19.66% and a net margin of 9.07%. The company had revenue of $4.47 billion during the quarter, compared to the consensus estimate of $4.25 billion. During the same period in the previous year, the business earned $3.05 EPS. United States Steel’s revenue for the quarter was down 14.6% on a year-over-year basis. On average, analysts forecast that United States Steel Co. will post 4.32 earnings per share for the current fiscal year.

United States Steel Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 7th. Stockholders of record on Monday, May 8th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.88%. The ex-dividend date is Friday, May 5th. United States Steel’s payout ratio is currently 2.97%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on X. StockNews.com started coverage on United States Steel in a research note on Thursday, May 18th. They issued a “hold” rating for the company. BMO Capital Markets lowered their target price on United States Steel from $30.00 to $27.00 in a research note on Monday, May 1st. JPMorgan Chase & Co. started coverage on United States Steel in a research note on Tuesday, May 23rd. They set a “neutral” rating and a $24.00 target price for the company. Wolfe Research cut United States Steel from a “peer perform” rating to an “underperform” rating and set a $19.00 target price for the company. in a research note on Thursday, June 1st. Finally, UBS Group lowered their target price on United States Steel from $27.00 to $25.00 in a research note on Friday, May 5th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $27.00.

United States Steel Company 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.