Zacks Research Brokers Decrease Earnings Estimates for United States Steel Co. (NYSE:X)

Posted by Defense World Staff on Sep 7th, 2023

United States Steel Co. (NYSE:X – Free Report) – Stock analysts at Zacks Research reduced their Q3 2023 earnings per share estimates for shares of United States Steel in a report issued on Monday, September 4th. Zacks Research analyst A. Barman now anticipates that the basic materials company will post earnings per share of $0.93 for the quarter, down from their prior estimate of $1.01. The consensus estimate for United States Steel’s current full-year earnings is $3.97 per share. Zacks Research also issued estimates for United States Steel’s FY2023 earnings at $3.96 EPS, Q3 2024 earnings at $0.45 EPS and FY2025 earnings at $2.36 EPS.

A number of other research analysts also recently issued reports on X. BMO Capital Markets cut their price target on United States Steel from $27.00 to $26.00 in a report on Monday, July 31st. BNP Paribas downgraded United States Steel from an “outperform” rating to a “neutral” rating and set a $26.00 price target on the stock. in a report on Wednesday, July 5th. Wolfe Research downgraded United States Steel from a “peer perform” rating to an “underperform” rating and set a $19.00 price target on the stock. in a report on Thursday, June 1st. StockNews.com started coverage on United States Steel in a research note on Saturday, September 2nd. They set a “hold” rating on the stock. Finally, JPMorgan Chase & Co. dropped their target price on United States Steel from $24.00 to $23.00 and set a “neutral” rating on the stock in a research note on Friday, July 14th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, United States Steel currently has an average rating of “Hold” and a consensus target price of $26.00.

Check Out Our Latest Analysis on United States Steel

United States Steel Trading Down 0.5 %

Shares of NYSE X opened at $31.02 on Wednesday. The company has a quick ratio of 1.30, a current ratio of 1.92 and a debt-to-equity ratio of 0.38. The business has a fifty day simple moving average of $26.83 and a two-hundred day simple moving average of $25.35. The firm has a market cap of $6.92 billion, a PE ratio of 5.97 and a beta of 2.14. United States Steel has a twelve month low of $17.89 and a twelve month high of $32.52.

United States Steel (NYSE:X – Get Free Report) last issued its quarterly earnings results on Friday, July 28th. The basic materials company reported $1.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.86 by $0.06. The firm had revenue of $5.01 billion during the quarter, compared to analyst estimates of $5.11 billion. United States Steel had a return on equity of 13.51% and a net margin of 7.05%. United States Steel’s quarterly revenue was down 20.4% compared to the same quarter last year. During the same period last year, the company earned $3.86 EPS.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in X. Bornite Capital Management LP grew its position in 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 worth $15,096,000 after acquiring an additional 300,000 shares during the period. Natixis Advisors L.P. acquired a new position in United States Steel during the first quarter worth $455,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in United States Steel during the first quarter worth $1,150,000. Great West Life Assurance Co. Can lifted its stake in United States Steel by 6.0% during the first quarter. Great West Life Assurance Co. Can now owns 151,647 shares of the basic materials company’s stock worth $5,891,000 after purchasing an additional 8,560 shares in the last quarter. Finally, Blair William & Co. IL lifted its stake in United States Steel by 9.5% during the first quarter. Blair William & Co. IL now owns 60,133 shares of the basic materials company’s stock worth $2,269,000 after purchasing an additional 5,217 shares in the last quarter. 74.60% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other United States Steel news, VP James E. Bruno sold 58,812 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $32.00, for a total transaction of $1,881,984.00. Following the completion of the sale, the vice president now directly owns 56,548 shares in the company, valued at approximately $1,809,536. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, VP James E. Bruno sold 58,812 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $32.00, for a total value of $1,881,984.00. Following the completion of the sale, the vice president now directly owns 56,548 shares in the company, valued at $1,809,536. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kenneth E. Jaycox sold 10,756 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $30.75, for a total value of $330,747.00. Following the completion of the sale, the senior vice president now owns 85,480 shares of the company’s stock, valued at $2,628,510. The disclosure for this sale can be found here. In the last three months, insiders sold 92,974 shares of company stock worth $2,938,317. Corporate insiders own 0.98% of the company’s stock.

United States Steel Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 7th. Shareholders of record on Monday, August 7th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, August 4th. This represents a $0.20 annualized dividend and a yield of 0.64%. United States Steel’s dividend payout ratio (DPR) is currently 3.85%.

United States Steel Company Profile

(Get Free Report)

United States Steel Corporation produces and sells flat-rolled and tubular steel products primarily in North America and Europe. It operates through four segments: North American Flat-Rolled (Flat-Rolled), Mini Mill, 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 iron ore and coke.