United States Steel (NYSE:X – Get Rating) issued an update on its third quarter 2022 earnings guidance on Thursday morning. The company provided earnings per share guidance of $1.90-$1.95 for the period, compared to the consensus earnings per share estimate of $1.90. The company issued revenue guidance of -. United States Steel also updated its Q3 guidance to $1.90-1.95 EPS.
United States Steel Stock Performance
X traded up $0.44 on Thursday, hitting $20.87. The company had a trading volume of 119,165 shares, compared to its average volume of 10,706,776. The company’s fifty day moving average price is $22.13 and its 200 day moving average price is $26.31. United States Steel has a 1-year low of $16.41 and a 1-year high of $39.25. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.98 and a quick ratio of 1.32. The stock has a market cap of $4.95 billion, a price-to-earnings ratio of 1.19 and a beta of 2.15.
United States Steel (NYSE:X – Get Rating) last issued its quarterly earnings results on Thursday, July 28th. The basic materials company reported $3.86 EPS for the quarter, topping the consensus estimate of $3.85 by $0.01. The company had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $5.82 billion. United States Steel had a return on equity of 49.21% and a net margin of 21.59%. The company’s revenue for the quarter was up 25.2% on a year-over-year basis. During the same period in the previous year, the business posted $3.37 EPS. Equities analysts predict that United States Steel will post 9.92 earnings per share for the current fiscal year.
United States Steel Announces Dividend
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The firm also recently announced a quarterly dividend, which was paid on Thursday, September 8th. Stockholders of record on Monday, August 8th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.96%. The ex-dividend date of this dividend was Friday, August 5th. United States Steel’s payout ratio is presently 1.17%.
United States Steel declared that its board has initiated a stock repurchase plan on Thursday, July 28th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the basic materials company to reacquire up to 8.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
Analyst Ratings Changes
Several research firms recently issued reports on X. BMO Capital Markets decreased their price target on United States Steel from $30.00 to $23.00 in a report on Friday, June 17th. UBS Group set a $23.00 target price on United States Steel in a report on Monday, June 20th. Credit Suisse Group reduced their target price on United States Steel from $49.00 to $44.00 and set an outperform rating on the stock in a report on Friday, June 17th. Morgan Stanley raised their target price on United States Steel from $20.00 to $21.50 and gave the stock an equal weight rating in a report on Monday, August 1st. Finally, Citigroup raised their target price on United States Steel to $27.00 in a report on Tuesday. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, United States Steel has a consensus rating of Hold and an average price target of $28.75.
Institutional Inflows and Outflows
A number of hedge funds have recently bought and sold shares of the stock. Captrust Financial Advisors grew its stake in United States Steel by 1.5% in the second quarter. Captrust Financial Advisors now owns 35,254 shares of the basic materials company’s stock valued at $631,000 after purchasing an additional 514 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of United States Steel by 29.6% during the 2nd quarter. Legal & General Group Plc now owns 644,466 shares of the basic materials company’s stock worth $11,542,000 after acquiring an additional 147,015 shares during the period. Walleye Capital LLC bought a new position in shares of United States Steel during the 2nd quarter worth approximately $359,000. United Services Automobile Association bought a new position in shares of United States Steel during the 2nd quarter worth approximately $500,000. Finally, Thrivent Financial for Lutherans boosted its stake in shares of United States Steel by 4.1% during the 2nd quarter. Thrivent Financial for Lutherans now owns 279,083 shares of the basic materials company’s stock worth $4,998,000 after acquiring an additional 11,066 shares during the period. 79.08% of the stock is currently owned by institutional investors.
About United States Steel
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.
Further Reading
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