Murchinson Ltd. Cuts Stake in United States Steel Co. (NYSE:X)

Murchinson Ltd. cut its position in United States Steel Co. (NYSE:X) by 38.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,045,700 shares of the basic materials company’s stock after selling 654,300 shares during the period. United States Steel accounts for approximately 10.0% of Murchinson Ltd.’s investment portfolio, making the stock its 2nd biggest holding. Murchinson Ltd.’s holdings in United States Steel were worth $36,945,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Rothschild Investment LLC acquired a new stake in shares of United States Steel in the 2nd quarter worth about $26,000. Palouse Capital Management Inc. bought a new stake in United States Steel during the 3rd quarter worth approximately $35,000. Gladius Capital Management LP purchased a new stake in shares of United States Steel in the third quarter worth approximately $39,000. Blue Trust Inc. lifted its holdings in shares of United States Steel by 339.0% in the second quarter. Blue Trust Inc. now owns 1,001 shares of the basic materials company’s stock valued at $41,000 after purchasing an additional 773 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC bought a new stake in United States Steel during the second quarter worth $46,000. 81.92% of the stock is owned by institutional investors and hedge funds.

United States Steel Trading Down 8.0 %

Shares of X stock opened at $37.67 on Wednesday. United States Steel Co. has a 12-month low of $26.92 and a 12-month high of $50.20. The company has a quick ratio of 1.08, a current ratio of 1.67 and a debt-to-equity ratio of 0.35. The company has a 50 day moving average of $38.16 and a 200-day moving average of $37.95. The firm has a market cap of $8.48 billion, a P/E ratio of 24.78 and a beta of 1.83.

United States Steel (NYSE:X) last issued its earnings results on Thursday, October 31st. The basic materials company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.15. The firm had revenue of $3.85 billion for the quarter, compared to analyst estimates of $3.77 billion. United States Steel had a return on equity of 6.01% and a net margin of 2.41%. The business’s revenue was down 13.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.36 earnings per share. Sell-side analysts anticipate that United States Steel Co. will post 2.21 earnings per share for the current year.

United States Steel Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Monday, November 11th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $0.20 dividend on an annualized basis and a yield of 0.53%. United States Steel’s dividend payout ratio is presently 13.16%.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Morgan Stanley raised their price objective on United States Steel from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. StockNews.com assumed coverage on shares of United States Steel in a report on Monday, August 19th. They set a “hold” rating on the stock. JPMorgan Chase & Co. upgraded shares of United States Steel from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $40.00 to $42.00 in a research note on Monday, September 9th. BNP Paribas upgraded United States Steel from a “neutral” rating to an “outperform” rating and set a $40.00 target price on the stock in a research note on Friday, September 6th. Finally, BMO Capital Markets reduced their target price on United States Steel from $45.00 to $43.00 and set an “outperform” rating for the company in a report on Friday, November 1st. One investment analyst has 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 a consensus rating of “Moderate Buy” and a consensus price target of $42.80.

About United States Steel

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.