Forest Avenue Capital Management LP Buys Shares of 602,378 United States Steel Co. (NYSE:X)

Forest Avenue Capital Management LP purchased a new stake in United States Steel Co. (NYSE:X) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 602,378 shares of the basic materials company’s stock, valued at approximately $22,770,000. United States Steel comprises 3.2% of Forest Avenue Capital Management LP’s investment portfolio, making the stock its 17th biggest position.

Other large investors have also modified their holdings of the company. Third Point LLC increased its position in United States Steel by 15.8% during the 4th quarter. Third Point LLC now owns 5,500,000 shares of the basic materials company’s stock worth $267,575,000 after purchasing an additional 750,000 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of United States Steel by 4,305.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,634,364 shares of the basic materials company’s stock worth $137,379,000 after buying an additional 3,551,870 shares in the last quarter. Alpine Associates Management Inc. raised its position in shares of United States Steel by 13.5% in the second quarter. Alpine Associates Management Inc. now owns 2,667,932 shares of the basic materials company’s stock valued at $100,848,000 after buying an additional 316,800 shares during the last quarter. PSquared Asset Management AG lifted its stake in shares of United States Steel by 1.0% during the fourth quarter. PSquared Asset Management AG now owns 2,370,000 shares of the basic materials company’s stock valued at $105,658,000 after buying an additional 23,700 shares during the period. Finally, Franklin Resources Inc. boosted its position in United States Steel by 8.5% during the fourth quarter. Franklin Resources Inc. now owns 2,296,929 shares of the basic materials company’s stock worth $111,746,000 after acquiring an additional 179,088 shares during the last quarter. 81.92% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on X. JPMorgan Chase & Co. upgraded United States Steel from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $40.00 to $42.00 in a report on Monday, September 9th. StockNews.com started coverage on United States Steel in a research report on Monday, August 19th. They set a “hold” rating on the stock. Morgan Stanley lifted their price target on United States Steel from $48.00 to $49.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. BNP Paribas upgraded shares of United States Steel from a “neutral” rating to an “outperform” rating and set a $40.00 price objective on the stock in a report on Friday, September 6th. Finally, Glj Research raised shares of United States Steel from a “sell” rating to a “buy” rating and set a $38.57 target price on the stock in a research report on Monday, September 9th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, United States Steel presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.76.

United States Steel Stock Up 2.3 %

X opened at $38.96 on Friday. United States Steel Co. has a 1 year low of $26.92 and a 1 year high of $50.20. The firm has a 50 day moving average price of $38.09 and a 200 day moving average price of $38.70. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.14 and a current ratio of 1.72. The company has a market cap of $8.76 billion, a PE ratio of 11.43 and a beta of 1.88.

United States Steel (NYSE:X) last released its quarterly earnings data on Thursday, August 1st. The basic materials company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.12. United States Steel had a net margin of 3.40% and a return on equity of 7.93%. The company had revenue of $4.12 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the prior year, the business earned $1.92 earnings per share. The business’s quarterly revenue was down 17.8% compared to the same quarter last year. Sell-side analysts expect that United States Steel Co. will post 2.15 earnings per share for the current year.

United States Steel Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 11th. Shareholders of record on Monday, August 12th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.51%. The ex-dividend date was Monday, August 12th. United States Steel’s dividend payout ratio (DPR) is presently 5.87%.

United States Steel Company Profile

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.