Gabelli Funds LLC Raises Stake in United States Steel Co. (NYSE:X)

Gabelli Funds LLC lifted its position in shares of United States Steel Co. (NYSE:X) by 97.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 423,750 shares of the basic materials company’s stock after buying an additional 209,450 shares during the quarter. Gabelli Funds LLC owned approximately 0.19% of United States Steel worth $17,281,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Pacific Capital Wealth Advisors Inc. purchased a new stake in shares of United States Steel during the fourth quarter worth about $25,000. Byrne Asset Management LLC grew its holdings in United States Steel by 1,140.0% in the first quarter. Byrne Asset Management LLC now owns 620 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 570 shares during the period. GAMMA Investing LLC purchased a new stake in United States Steel in the fourth quarter valued at approximately $33,000. Riverview Trust Co purchased a new stake in United States Steel in the first quarter valued at approximately $29,000. Finally, Pineridge Advisors LLC purchased a new stake in United States Steel in the fourth quarter valued at approximately $44,000. 81.92% of the stock is currently owned by hedge funds and other institutional investors.

United States Steel Stock Performance

Shares of NYSE:X traded up $0.12 on Friday, reaching $40.75. 2,843,058 shares of the company’s stock were exchanged, compared to its average volume of 2,391,466. The firm has a market capitalization of $9.16 billion, a price-to-earnings ratio of 11.95 and a beta of 1.93. United States Steel Co. has a fifty-two week low of $22.26 and a fifty-two week high of $50.20. The business’s 50-day moving average is $37.80 and its two-hundred day moving average is $41.24. The company has a quick ratio of 1.14, a current ratio of 1.71 and a debt-to-equity ratio of 0.36.

United States Steel (NYSE:X) last issued its earnings results on Thursday, May 2nd. The basic materials company reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.01. United States Steel had a net margin of 4.89% and a return on equity of 10.61%. The company had revenue of $4.16 billion for the quarter, compared to analysts’ expectations of $4.22 billion. As a group, equities research analysts forecast that United States Steel Co. will post 2.38 EPS for the current year.

United States Steel Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Monday, May 13th were paid a dividend of $0.05 per share. The ex-dividend date was Friday, May 10th. This represents a $0.20 annualized dividend and a yield of 0.49%. United States Steel’s payout ratio is 5.87%.

Analyst Ratings Changes

A number of brokerages have weighed in on X. Jefferies Financial Group began coverage on shares of United States Steel in a research report on Monday, May 20th. They set a “buy” rating and a $45.00 price target on the stock. Morgan Stanley raised shares of United States Steel from an “equal weight” rating to an “overweight” rating and reduced their price target for the company from $51.00 to $48.00 in a research report on Monday, May 6th. StockNews.com began coverage on shares of United States Steel in a research report on Friday. They set a “hold” rating on the stock. BMO Capital Markets raised shares of United States Steel from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $43.00 to $45.00 in a research report on Wednesday, June 26th. Finally, JPMorgan Chase & Co. reduced their price target on shares of United States Steel from $43.00 to $40.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 16th. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, United States Steel presently has an average rating of “Hold” and an average target price of $40.00.

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.