United States Steel (NYSE:X) Releases Q3 2023 Earnings Guidance

United States Steel (NYSE:X) updated its third quarter 2023 earnings guidance on Monday. The company provided EPS guidance of $1.10-$1.15 for the period, compared to the consensus EPS estimate of $1.01. The company issued revenue guidance of -. United States Steel also updated its Q3 guidance to 1.00-1.15 EPS.

Analysts Set New Price Targets

X has been the subject of several research analyst reports. Wolfe Research downgraded shares of United States Steel from a peer perform rating to an underperform rating and set a $19.00 price target for the company. in a research report on Thursday, June 1st. StockNews.com assumed coverage on United States Steel in a report on Monday. They issued a hold rating on the stock. JPMorgan Chase & Co. decreased their price objective on United States Steel from $24.00 to $23.00 and set a neutral rating for the company in a research note on Friday, July 14th. Morgan Stanley restated an equal weight rating and set a $25.00 price target on shares of United States Steel in a research note on Tuesday, August 1st. Finally, BNP Paribas lowered 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. Three equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of Hold and an average price target of $24.29.

United States Steel Trading Down 0.5 %

NYSE:X traded down $0.15 on Monday, hitting $30.53. 3,828,372 shares of the stock were exchanged, compared to its average volume of 7,977,974. The stock has a market capitalization of $6.81 billion, a price-to-earnings ratio of 5.90 and a beta of 2.14. The company’s 50-day moving average price is $27.68 and its 200 day moving average price is $25.41. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.30 and a current ratio of 1.92. United States Steel has a 52 week low of $17.89 and a 52 week high of $32.52.

United States Steel (NYSE:X) last issued its earnings results on Friday, July 28th. The basic materials company reported $1.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.86 by $0.06. United States Steel had a net margin of 7.05% and a return on equity of 13.51%. The company had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $5.11 billion. During the same period in the prior year, the firm earned $3.86 EPS. United States Steel’s quarterly revenue was down 20.4% compared to the same quarter last year. On average, equities research analysts forecast that United States Steel will post 3.95 earnings per share for the current year.

United States Steel Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 7th. Shareholders of record on Monday, August 7th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date was Friday, August 4th. United States Steel’s dividend payout ratio is presently 3.85%.

Insider Activity

In other news, VP James E. Bruno sold 58,812 shares of the business’s stock in a transaction dated Monday, August 14th. The shares were 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 of the company’s stock, valued at $1,809,536. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, VP James E. Bruno sold 58,812 shares of the company’s stock in a transaction dated 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 sale, the vice president now directly owns 56,548 shares in the company, valued at $1,809,536. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Scott D. Buckiso sold 8,970 shares of the firm’s stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $31.16, for a total value of $279,505.20. Following the transaction, the senior vice president now directly owns 106,854 shares in the company, valued at $3,329,570.64. The disclosure for this sale can be found here. Insiders sold 101,944 shares of company stock worth $3,217,822 in the last quarter. 0.98% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Captrust Financial Advisors lifted its stake in shares of United States Steel by 1.5% in the 2nd 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 during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in United States Steel by 24.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,015 shares of the basic materials company’s stock valued at $76,000 after buying an additional 592 shares during the last quarter. Harbour Investments Inc. grew its holdings in shares of United States Steel by 4.5% during the fourth quarter. Harbour Investments Inc. now owns 18,294 shares of the basic materials company’s stock valued at $458,000 after buying an additional 793 shares during the last quarter. Belpointe Asset Management LLC lifted its holdings in shares of United States Steel by 71.7% during the first quarter. Belpointe Asset Management LLC now owns 1,962 shares of the basic materials company’s stock worth $51,000 after purchasing an additional 819 shares during the period. Finally, MML Investors Services LLC lifted its position in United States Steel by 8.9% during the first quarter. MML Investors Services LLC now owns 10,512 shares of the basic materials company’s stock valued at $274,000 after purchasing an additional 861 shares during the period. 74.60% of the stock is owned by institutional investors.

United States Steel Company Profile

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.