Absolute Gestao de Investimentos Ltda. Makes New $1.63 Million Investment in United States Steel Co. (NYSE:X)

Absolute Gestao de Investimentos Ltda. acquired a new stake in shares of United States Steel Co. (NYSE:X) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 48,000 shares of the basic materials company’s stock, valued at approximately $1,632,000. United States Steel comprises 0.7% of Absolute Gestao de Investimentos Ltda.’s holdings, making the stock its 17th largest position.

Other hedge funds have also made changes to their positions in the company. Empirical Asset Management LLC bought a new stake in United States Steel in the 4th quarter valued at $525,000. ARS Investment Partners LLC acquired a new stake in shares of United States Steel during the 4th quarter valued at about $15,510,000. Heck Capital Advisors LLC bought a new stake in United States Steel in the fourth quarter valued at about $554,000. Raymond James Financial Inc. acquired a new position in United States Steel in the fourth quarter worth about $2,844,000. Finally, Hartree Partners LP lifted its stake in United States Steel by 140.9% during the fourth quarter. Hartree Partners LP now owns 257,606 shares of the basic materials company’s stock worth $8,756,000 after purchasing an additional 150,669 shares during the period. Institutional investors own 81.92% of the company’s stock.

United States Steel Stock Performance

United States Steel stock opened at $44.07 on Friday. The stock has a 50-day simple moving average of $40.99 and a 200 day simple moving average of $38.30. The stock has a market capitalization of $9.98 billion, a price-to-earnings ratio of 29.58, a P/E/G ratio of 1.53 and a beta of 1.79. The company has a quick ratio of 0.91, a current ratio of 1.55 and a debt-to-equity ratio of 0.36. United States Steel Co. has a 12-month low of $26.92 and a 12-month high of $46.18.

United States Steel (NYSE:X) last announced its earnings results on Thursday, May 1st. The basic materials company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.04). United States Steel had a return on equity of 4.27% and a net margin of 2.46%. The company had revenue of $3.73 billion during the quarter, compared to the consensus estimate of $3.54 billion. During the same period in the prior year, the firm posted $0.82 earnings per share. The company’s revenue was down 10.4% on a year-over-year basis. On average, research analysts anticipate that United States Steel Co. will post 1.43 earnings per share for the current fiscal year.

United States Steel Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 11th. Stockholders of record on Monday, May 12th will be paid a $0.05 dividend. The ex-dividend date is Monday, May 12th. This represents a $0.20 annualized dividend and a dividend yield of 0.45%. United States Steel’s dividend payout ratio (DPR) is currently 13.42%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. BMO Capital Markets reiterated a “market perform” rating and issued a $45.00 price objective on shares of United States Steel in a research note on Monday, March 31st. Bank of America initiated coverage on United States Steel in a research report on Monday, January 6th. They issued a “neutral” rating and a $35.00 price target on the stock. JPMorgan Chase & Co. reissued a “neutral” rating and set a $38.00 price objective (down from $43.00) on shares of United States Steel in a report on Wednesday, April 16th. Morgan Stanley upped their target price on shares of United States Steel from $39.00 to $43.00 and gave the stock an “equal weight” rating in a report on Friday, March 7th. Finally, Jefferies Financial Group cut their price target on shares of United States Steel from $45.00 to $40.00 and set a “buy” rating for the company in a report on Monday, January 6th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, United States Steel currently has a consensus rating of “Hold” and an average target price of $39.94.

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.