State of Michigan Retirement System Purchases 1,400 Shares of United States Steel Co. (NYSE:X)

State of Michigan Retirement System lifted its position in shares of United States Steel Co. (NYSE:X) by 2.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 54,899 shares of the basic materials company’s stock after acquiring an additional 1,400 shares during the quarter. State of Michigan Retirement System’s holdings in United States Steel were worth $2,239,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in X. Pacific Capital Wealth Advisors Inc. purchased a new stake in United States Steel during the 4th quarter worth about $25,000. Riverview Trust Co purchased a new stake in United States Steel during the 1st quarter worth about $29,000. GAMMA Investing LLC purchased a new stake in shares of United States Steel in the 4th quarter valued at about $33,000. Pineridge Advisors LLC purchased a new stake in shares of United States Steel in the 4th quarter valued at about $44,000. Finally, Scarborough Advisors LLC purchased a new stake in shares of United States Steel in the 4th quarter valued at about $49,000. Hedge funds and other institutional investors own 81.92% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Wolfe Research raised United States Steel from a “peer perform” rating to an “outperform” rating and set a $46.00 price target on the stock in a report on Tuesday, April 9th. BMO Capital Markets raised United States Steel from a “market perform” rating to an “outperform” rating and raised their price target for the company from $43.00 to $45.00 in a report on Wednesday, June 26th. StockNews.com assumed coverage on United States Steel in a report on Tuesday. They issued a “hold” rating on the stock. JPMorgan Chase & Co. lowered their price target on United States Steel from $47.00 to $43.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Finally, Morgan Stanley raised United States Steel from an “equal weight” rating to an “overweight” rating and decreased their price objective for the company from $51.00 to $48.00 in a report on Monday, May 6th. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $38.78.

United States Steel Price Performance

X opened at $39.26 on Thursday. The stock’s 50 day simple moving average is $37.31 and its 200 day simple moving average is $42.31. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.71 and a quick ratio of 1.14. United States Steel Co. has a 1 year low of $22.26 and a 1 year high of $50.20. The firm has a market cap of $8.83 billion, a price-to-earnings ratio of 11.51 and a beta of 1.93.

United States Steel (NYSE:X) last posted its quarterly earnings results on Thursday, May 2nd. The basic materials company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.01. United States Steel had a return on equity of 10.61% and a net margin of 4.89%. The business had revenue of $4.16 billion for the quarter, compared to analyst estimates of $4.22 billion. As a group, analysts predict that United States Steel Co. will post 2.63 earnings per share for the current year.

United States Steel Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Monday, May 13th were given 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 0.51%. United States Steel’s payout ratio is 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.