Massachusetts Financial Services Co. MA Purchases 3,551,870 Shares of United States Steel Co. (NYSE:X)

Massachusetts Financial Services Co. MA boosted its holdings in shares of United States Steel Co. (NYSE:X) by 4,305.6% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,634,364 shares of the basic materials company’s stock after acquiring an additional 3,551,870 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 1.62% of United States Steel worth $137,379,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in X. Third Point LLC lifted its position in shares of United States Steel by 15.8% in the fourth quarter. Third Point LLC now owns 5,500,000 shares of the basic materials company’s stock worth $267,575,000 after buying an additional 750,000 shares during the last quarter. Norges Bank acquired a new stake in United States Steel in the 4th quarter worth approximately $200,952,000. PSquared Asset Management AG boosted its position in 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 worth $105,658,000 after purchasing an additional 23,700 shares during the period. 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 purchasing an additional 179,088 shares during the period. Finally, Murchinson Ltd. grew its holdings in United States Steel by 66.5% during the first quarter. Murchinson Ltd. now owns 2,100,000 shares of the basic materials company’s stock valued at $85,638,000 after purchasing an additional 838,653 shares during the last quarter. 81.92% of the stock is currently owned by institutional investors and hedge funds.

United States Steel Stock Performance

Shares of NYSE X opened at $36.80 on Thursday. United States Steel Co. has a one year low of $26.92 and a one year high of $50.20. The company has a current ratio of 1.72, a quick ratio of 1.14 and a debt-to-equity ratio of 0.36. The business has a fifty day simple moving average of $38.11 and a 200 day simple moving average of $38.76. The firm has a market capitalization of $8.28 billion, a price-to-earnings ratio of 10.79 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 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.12. The company had revenue of $4.12 billion during the quarter, compared to the consensus estimate of $4.01 billion. United States Steel had a net margin of 3.40% and a return on equity of 7.93%. The firm’s revenue for the quarter was down 17.8% compared to the same quarter last year. During the same period last year, the firm earned $1.92 EPS. Sell-side analysts expect that United States Steel Co. will post 2.15 EPS for the current year.

United States Steel Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 11th. Shareholders of record on Monday, August 12th were issued a dividend of $0.05 per share. The ex-dividend date of this dividend was Monday, August 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.54%. United States Steel’s payout ratio is presently 5.87%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on X. StockNews.com started coverage on shares of United States Steel in a report on Monday, August 19th. They set a “hold” rating for the company. Jefferies Financial Group lowered their price target on United States Steel from $47.00 to $41.00 and set a “buy” rating on the stock in a research report on Thursday, September 5th. Glj Research upgraded United States Steel from a “sell” rating to a “buy” rating and set a $38.57 price objective on the stock in a research note on Monday, September 9th. JPMorgan Chase & Co. upgraded United States Steel from a “neutral” rating to an “overweight” rating and increased their target price for the company from $40.00 to $42.00 in a research note on Monday, September 9th. Finally, BMO Capital Markets raised United States Steel from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $43.00 to $45.00 in a research report on Wednesday, June 26th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $39.76.

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.