Forest Avenue Capital Management LP Invests $22.77 Million in United States Steel Co. (NYSE:X)

Forest Avenue Capital Management LP bought a new stake in United States Steel Co. (NYSE:X) in the 2nd quarter, according to its most recent filing with the SEC. The fund bought 602,378 shares of the basic materials company’s stock, valued at approximately $22,770,000. United States Steel accounts for 3.2% of Forest Avenue Capital Management LP’s investment portfolio, making the stock its 17th largest holding. Forest Avenue Capital Management LP owned about 0.27% of United States Steel as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Sei Investments Co. increased its position in shares of United States Steel by 61.3% in the second quarter. Sei Investments Co. now owns 20,606 shares of the basic materials company’s stock valued at $779,000 after buying an additional 7,835 shares in the last quarter. Intech Investment Management LLC acquired a new position in United States Steel during the second quarter worth $2,992,000. Hsbc Holdings PLC raised its holdings in shares of United States Steel by 33.1% during the second quarter. Hsbc Holdings PLC now owns 204,221 shares of the basic materials company’s stock valued at $7,666,000 after acquiring an additional 50,836 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its position in shares of United States Steel by 0.9% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 26,880 shares of the basic materials company’s stock valued at $1,016,000 after acquiring an additional 241 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV boosted its stake in shares of United States Steel by 12.1% in the second quarter. Mercer Global Advisors Inc. ADV now owns 13,936 shares of the basic materials company’s stock worth $527,000 after acquiring an additional 1,502 shares during the last quarter. 81.92% of the stock is owned by hedge funds and other institutional investors.

United States Steel Stock Up 2.3 %

Shares of NYSE:X opened at $38.96 on Friday. The firm has a 50 day simple moving average of $38.09 and a 200-day simple moving average of $38.70. United States Steel Co. has a twelve month low of $26.92 and a twelve month 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 company has a market capitalization of $8.76 billion, a PE ratio of 11.43 and a beta of 1.88.

United States Steel (NYSE:X) last announced its earnings results on Thursday, August 1st. The basic materials company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.12. United States Steel had a return on equity of 7.93% and a net margin of 3.40%. The firm had revenue of $4.12 billion during the quarter, compared to analysts’ expectations of $4.01 billion. During the same period in the prior year, the firm earned $1.92 EPS. The business’s revenue was down 17.8% on a year-over-year basis. On average, equities analysts predict that United States Steel Co. will post 2.15 EPS for the current fiscal year.

United States Steel Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 11th. Investors of record on Monday, August 12th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.51%. The ex-dividend date was Monday, August 12th. United States Steel’s dividend payout ratio (DPR) is presently 5.87%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Jefferies Financial Group decreased their target price on shares of United States Steel from $47.00 to $41.00 and set a “buy” rating on the stock in a report on Thursday, September 5th. BMO Capital Markets upgraded shares of United States Steel from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $43.00 to $45.00 in a report on Wednesday, June 26th. BNP Paribas raised shares of United States Steel from a “neutral” rating to an “outperform” rating and set a $40.00 target price for the company in a research note on Friday, September 6th. JPMorgan Chase & Co. raised shares of United States Steel from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $40.00 to $42.00 in a research note on Monday, September 9th. Finally, Morgan Stanley lifted their target price on shares of United States Steel from $48.00 to $49.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, United States Steel currently has a consensus rating of “Moderate Buy” and an average target price of $39.76.

United States Steel 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.