Gabelli Funds LLC Sells 22,950 Shares of United States Steel Co. (NYSE:X)

Gabelli Funds LLC lowered its position in shares of United States Steel Co. (NYSE:X) by 5.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 400,800 shares of the basic materials company’s stock after selling 22,950 shares during the quarter. Gabelli Funds LLC owned 0.18% of United States Steel worth $15,150,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in X. Forest Avenue Capital Management LP bought a new position in shares of United States Steel in the 2nd quarter valued at about $22,770,000. Sei Investments Co. grew its stake in 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 purchasing an additional 7,835 shares in the last quarter. Intech Investment Management LLC acquired a new position in shares of United States Steel during the 2nd quarter worth approximately $2,992,000. Hsbc Holdings PLC raised its stake in shares of United States Steel by 33.1% during the 2nd quarter. Hsbc Holdings PLC now owns 204,221 shares of the basic materials company’s stock worth $7,666,000 after purchasing an additional 50,836 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC boosted its holdings in shares of United States Steel by 0.9% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 26,880 shares of the basic materials company’s stock valued at $1,016,000 after buying an additional 241 shares during the last quarter. 81.92% of the stock is owned by institutional investors.

United States Steel Stock Performance

NYSE:X opened at $38.59 on Tuesday. 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 stock has a 50 day simple moving average of $38.09 and a 200 day simple moving average of $38.51. United States Steel Co. has a 1-year low of $26.92 and a 1-year high of $50.20. The stock has a market cap of $8.68 billion, a P/E ratio of 11.32 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 net margin of 3.40% and a return on equity of 7.93%. The company had revenue of $4.12 billion during the quarter, compared to analysts’ expectations of $4.01 billion. During the same quarter in the previous year, the business posted $1.92 earnings per share. United States Steel’s quarterly revenue was down 17.8% on a year-over-year basis. Research analysts anticipate that United States Steel Co. will post 2.15 earnings per share for the current year.

United States Steel Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 11th. Stockholders of record on Monday, August 12th were issued a dividend of $0.05 per share. The ex-dividend date was Monday, August 12th. This represents a $0.20 annualized dividend and a dividend yield of 0.52%. United States Steel’s dividend payout ratio is presently 5.87%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on X. Glj Research upgraded shares of United States Steel from a “sell” rating to a “buy” rating and set a $38.57 target price on the stock in a report on Monday, September 9th. Jefferies Financial Group dropped 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. StockNews.com began coverage on United States Steel in a report on Monday, August 19th. They set a “hold” rating for the company. BNP Paribas raised United States Steel from a “neutral” rating to an “outperform” rating and set a $40.00 price target on the stock in a research report on Friday, September 6th. Finally, BMO Capital Markets raised United States Steel from a “market perform” rating to an “outperform” rating and raised their price objective for the company 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 assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price 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.