Dimensional Fund Advisors LP recently announced the acquisition of new stake in United States Steel Corporation (NYSE:X). The institutional investor has increased its shareholding in the Basic Materials company by 13.54% to 10.77 million shares with purchase of 1.28 million shares. This fresh investment now brings its stake to 4.60% valued currently at $219.3 million. In addition, Morgan Stanley & Co. LLC raised its holdings by 0.6 million to 4.95 million shares. And Slate Path Capital LP has lifted its position by 73.28% or 2.06 million shares – to 4.88 million shares.
With over 8.0 million United States Steel Corporation (X) shares trading Monday and a closing price of $24.46 on the day, the dollar volume was approximately $195.66 million. The shares have shown a negative half year performance of -2.39% and its price on 11/21/22 gained nearly 3.78%. Currently, there are 237.09M common shares owned by the public and among those 231.57M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 11 analysts who have offered their price forecasts for X have a consensus price objective of $22.85. The analysts have set the share’s price value over the next 12 months at a high of $37.00 and a low of $18.00. The average price target is 2.78% above its recent price level and a downside to the estimated low will see the stock lose -35.89% over that period. But an upside of 33.89% will see the stock hit the forecast high price target while median target price for the stock is $21.00.
Insiders at the company have transacted a total of 98 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 46 of these insider trades were purchases, accounting for 836,646 shares. Insider sales of the common stock occurred on 52 occasions, with total insider shares sold totaling 686,068 shares.
The top 3 mutual fund holders in United States Steel Corporation are iShares Core S&P Mid Cap ETF, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund. iShares Core S&P Mid Cap ETF owns 7.13 million shares of the company’s stock, all valued at over $145.15 million. The company bought an additional 2772.0 shares recently to bring their total holdings to about 3.04% of the shares outstanding. Vanguard Total Stock Market Index bought 13178.0 shares to see its total holdings expand to 6.37 million shares valued at over $129.79 million and representing 2.72% of the shares outstanding. Vanguard Small Cap Index Fund bought 88038.0 shares to bring its total holdings to over 5.51 million shares at a value of $112.15 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.35% of the shares outstanding.
Shares of United States Steel Corporation (NYSE: X) opened at $23.28, down -$0.29 from a prior closing price of $23.57. However, the script later moved the day high at 24.72, up 3.78%. The company’s stock has a 5-day price change of 1.12% and 5.16% over the past three months. X shares are trading 2.73% year to date (YTD), with the 12-month market performance down to -0.24% lower. It has a 12-month low price of $16.41 and touched a high of $39.25 over the same period. X has an average intraday trading volume of 11.56 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 12.06%, 18.61%, and -1.28% respectively.
Institutional ownership of United States Steel Corporation (NYSE: X) shares accounts for 79.30% of the company’s 237.09M shares outstanding. Mutual fund holders own 35.56%, while other institutional holders and individual stakeholders account for 41.83% and 2.63% respectively.
It has a market capitalization of $5.77B and a beta (3y monthly) value of 2.14. The stock’s trailing 12-month PE ratio is 2.04, while the earnings-per-share (ttm) stands at $12.02. The company has a PEG of 0.25 and a Quick Ratio of 1.40 with the debt-to-equity ratio at 0.38. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.14% over the week and 4.83% over the month.
Analysts forecast that United States Steel Corporation (X) will achieve an EPS of $0.82 for the current quarter, $0.51 for the next quarter and $2.57 for 2023. The lowest estimate earnings-per-share for the quarter is $0.27 while analysts give the company a high EPS estimate of $1.29. Comparatively, EPS for the current quarter was $3.64 a year ago. Earnings per share for the fiscal year are expected to increase by 351.30%, and -79.16% over the next financial year. EPS should shrink at an annualized rate of 8.00% over the next five years, compared to 48.80% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 11 brokerage firm advisors rate United States Steel Corporation (X) as a “Moderate Buy” at a consensus score of 2.90. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 6 of the 11 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the X, a number of firms have released research notes about the stock. Credit Suisse stated their Outperform rating for the stock in a research note on June 17, 2022, with the firm’s price target at $49-$44. JP Morgan coverage for the United States Steel Corporation (X) stock in a research note released on June 14, 2022 offered a Underweight rating with a price target of $28. Morgan Stanley was of a view on March 07, 2022 that the stock is Equal-Weight, while Wolfe Research gave the stock Underperform rating on January 11, 2022, issuing a price target of $24. Wolfe Research on their part issued Peer Perform rating on November 17, 2021.