Meridian #Wealth Management LLC #Buys New Position in #United States #Steel #Corporation

Meridian Wealth Management LLC bought a new position in shares of United States Steel Corporation (NYSE:X) during the third quarter, according to its most recent filing with the SEC. The fund bought 81,000 shares of the basic materials company’s stock, valued at approximately $2,078,000. United States Steel Corporation accounts for 1.3% of Meridian Wealth Management LLC’s investment portfolio, making the stock its 17th largest holding.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. ARP Americas LLC bought a new stake in shares of United States Steel Corporation during the 3rd quarter worth $223,000. Canada Pension Plan Investment Board raised its stake in shares of United States Steel Corporation by 63.1% during the 3rd quarter. Canada Pension Plan Investment Board now owns 39,300 shares of the basic materials company’s stock worth $1,008,000 after purchasing an additional 15,200 shares during the period. NJ State Employees Deferred Compensation Plan bought a new stake in shares of United States Steel Corporation during the 3rd quarter worth $205,000. Enterprise Financial Services Corp bought a new stake in shares of United States Steel Corporation during the 3rd quarter worth $120,000. Finally, Crossmark Global Holdings Inc. bought a new stake in shares of United States Steel Corporation during the 3rd quarter worth $426,000. Institutional investors own 63.77% of the company’s stock.

Shares of United States Steel Corporation (X) traded down $0.55 during midday trading on Friday, hitting $27.04. The stock had a trading volume of 9,902,540 shares, compared to its average volume of 13,431,619. The company has a quick ratio of 1.09, a current ratio of 1.89 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $4,731.84, a price-to-earnings ratio of 18.91 and a beta of 2.96. United States Steel Corporation has a 52 week low of $18.55 and a 52 week high of $41.83.

United States Steel Corporation (NYSE:X) last posted its quarterly earnings data on Tuesday, October 31st. The basic materials company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.25. The company had revenue of $3.25 billion during the quarter, compared to analysts’ expectations of $3.07 billion. United States Steel Corporation had a net margin of 1.05% and a return on equity of 10.27%. The firm’s revenue for the quarter was up 20.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.40 EPS. analysts anticipate that United States Steel Corporation will post 1.79 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Friday, November 10th will be given a $0.05 dividend. The ex-dividend date is Thursday, November 9th. This represents a $0.20 dividend on an annualized basis and a yield of 0.74%. United States Steel Corporation’s payout ratio is currently 29.85%.

In related news, Director Eugene Sperling bought 1,000 shares of the business’s stock in a transaction dated Friday, September 15th. The shares were acquired at an average price of $25.16 per share, for a total transaction of $25,160.00. Following the purchase, the director now owns 3,009 shares in the company, valued at approximately $75,706.44. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Murry Gerber bought 4,000 shares of the business’s stock in a transaction dated Friday, September 1st. The stock was bought at an average price of $26.89 per share, for a total transaction of $107,560.00. Following the purchase, the director now owns 168,457 shares in the company, valued at approximately $4,529,808.73. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 64,597 shares of company stock valued at $1,764,452. 1.00% of the stock is currently owned by corporate insiders.

X has been the topic of a number of research reports. Citigroup Inc. cut United States Steel Corporation from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $26.00 to $20.00 in a research note on Friday, July 28th. Axiom Securities restated a “sell” rating on shares of United States Steel Corporation in a research note on Thursday, July 13th. Standpoint Research cut United States Steel Corporation from a “buy” rating to a “reduce” rating in a research note on Tuesday, September 5th. Macquarie initiated coverage on United States Steel Corporation in a research note on Wednesday, September 6th. They issued an “outperform” rating and a $31.00 price objective on the stock. Finally, Credit Suisse Group restated an “outperform” rating and issued a $34.00 price objective (up from $29.00) on shares of United States Steel Corporation in a research note on Wednesday, July 26th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the company’s stock. United States Steel Corporation has an average rating of “Hold” and a consensus price target of $29.34.

United States Steel Corporation Company Profile

United States Steel Corporation is an integrated steel producer. The Company is engaged in producing flat-rolled and tubular products with production operations in North America and Europe. The Company operates through three segments: Flat-Rolled Products (Flat-Rolled), U. S. Steel Europe (USSE) and Tubular Products (Tubular).

Leave a Reply

Your email address will not be published. Required fields are marked *

− 2 = 3