Alpine Associates Management Inc. Sells 140,398 Shares of United States Steel Co. (NYSE:X)

Alpine Associates Management Inc. reduced its position in United States Steel Co. (NYSE:X) by 5.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,527,534 shares of the basic materials company’s stock after selling 140,398 shares during the period. United States Steel makes up approximately 4.1% of Alpine Associates Management Inc.’s holdings, making the stock its 8th largest holding. Alpine Associates Management Inc. owned approximately 1.12% of United States Steel worth $89,298,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Massachusetts Financial Services Co. MA lifted its position in United States Steel by 4,305.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,634,364 shares of the basic materials company’s stock worth $137,379,000 after acquiring an additional 3,551,870 shares in the last quarter. KGH Ltd lifted its position in United States Steel by 68.2% during the 2nd quarter. KGH Ltd now owns 4,255,000 shares of the basic materials company’s stock worth $160,839,000 after acquiring an additional 1,724,670 shares in the last quarter. Murchinson Ltd. lifted its position in United States Steel by 66.5% during the 1st quarter. Murchinson Ltd. now owns 2,100,000 shares of the basic materials company’s stock worth $85,638,000 after acquiring an additional 838,653 shares in the last quarter. Forest Avenue Capital Management LP acquired a new position in United States Steel during the 2nd quarter worth approximately $22,770,000. Finally, International Assets Investment Management LLC lifted its position in United States Steel by 4,445.5% during the 3rd quarter. International Assets Investment Management LLC now owns 571,326 shares of the basic materials company’s stock worth $20,185,000 after acquiring an additional 558,757 shares in the last quarter. 81.92% of the stock is owned by institutional investors and hedge funds.

United States Steel Price Performance

Shares of X opened at $38.89 on Wednesday. The company has a market cap of $8.76 billion, a P/E ratio of 25.59 and a beta of 1.86. The stock has a fifty day moving average price of $37.41 and a 200 day moving average price of $37.81. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.67 and a quick ratio of 1.08. United States Steel Co. has a 12 month low of $26.92 and a 12 month high of $50.20.

United States Steel (NYSE:X) last announced its quarterly earnings results on Thursday, October 31st. The basic materials company reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.15. United States Steel had a return on equity of 6.01% and a net margin of 2.41%. The company had revenue of $3.85 billion during the quarter, compared to analyst estimates of $3.77 billion. During the same quarter in the previous year, the firm posted $1.36 EPS. The firm’s quarterly revenue was down 13.0% on a year-over-year basis. On average, research analysts forecast that United States Steel Co. will post 2.21 earnings per share for the current year.

United States Steel Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Monday, November 11th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $0.20 dividend on an annualized basis and a yield of 0.51%. United States Steel’s dividend payout ratio (DPR) is presently 13.16%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on X. Morgan Stanley upped their target price on United States Steel from $48.00 to $49.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. JPMorgan Chase & Co. raised United States Steel from a “neutral” rating to an “overweight” rating and upped their target price for the company from $40.00 to $42.00 in a research report on Monday, September 9th. Glj Research raised United States Steel from a “sell” rating to a “buy” rating and set a $38.57 target price on the stock in a research report on Monday, September 9th. BNP Paribas raised United States Steel from a “neutral” rating to an “outperform” rating and set a $40.00 target price on the stock in a research report on Friday, September 6th. Finally, BMO Capital Markets cut their target price on United States Steel from $45.00 to $43.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, United States Steel has a consensus rating of “Moderate Buy” and an average price target of $42.80.

United States Steel Company 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.