Meridian Wealth Management LLC Makes New $707,000 Investment in United States Steel Co. (NYSE:X)

Meridian Wealth Management LLC purchased a new position in United States Steel Co. (NYSE:X) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 20,009 shares of the basic materials company’s stock, valued at approximately $707,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of X. Water Island Capital LLC grew its holdings in United States Steel by 5.3% during the 2nd quarter. Water Island Capital LLC now owns 906,092 shares of the basic materials company’s stock valued at $34,250,000 after buying an additional 45,567 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new position in United States Steel during the third quarter valued at $608,000. KGH Ltd increased its holdings in United States Steel by 68.2% in the 2nd quarter. KGH Ltd now owns 4,255,000 shares of the basic materials company’s stock valued at $160,839,000 after acquiring an additional 1,724,670 shares during the last quarter. Quest Partners LLC lifted its stake in United States Steel by 103.4% in the 3rd quarter. Quest Partners LLC now owns 27,248 shares of the basic materials company’s stock worth $963,000 after purchasing an additional 13,849 shares in the last quarter. Finally, Verus Capital Partners LLC boosted its holdings in shares of United States Steel by 88.6% during the 3rd quarter. Verus Capital Partners LLC now owns 28,940 shares of the basic materials company’s stock valued at $1,022,000 after purchasing an additional 13,594 shares during the last quarter. 81.92% of the stock is owned by hedge funds and other institutional investors.

United States Steel Stock Down 3.7 %

Shares of X opened at $39.03 on Friday. United States Steel Co. has a 12-month low of $26.92 and a 12-month high of $50.20. The firm has a fifty day moving average price of $37.84 and a 200-day moving average price of $37.85. The firm has a market capitalization of $8.79 billion, a P/E ratio of 25.68 and a beta of 1.86. The company has a current ratio of 1.67, a quick ratio of 1.08 and a debt-to-equity ratio of 0.35.

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, beating analysts’ consensus estimates of $0.41 by $0.15. The firm had revenue of $3.85 billion during the quarter, compared to analyst estimates of $3.77 billion. United States Steel had a return on equity of 6.01% and a net margin of 2.41%. United States Steel’s quarterly revenue was down 13.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.36 earnings per share. Equities research analysts expect that United States Steel Co. will post 2.21 earnings per share for the current year.

United States Steel Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Monday, November 11th will be issued a $0.05 dividend. The ex-dividend date is Friday, November 8th. This represents a $0.20 annualized dividend and a dividend yield of 0.51%. United States Steel’s payout ratio is currently 13.16%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on X. 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 report on Monday, September 9th. StockNews.com initiated coverage on United States Steel in a research report on Monday, August 19th. They issued a “hold” rating for the company. JPMorgan Chase & Co. raised United States Steel from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $40.00 to $42.00 in a research note on Monday, September 9th. BNP Paribas upgraded United States Steel from a “neutral” rating to an “outperform” rating and set a $40.00 price target on the stock in a report on Friday, September 6th. Finally, BMO Capital Markets dropped their price objective on shares of United States Steel from $45.00 to $43.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, United States Steel currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.80.

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.