Did Hedge Funds Pile Into United States Steel Corporation (X) at the Right Time?

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As aggregate interest increased, some big names have been driving this bullishness. Greenlight Capital made a $58.3 million investment in the stock during the quarter. The other funds with new positions in the stock are Zach Schreiber’s Point State Capital, Citadel Investment Group, and David Costen Haley’s HBK Investments.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as United States Steel Corporation (NYSE:X) but similarly valued. We will take a look at Blackstone Mortgage Trust Inc (NYSE:BXMT), Columbia Property Trust Inc (NYSE:CXP), Terex Corporation (NYSE:TEX), and Clean Harbors Inc (NYSE:CLH). This group of stocks’ market valuations are closest to United States Steel’s market valuation.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
BXMT 17 273906 -1
CXP 11 84467 -1
TEX 25 357338 -6
CLH 13 175394 -3

As you can see these stocks had an average of 17 hedge funds with bullish positions and the average amount invested in these stocks was $223 million. That figure was $788 million in United States Steel’s case. Terex Corporation (NYSE:TEX) is the most popular stock in this table. On the other hand Columbia Property Trust Inc (NYSE:CXP) is the least popular one with only 11 bullish hedge fund positions. Compared to these stocks United States Steel Corporation (NYSE:X) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None

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