Bridgewater Associates took on a bullish stance towards United States Steel Corporation (NYSE:X) last quarter, entering a position in the company last quarter with the purchase of 570,000 shares valued at $15.24 million. Last quarter, the company registered financial results that beat estimates, reporting earnings of $1.83 per share, compared to the consensus estimate of $0.89 per share. Although the stock is down 9.5% year-to-date, numerous hedge funds remain optimistic regarding United States Steel Corporation (NYSE:X)’s future performance. Following the acquisition of 4.59 million shares last month, Ken Griffin’s Citadel Investment Group ranks as one of the company’s largest shareholders among institutional investors, holding a stake of 7.61 million shares.
After increasing its stake in Denbury Resources Inc. (NYSE:DNR) by more than 200% last quarter, Bridgewater Associate now owns 1.61 million shares of the company’s stock valued at $13.07 million. The bullish sentiment is shared by numerous investment firms, several of which entered a position in the company last quarter. Ron Gutfleish’s Elm Ridge Capital for example disclosed a new stake of 3.07 million shares at the end of 2014, while Jim Simons’ Renaissance Technologies acquired a holding of 1.70 million shares.