Tuberville Sold U.S. Steel Shares Days Before Q1 Results
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U.S. Steel Corp (X:US) shares are vastly underperforming this year, down 15.3% year-to-date (YTD), versus a 0.5% gain in the Dow Jones Industrial Average (DJI). The stock is down over 30% since early March when it posted a year-to-date high.
Prior to that, the X stock had gained about 65% from November 2022 to March 2023, allowing some investors to take a profit. Congressman Tommy Tuberville, specifically, reported several sales of X shares throughout the opening months of 2023.
Most recently, Rep. Tuberville reported the $100,000 - $250,000 sale of U.S. Steel shares on April 24. On the same day, the Congressman was selling $50,000 - $100,000 worth of X shares, which closed at $25.23 on April 24.
These sales were made just a few days before U.S. Steel reported a surprise operating loss from its flat-rolled steel business. The company posted an adjusted profit per share of $0.77 on revenue of $4.47 billion, topping the analyst estimates for a profit of $0.65 on sales of $4.24 billion.
Despite the bottom and top line beat, the stock fell after U.S. Steel reported a loss for its flat-rolled business of $7 million while analysts were looking for a profit of $23.1 million.
On a more positive note, the company said it expects to deliver even stronger second-quarter results from higher steel prices.
Earlier in March, Sen. Tuberville had made three $50,000 - $100,000 sell trades in the second half of March when the X stock also traded around $25 apiece.
