POSCO (PKX) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of POSCO (NYSE:PKX) from a hold rating to a buy rating in a research note published on Monday morning. They currently have $98.00 price objective on the basic materials company’s stock.
According to Zacks, “Year to date, POSCO's American Depository Receipts (ADR) have outperformed the industry. Over the long term, we believe the company is poised to benefit from its regional diversifications, superior product portfolio and initiatives to dispose non-core assets. On a consolidated basis, POSCO aims to improve businesses and services, as well as generate revenues of approximately KRW 59.5 trillion in 2017 (results not yet released), compared with the previous forecast of KRW 59.3 trillion. Crude steel production is projected to be nearly 37.1 million tons versus 37 million tons expected earlier. Also, the company plans to spend KRW 3.3 trillion for strengthening its businesses. Earnings estimates on the stock improved for 2018 in the last 60 days.”
Several other research firms have also recently weighed in on PKX. ValuEngine cut POSCO from a buy rating to a hold rating in a research report on Saturday, January 13th. Deutsche Bank raised POSCO from a hold rating to a buy rating in a research report on Monday, December 4th. Finally, Goldman Sachs Group raised POSCO from a neutral rating to a buy rating in a research report on Tuesday, January 2nd. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock has an average rating of Buy and an average target price of $98.00.
POSCO (NYSE:PKX) last posted its quarterly earnings data on Tuesday, November 28th. The basic materials company reported $2.42 earnings per share for the quarter. POSCO had a return on equity of 5.03% and a net margin of 4.01%. equities research analysts forecast that POSCO will post 8.84 earnings per share for the current year.
Several hedge funds and other institutional investors have recently modified their holdings of PKX. Capital Growth Management LP purchased a new position in shares of POSCO during the 3rd quarter valued at $29,148,000. Assetmark Inc. raised its stake in shares of POSCO by 164,689.9% during the 3rd quarter. Assetmark Inc. now owns 163,142 shares of the basic materials company’s stock valued at $11,322,000 after purchasing an additional 163,043 shares during the period. Northern Trust Corp raised its stake in shares of POSCO by 12.2% during the 2nd quarter. Northern Trust Corp now owns 643,169 shares of the basic materials company’s stock valued at $40,256,000 after purchasing an additional 69,983 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of POSCO during the 3rd quarter valued at $4,268,000. Finally, Sumitomo Mitsui Trust Holdings Inc. bought a new stake in shares of POSCO during the 3rd quarter valued at $3,174,000. 5.37% of the stock is currently owned by hedge funds and other institutional investors.
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POSCO is a Korea-based company principally engaged in the manufacture and distribution of steel products. The Company operates in four segments: steel, trading, construction, and others. The steel segment includes production of steel products and sale of such products. The trading segment consists of global trading activities of POSCO Daewoo Corporation, exporting and importing a range of steel products that are both obtained from and supplied to it, as well as between other suppliers and purchasers in Korea and overseas.
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