Allianz Asset Management AG Boosts Stake in POSCO (PKX)
Allianz Asset Management AG increased its position in POSCO (NYSE:PKX) by 17,922.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,129,263 shares of the company’s stock after buying an additional 1,122,997 shares during the period. Allianz Asset Management AG owned approximately 0.35% of POSCO worth $59,343,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of the company. Dynamic Technology Lab Private Ltd bought a new position in shares of POSCO during the fourth quarter worth $505,000. Oxford Asset Management bought a new position in shares of POSCO during the fourth quarter worth $399,000. Van ECK Associates Corp raised its position in shares of POSCO by 44.3% in the fourth quarter. Van ECK Associates Corp now owns 194,281 shares of the company’s stock worth $10,209,000 after buying an additional 59,634 shares in the last quarter. State Street Corp raised its position in shares of POSCO by 5.9% in the fourth quarter. State Street Corp now owns 397,411 shares of the company’s stock worth $20,884,000 after buying an additional 22,164 shares in the last quarter. Finally, Elgethun Capital Management bought a new position in shares of POSCO during the fourth quarter worth $2,383,000. Hedge funds and other institutional investors own 5.23% of the company’s stock.
POSCO (NYSE:PKX) traded down 0.87% during midday trading on Thursday, reaching $60.72. 328,366 shares of the company were exchanged. The stock has a market capitalization of $19.73 billion, a P/E ratio of 27.43 and a beta of 1.04. POSCO has a 52 week low of $39.19 and a 52 week high of $61.82. The firm’s 50 day moving average price is $56.83 and its 200-day moving average price is $53.32.
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A number of research firms recently issued reports on PKX. Nomura raised shares of POSCO from a “neutral” rating to a “buy” rating in a research note on Thursday, January 26th. Zacks Investment Research raised shares of POSCO from a “sell” rating to a “buy” rating and set a $64.00 price target on the stock in a research note on Tuesday, January 17th. TheStreet raised shares of POSCO from a “hold” rating to a “buy” rating in a research note on Monday, December 5th. Finally, HSBC Holdings plc raised shares of POSCO from a “hold” rating to a “buy” rating in a research note on Monday, November 28th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $64.00.
POSCO is an integrated steel producer. The Company operates in four segments: steel, trading, engineering and 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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