Posco (PKX) Upgraded by Zacks Investment Research to “Hold”
According to Zacks, “Over the long term, POSCO stands to benefit from its regional diversifications, superior product portfolio and initiatives to dispose non-core assets. In second-quarter 2016, the company's net income grew 88.9% year over year, driven by cost reduction and increase in gains derived from the share of profit from equity-accounted investees. Net earnings were US$0.54 per American Depository Receipt ("ADR"). Revenues exceeded the year-ago tally by 15.4%. Despite these positives, the company is exposed to risks from higher costs and expenses, industry rivalry, huge debt level, geopolitical issues and foreign currency fluctuations. For third-quarter 2016, POSCO predicts domestic steel demand to remain weak in the automobile and shipbuilding industries.”
PKX has been the subject of a number of other research reports. Macquarie upgraded Posco from a neutral rating to an outperform rating in a report on Thursday, July 21st. Credit Agricole SA raised Posco from a sell rating to an underperform rating in a research note on Monday, June 27th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold.
Shares of Posco (NYSE:PKX) opened at 48.98 on Tuesday. Posco has a 1-year low of $30.97 and a 1-year high of $55.60. The stock has a 50 day moving average price of $49.81 and a 200-day moving average price of $47.60. The stock has a market capitalization of $15.66 billion, a PE ratio of 73.60 and a beta of 1.28.
Several large investors have recently modified their holdings of the company. Advisors Asset Management Inc. raised its stake in shares of Posco by 0.8% in the second quarter. Advisors Asset Management Inc. now owns 6,447 shares of the company’s stock worth $287,000 after buying an additional 49 shares during the period. Stifel Financial Corp raised its stake in shares of Posco by 1.2% in the second quarter. Stifel Financial Corp now owns 14,215 shares of the company’s stock worth $632,000 after buying an additional 163 shares during the period. Willis Investment Counsel raised its stake in shares of Posco by 0.5% in the first quarter. Willis Investment Counsel now owns 46,470 shares of the company’s stock worth $2,199,000 after buying an additional 220 shares during the period. Commerzbank Aktiengesellschaft FI raised its stake in shares of Posco by 2.2% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 11,951 shares of the company’s stock worth $532,000 after buying an additional 261 shares during the period. Finally, DekaBank Deutsche Girozentrale raised its stake in shares of Posco by 0.7% in the second quarter. DekaBank Deutsche Girozentrale now owns 45,017 shares of the company’s stock worth $1,980,000 after buying an additional 317 shares during the period. 6.09% of the stock is owned by hedge funds and other institutional investors.
POSCO is an integrated steel producer. The Company operates in four segments: steel segment, trading segment, construction segment and others segment. The steel segment includes production of steel products and sale of such products. The trading segment consists of global trading activities of Daewoo International, exporting and importing a range of steel products that are both obtained from and supplied to POSCO, as well as between other suppliers and purchasers in Korea and overseas.
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