Posco (PKX) Raised to Hold at Zacks Investment Research
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.”
A number of other brokerages have also recently issued reports on PKX. Macquarie upgraded shares of Posco from a neutral rating to an outperform rating in a report on Thursday, July 21st. Credit Agricole SA upgraded shares of Posco from a sell rating to an underperform rating in a report on Monday, June 27th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of Hold.
Posco (NYSE:PKX) opened at 50.72 on Tuesday. The company has a market capitalization of $16.22 billion, a PE ratio of 76.21 and a beta of 1.28. The stock’s 50 day moving average is $49.86 and its 200 day moving average is $47.65. Posco has a one year low of $30.97 and a one year high of $55.60.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PKX. Cubist Systematic Strategies LLC purchased a new position in Posco during the second quarter valued at $231,000. KCG Holdings Inc. bought a new position in Posco during the second quarter worth $247,000. Princeton Alpha Management LP bought a new position in Posco during the second quarter worth $250,000. Pacad Investment Ltd. bought a new position in Posco during the second quarter worth $254,000. Finally, Advisors Asset Management Inc. boosted its position in 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 last quarter. Institutional investors and hedge funds own 6.09% of the company’s stock.
Posco Company Profile
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Posco Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Posco and related companies with MarketBeat.com's FREE daily email newsletter.