POSCO (NYSE:PKX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday, October 18th. The firm presently has a $82.00 price objective on the basic materials company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 12.81% from the stock’s previous close.
According to Zacks, “Year to date, POSCO's American Depository Receipts (ADR) outperformed the industry. Over the long term, we believe the company stands to benefit from its regional diversifications, superior product portfolio and initiatives to dispose non-core assets. On a consolidated basis, the company aims to generate revenues of approximately KRW 59.3 trillion in 2017, higher than KRW 54.8 trillion expected earlier. Finished product sales are estimated to be roughly 35.1 million tons while crude steel production is projected to be nearly 37 million tons. Also, the company plans to spend KRW 3.5 trillion for strengthening its businesses.”
Several other brokerages have also recently commented on PKX. Standpoint Research cut POSCO from a “buy” rating to a “hold” rating in a report on Monday, August 7th. CLSA upgraded POSCO from an “underperform” rating to an “outperform” rating in a report on Thursday, July 20th. BidaskClub cut POSCO from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 12th. Finally, UBS AG upgraded POSCO from a “neutral” rating to a “buy” rating in a report on Thursday, July 6th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $82.00.
POSCO (NYSE PKX) traded up 4.26% during midday trading on Wednesday, hitting $75.79. 129,598 shares of the stock were exchanged. POSCO has a 12-month low of $50.37 and a 12-month high of $77.76. The stock has a market cap of $24.25 billion, a price-to-earnings ratio of 13.48 and a beta of 1.11. The firm has a 50 day moving average of $71.63 and a 200-day moving average of $66.99.
TRADEMARK VIOLATION WARNING: This report was published by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are accessing this report on another publication, it was stolen and republished in violation of international copyright & trademark laws. The original version of this report can be viewed at https://www.dispatchtribunal.com/2017/10/27/posco-pkx-rating-increased-to-buy-at-zacks-investment-research.html.
A number of large investors have recently added to or reduced their stakes in PKX. Raymond James Financial Services Advisors Inc. acquired a new position in POSCO in the first quarter valued at about $229,000. Strategic Global Advisors LLC lifted its stake in POSCO by 0.3% in the second quarter. Strategic Global Advisors LLC now owns 4,306 shares of the basic materials company’s stock valued at $270,000 after buying an additional 15 shares during the period. Marshall Wace North America L.P. acquired a new position in POSCO in the second quarter valued at about $293,000. Eqis Capital Management Inc. acquired a new position in POSCO in the third quarter valued at about $347,000. Finally, OxFORD Asset Management LLP acquired a new position in POSCO in the second quarter valued at about $348,000. 5.15% of the stock is currently owned by hedge funds and other institutional investors.
POSCO Company Profile
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.
Get a free copy of the Zacks research report on POSCO (PKX)
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.