POSCO (NYSE:PKX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm presently has a $82.00 target price on the basic materials company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 12.04% from the company’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.”
A number of other analysts have also recently issued reports on PKX. BidaskClub cut POSCO from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 12th. UBS AG upgraded POSCO from a “neutral” rating to a “buy” rating in a research report on Thursday, July 6th. Standpoint Research cut POSCO from a “buy” rating to a “hold” rating in a research report on Monday, August 7th. Finally, CLSA upgraded POSCO from an “underperform” rating to an “outperform” rating in a research report on Thursday, July 20th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $82.00.
Shares of POSCO (NYSE:PKX) traded up 0.5603% during trading on Wednesday, reaching $73.6001. The company had a trading volume of 100,765 shares. The stock has a 50 day moving average price of $71.68 and a 200 day moving average price of $66.32. The firm has a market capitalization of $23.55 billion, a PE ratio of 13.0868 and a beta of 1.11. POSCO has a 12 month low of $50.37 and a 12 month high of $77.76.
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A number of hedge funds have recently made changes to their positions in the stock. Brandes Investment Partners LP boosted its stake in POSCO by 1.8% in the 2nd quarter. Brandes Investment Partners LP now owns 936,469 shares of the basic materials company’s stock valued at $58,614,000 after buying an additional 16,819 shares in the last quarter. Vanguard Group Inc. boosted its stake in POSCO by 3.4% in the 2nd quarter. Vanguard Group Inc. now owns 717,651 shares of the basic materials company’s stock valued at $44,918,000 after buying an additional 23,884 shares in the last quarter. Northern Trust Corp boosted its stake in POSCO by 12.2% in the 2nd quarter. Northern Trust Corp now owns 643,169 shares of the basic materials company’s stock valued at $40,256,000 after buying an additional 69,983 shares in the last quarter. State Street Corp boosted its stake in POSCO by 6.8% in the 2nd quarter. State Street Corp now owns 465,450 shares of the basic materials company’s stock valued at $29,131,000 after buying an additional 29,780 shares in the last quarter. Finally, LMR Partners LLP boosted its stake in POSCO by 57.0% in the 2nd quarter. LMR Partners LLP now owns 387,825 shares of the basic materials company’s stock valued at $24,321,000 after buying an additional 140,787 shares in the last quarter. 5.14% of the stock is currently owned by institutional investors and hedge funds.
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.
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