Posco (PKX) Upgraded at Zacks Investment Research
Posco (NYSE:PKX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.
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 reports. Macquarie raised 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 report on Monday, June 27th. Two 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 stock. The stock has an average rating of “Hold”.
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Posco (NYSE:PKX) traded up 0.31% during mid-day trading on Tuesday, reaching $49.00. The company had a trading volume of 67,280 shares. Posco has a one year low of $30.97 and a one year high of $55.60. The stock has a market capitalization of $15.67 billion, a PE ratio of 73.63 and a beta of 1.28. The company’s 50-day moving average is $49.85 and its 200-day moving average is $47.58.
Several institutional investors have recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC acquired a new position in Posco during the second quarter valued at about $231,000. KCG Holdings Inc. purchased a new position in Posco during the second quarter valued at approximately $247,000. Princeton Alpha Management LP purchased a new position in Posco during the second quarter valued at approximately $250,000. Pacad Investment Ltd. purchased a new position in Posco during the second quarter valued at approximately $254,000. Finally, Advisors Asset Management Inc. increased 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 valued at $287,000 after buying an additional 49 shares during the last quarter. 6.55% of the stock is owned by institutional investors.
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.
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