Zacks Investment Research Upgrades Posco (PKX) to Hold
Posco (NYSE:PKX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued 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.”
Several other brokerages also recently weighed in on PKX. Credit Agricole SA upgraded Posco from a “sell” rating to an “underperform” rating in a research report on Monday, June 27th. Macquarie upgraded Posco from a “neutral” rating to an “outperform” rating in a research report on Thursday, July 21st. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold”.
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Posco (NYSE:PKX) traded up 0.23% during trading on Tuesday, reaching $48.96. 68,786 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $49.85 and a 200-day moving average of $47.58. Posco has a 12 month low of $30.97 and a 12 month high of $55.60. The stock has a market cap of $15.65 billion, a PE ratio of 73.57 and a beta of 1.28.
Several institutional investors have recently made changes to their positions in the stock. Envestnet Asset Management Inc. increased its position in shares of Posco by 41.0% in the first quarter. Envestnet Asset Management Inc. now owns 56,941 shares of the company’s stock worth $2,695,000 after buying an additional 16,552 shares in the last quarter. DekaBank Deutsche Girozentrale increased its position 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 in the last quarter. Pzena Investment Management LLC increased its position in shares of Posco by 9.2% in the second quarter. Pzena Investment Management LLC now owns 18,900 shares of the company’s stock worth $841,000 after buying an additional 1,600 shares in the last quarter. UBS Group AG increased its position in shares of Posco by 137.4% in the first quarter. UBS Group AG now owns 519,273 shares of the company’s stock worth $24,577,000 after buying an additional 300,525 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI increased its position 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 in the last quarter. Institutional investors own 6.55% 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.
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