POSCO (NYSE:PKX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday. The brokerage currently has a $98.00 price objective on the basic materials company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 8.48% from the company’s current price.
According to Zacks, “Year to date, POSCO's American Depository Receipts (ADR) have outperformed the industry. Over the long term, we believe the company is poised to benefit from its regional diversifications, superior product portfolio and initiatives to dispose non-core assets. On a consolidated basis, POSCO aims to improve businesses and services, as well as generate revenues of approximately KRW 59.5 trillion in 2017 (results not yet released), compared with the previous forecast of KRW 59.3 trillion. Crude steel production is projected to be nearly 37.1 million tons versus 37 million tons expected earlier. Also, the company plans to spend KRW 3.3 trillion for strengthening its businesses. Earnings estimates on the stock improved for 2018 in the last 60 days.”
Other equities research analysts have also issued reports about the company. Goldman Sachs Group upgraded POSCO from a “neutral” rating to a “buy” rating in a research report on Tuesday, January 2nd. Deutsche Bank upgraded POSCO from a “hold” rating to a “buy” rating in a research report on Monday, December 4th. Finally, ValuEngine lowered POSCO from a “buy” rating to a “hold” rating in a research report on Saturday. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. POSCO presently has an average rating of “Buy” and an average price target of $98.00.
POSCO (NYSE:PKX) last posted its quarterly earnings results on Tuesday, November 28th. The basic materials company reported $2.42 earnings per share (EPS) for the quarter. POSCO had a return on equity of 5.03% and a net margin of 4.01%. equities research analysts anticipate that POSCO will post 8.84 EPS for the current fiscal year.
Hedge funds have recently modified their holdings of the company. Barry Investment Advisors LLC purchased a new position in shares of POSCO in the 3rd quarter valued at approximately $216,000. Wealthsource Partners LLC purchased a new position in shares of POSCO in the 3rd quarter valued at approximately $224,000. Eagle Asset Management Inc. purchased a new position in shares of POSCO in the 3rd quarter valued at approximately $265,000. Strategic Global Advisors LLC lifted its stake in shares of POSCO by 0.3% in the 2nd quarter. Strategic Global Advisors LLC now owns 4,306 shares of the basic materials company’s stock valued at $270,000 after purchasing an additional 15 shares during the period. Finally, Eqis Capital Management Inc. purchased a new position in shares of POSCO in the 3rd quarter valued at approximately $347,000. Hedge funds and other institutional investors own 5.37% of the company’s stock.
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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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