POSCO (PKX) Upgraded to Buy by Zacks Investment Research

POSCO (NYSE:PKX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The brokerage presently has a $98.00 price target on the basic materials company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 8.48% from the stock’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.”

A number of other equities analysts have also commented on PKX. ValuEngine lowered shares of POSCO from a “buy” rating to a “hold” rating in a report on Saturday. Goldman Sachs Group upgraded shares of POSCO from a “neutral” rating to a “buy” rating in a report on Tuesday, January 2nd. Finally, Deutsche Bank upgraded shares of POSCO from a “hold” rating to a “buy” rating in a report on Monday, December 4th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. POSCO currently has a consensus rating of “Buy” and a consensus price target of $98.00.

Shares of POSCO (NYSE:PKX) traded up $2.77 during trading on Monday, reaching $90.34. 341,600 shares of the company’s stock were exchanged, compared to its average volume of 292,089. POSCO has a 1 year low of $52.88 and a 1 year high of $90.56. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.68 and a quick ratio of 1.14. The firm has a market capitalization of $28,907.71, a price-to-earnings ratio of 13.88, a P/E/G ratio of 1.88 and a beta of 1.13.

POSCO (NYSE:PKX) last issued its earnings results on Tuesday, November 28th. The basic materials company reported $2.42 earnings per share for the quarter. POSCO had a net margin of 4.01% and a return on equity of 5.03%. research analysts expect that POSCO will post 8.84 earnings per share for the current year.

Several large investors have recently modified their holdings of the company. KCS Wealth Advisory acquired a new position in shares of POSCO during the fourth quarter worth $900,000. Parametric Portfolio Associates LLC lifted its holdings in shares of POSCO by 7.8% during the third quarter. Parametric Portfolio Associates LLC now owns 283,366 shares of the basic materials company’s stock worth $19,666,000 after purchasing an additional 20,457 shares during the period. Wealthsource Partners LLC acquired a new position in shares of POSCO during the third quarter worth $224,000. Point72 Asset Management L.P. acquired a new position in POSCO in the third quarter valued at $4,268,000. Finally, National Planning Corp lifted its holdings in POSCO by 7.4% in the third quarter. National Planning Corp now owns 22,853 shares of the basic materials company’s stock valued at $1,617,000 after buying an additional 1,567 shares during the period. 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.

Analyst Recommendations for POSCO (NYSE:PKX)

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