POSCO (PKX) Upgraded to “Buy” at Zacks Investment Research

POSCO (NYSE:PKX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday. The firm presently has a $98.00 target price on the basic materials company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 10.15% 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.”

A number of other brokerages also recently issued reports on PKX. ValuEngine downgraded shares of POSCO from a “buy” rating to a “hold” rating in a report on Saturday. Goldman Sachs Group raised shares of POSCO from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 2nd. Finally, Deutsche Bank raised shares of POSCO from a “hold” rating to a “buy” rating in a research note on Monday, December 4th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $98.00.

Shares of POSCO (NYSE PKX) traded down $1.37 on Monday, hitting $88.97. 443,900 shares of the stock were exchanged, compared to its average volume of 307,270. 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 stock has a market cap of $28,907.71, a P/E ratio of 13.67, a PEG ratio of 1.88 and a beta of 1.13. POSCO has a 1-year low of $52.88 and a 1-year high of $90.56.

POSCO (NYSE:PKX) last announced 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 net margin of 4.01% and a return on equity of 5.03%. equities analysts forecast that POSCO will post 8.84 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Strategic Global Advisors LLC grew its stake in 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 acquiring an additional 15 shares during the last quarter. Willis Investment Counsel grew its stake in POSCO by 0.5% in the 2nd quarter. Willis Investment Counsel now owns 47,515 shares of the basic materials company’s stock valued at $2,974,000 after acquiring an additional 235 shares during the last quarter. Zacks Investment Management grew its stake in POSCO by 2.3% in the 2nd quarter. Zacks Investment Management now owns 31,957 shares of the basic materials company’s stock valued at $2,000,000 after acquiring an additional 713 shares during the last quarter. TCW Group Inc. grew its stake in POSCO by 6.1% in the 3rd quarter. TCW Group Inc. now owns 17,500 shares of the basic materials company’s stock valued at $1,215,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Sei Investments Co. grew its stake in POSCO by 17.8% in the 3rd quarter. Sei Investments Co. now owns 7,083 shares of the basic materials company’s stock valued at $492,000 after acquiring an additional 1,072 shares during the last quarter. 5.37% of the stock is currently owned by hedge funds and other institutional investors.

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About POSCO

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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