POSCO (PKX) Rating Increased to Hold at Zacks Investment Research

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POSCO (NYSE:PKX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Thursday.

According to Zacks, “For 2018, POSCO anticipates consolidated revenues of approximately KRW 64.8 trillion. Improving steel demand will drive POSCO’s performance. POSCO will benefit from mergers and business expansion. The merger of POSCO Chemtech and POSCO ESM, which is currently under review, is likely to boost its battery business and is expected to lead to synergies in the first half of 2019. Improvement in steel export will create solid business opportunities for POSCO. However, POSCO's performance will be hurt by volatile exchange rate, steel prices and a highly competitive environment. Moreover, POSCO's ADR has underperformed the industry over the past year.”

Other equities analysts also recently issued research reports about the stock. ValuEngine downgraded shares of POSCO from a “sell” rating to a “strong sell” rating in a report on Monday, November 26th. Morgan Stanley assumed coverage on shares of POSCO in a report on Wednesday, November 7th. They issued a “weight” rating on the stock. Finally, Goldman Sachs Group downgraded shares of POSCO from a “buy” rating to a “neutral” rating in a report on Monday, October 8th. One analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. POSCO presently has a consensus rating of “Hold” and an average price target of $98.00.

Shares of NYSE:PKX opened at $56.96 on Thursday. POSCO has a twelve month low of $52.17 and a twelve month high of $93.12. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.21 and a current ratio of 1.76. The company has a market capitalization of $19.99 billion, a P/E ratio of 7.35, a price-to-earnings-growth ratio of 1.14 and a beta of 1.12.

POSCO (NYSE:PKX) last issued its quarterly earnings results on Wednesday, December 5th. The basic materials company reported $2.87 earnings per share for the quarter. POSCO had a net margin of 4.90% and a return on equity of 6.51%. The company had revenue of $14.77 billion for the quarter. On average, analysts forecast that POSCO will post 9.35 earnings per share for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Millennium Management LLC grew its stake in shares of POSCO by 5.9% during the 2nd quarter. Millennium Management LLC now owns 193,816 shares of the basic materials company’s stock worth $14,366,000 after purchasing an additional 10,840 shares during the period. Nomura Asset Management Co. Ltd. grew its stake in shares of POSCO by 11.0% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 63,400 shares of the basic materials company’s stock worth $4,184,000 after purchasing an additional 6,300 shares during the period. Segantii Capital Management Ltd acquired a new stake in shares of POSCO during the 3rd quarter worth approximately $6,224,000. RWWM Inc. grew its stake in shares of POSCO by 19.7% during the 3rd quarter. RWWM Inc. now owns 249,457 shares of the basic materials company’s stock worth $16,465,000 after purchasing an additional 41,022 shares during the period. Finally, Schwab Charles Investment Management Inc. grew its stake in shares of POSCO by 0.8% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 244,520 shares of the basic materials company’s stock worth $18,124,000 after purchasing an additional 1,956 shares during the period. 4.89% of the stock is currently owned by institutional investors and hedge funds.

About POSCO

POSCO manufactures and sells steel rolled products and plates in South Korea and internationally. It operates through four segments: Steel, Construction, Trading, and Others. The company offers hot and cold rolled steel, steel plates, wire rods, galvanized and electrical galvanized steel, electrical and stainless steel, automotive materials, titanium, magnesium, and aluminum-plated products.

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