POSCO (NYSE:PKX) Stock Crosses Above 200-Day Moving Average – Here’s Why

POSCO (NYSE:PKX)’s stock price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $62.25 and traded as high as $63.37. POSCO shares last traded at $63.12, with a volume of 245,720 shares changing hands.

Wall Street Analyst Weigh In

PKX has been the topic of a number of recent analyst reports. Weiss Ratings downgraded POSCO from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, August 18th. Wall Street Zen upgraded POSCO from a “hold” rating to a “buy” rating in a research report on Saturday, August 1st. Finally, Zacks Research upgraded POSCO from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy”.

POSCO Trading Down 0.7%

The stock’s 50 day simple moving average is $55.07 and its 200 day simple moving average is $62.25. The firm has a market cap of $18.96 billion, a PE ratio of 23.74 and a beta of 1.60. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.30 and a current ratio of 1.98.

POSCO (NYSE:PKX) last posted its quarterly earnings data on Thursday, July 30th. The basic materials company reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.45. POSCO had a net margin of 1.79% and a return on equity of 1.99%. The company had revenue of $12.43 billion during the quarter, compared to the consensus estimate of $11.96 billion. On average, sell-side analysts forecast that POSCO will post 4.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On POSCO

Several hedge funds have recently added to or reduced their stakes in PKX. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of POSCO during the 4th quarter valued at about $25,000. Allworth Financial LP lifted its position in POSCO by 51.6% in the 3rd quarter. Allworth Financial LP now owns 682 shares of the basic materials company’s stock worth $34,000 after buying an additional 232 shares during the last quarter. Headlands Technologies LLC boosted its stake in POSCO by 1,276.9% in the second quarter. Headlands Technologies LLC now owns 1,432 shares of the basic materials company’s stock worth $69,000 after buying an additional 1,328 shares in the last quarter. Inspire Investing LLC bought a new position in POSCO during the fourth quarter valued at approximately $85,000. Finally, Raymond James Financial Inc. purchased a new position in shares of POSCO during the second quarter worth approximately $95,000.

About POSCO

POSCO (NYSE: PKX) is a South Korea–based integrated steel producer founded in 1968 as Pohang Iron and Steel Company. Headquartered in Pohang, the company grew rapidly as part of South Korea’s industrialization program and developed large, integrated steelworks—most notably in Pohang and Gwangyang—that helped establish POSCO among the world’s largest steelmakers. It is structured as a diversified industrial group with steelmaking at its core and a range of downstream and trading businesses.

The company’s primary activities include ironmaking and steelmaking, producing a wide array of steel products such as hot-rolled and cold-rolled sheets, coated steels, plates, stainless and special steels, long products (bars and wire rods), and seamless pipes.