1. POSCO Holdings (NYSE:PKX)
52 Week Range: $58.00 – $114.08
Current Share Price: $65.01
Number of Hedge Fund Holders: 8
Short interest rate: 0.19%
POSCO Holdings (NYSE:PKX) is a comprehensive steel manufacturer. The corporation is involved in creating, importing, distributing, and exporting steel items, including hot and cold rolled steel, stainless steel, plates, wire rods, and silicon steel sheets, in addition to pig iron production.
The South Korean steel behemoth delivered strong results in the second quarter of 2024, with a significant 2.5% rise in earnings and a 29% increase in operating earnings. The firm’s emphasis on the Rechargeable Battery Materials sector and key expansion plans, like growing the Infrastructure division and advancing the Stage 4 Myanmar gas field project, has been positively received by investors.
Even though there was a drop in production and sales due to the shutdown of Po Long blast furnace 4, POSCO Holdings (NYSE:PKX) has been able to boost its operating earnings, benefiting from higher selling prices for products and reduced costs for raw materials. The company also pointed out progress in its efforts to produce low-carbon steel and enhancements in its operational efficiency.
POSCO anticipates a challenging sales environment but expects a restoration of production levels and lower input costs in Q3. The company is optimistic about further profit improvement in the upcoming quarter compared to Q2. It focuses on increasing sales in South Korea and leveraging operations in Mexico and other countries to promote sales in the Americas.
POSCO Holdings (NYSE:PKX) is hopeful of additional profit growth in the next quarter compared to the previous one. POSCO is concentrating on boosting sales in South Korea and using its operations in Mexico and other nations to encourage sales in the Americas.
The firm currently trades at a price-to-earnings (P/E) ratio of 18.76, making it attractive to investors seeking steady profits at a fair valuation. Furthermore, the firm’s enduring dedication to paying dividends, with a history of 32 years straight, could motivate investors. This reliability in distributing profits to investors stands out in a sector known for its fluctuations and cycles. Additionally, the percentage of shares outstanding short stood at 0.19% as of July.
After digging through 912 hedge funds for their Q2 2024 holdings, Insider Monkey found 8 POSCO Holdings (NYSE:PKX) investors. Ken Griffin’s Citadel Investment Group was the biggest investor, as it owned $3.30 million worth of shares.
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