LG Display Co Ltd announced earlier this week a voluntary redundancy program for its production line employees in South Korea at a time of widening financial losses.
LG Display shares closed lower for a fourth consecutive trading session in New York on Wednesday. The stock went down 1.31% ($0.08) to $6.04, after touching an intraday low at $5.99, or a price level not seen since September 10th ($5.99).
Shares of LG Display Co Ltd have retreated 26.25% so far this year, following a 40.48% drop in 2018.
LG Display did not specify how many of its 23 000 production line workers in the country it hoped would accept the offer.
According to Jean Lee, a spokesperson for the company, the reductions are part of an emergency plan aimed at improving cost efficiency in panel production.
The display maker said that over the upcoming several weeks it would take voluntary redundancy applications from workers in South Korea, who had been employed with the company for at least five years.
About 59 000 people are currently employed with LG Display Co internationally.
Analyst stock price forecast and recommendation
According to CNN Money, the 27 analysts, offering 12-month forecasts regarding LG Display Co’s stock price, have a median target of $7.61, with a high estimate of $11.24 and a low estimate of $4.45. The median estimate represents a 25.95% upside compared to the closing price of $6.04 on September 18th.
The same media also reported that at least 12 out of 28 surveyed investment analysts had rated LG Display Co’s stock as “Hold”, while 7 – as “Buy”. On the other hand, 4 analysts had recommended selling the stock.
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