Bank of America Corp DE Has $6.38 Million Position in POSCO $PKX

Key Points

• Bank of America nearly doubled its POSCO stake in the first quarter, adding 53,469 shares to hold 109,074 shares valued at $6.38 million. Other major institutions, including Goldman Sachs, Quantinno Capital and UBS, also increased their positions.
• POSCO reported quarterly EPS of $1.30, beating the $0.85 consensus estimate, while revenue of $12.43 billion exceeded expectations of $11.96 billion. Analysts project full-year EPS of $4.91.
• POSCO shares opened at $58.46, down 1.6%, with a market capitalization of $17.68 billion. Analyst sentiment was mixed but leaned positive, resulting in a consensus “Moderate Buy” rating.

Bank of America Corp DE grew its position in POSCO (NYSE:PKX - Free Report) by 96.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 109,074 shares of the basic materials company's stock after acquiring an additional 53,469 shares during the period. Bank of America Corp DE's holdings in POSCO were worth $6,380,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. State Street Corp grew its holdings in POSCO by 5.1% during the fourth quarter. State Street Corp now owns 850,425 shares of the basic materials company's stock worth $45,251,000 after purchasing an additional 41,381 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of POSCO by 57.3% in the first quarter. Goldman Sachs Group Inc. now owns 423,253 shares of the basic materials company's stock valued at $20,117,000 after buying an additional 154,100 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in shares of POSCO by 8.0% during the 2nd quarter. BNP Paribas Financial Markets now owns 259,374 shares of the basic materials company's stock worth $12,577,000 after acquiring an additional 19,312 shares during the period. Quantinno Capital Management LP increased its holdings in shares of POSCO by 82.7% during the 1st quarter. Quantinno Capital Management LP now owns 200,529 shares of the basic materials company's stock worth $11,729,000 after acquiring an additional 90,777 shares during the last quarter. Finally, UBS Group AG increased its holdings in shares of POSCO by 135.6% during the 4th quarter. UBS Group AG now owns 199,914 shares of the basic materials company's stock worth $10,637,000 after acquiring an additional 115,069 shares during the last quarter.

POSCO Stock Down 1.6%

Shares of PKX opened at $58.46 on Thursday. The company has a current ratio of 1.90, a quick ratio of 1.30 and a debt-to-equity ratio of 0.28. POSCO has a 12 month low of $44.99 and a 12 month high of $92.40. The firm's 50 day moving average is $54.23 and its 200-day moving average is $62.38. The stock has a market capitalization of $17.68 billion, a PE ratio of 22.14 and a beta of 1.56.

POSCO (NYSE:PKX - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The basic materials company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.45. The business had revenue of $12.43 billion during the quarter, compared to analysts' expectations of $11.96 billion. POSCO had a return on equity of 2.00% and a net margin of 1.79%. Equities research analysts forecast that POSCO will post 4.91 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on PKX shares. Zacks Research raised POSCO from a "hold" rating to a "strong-buy" rating in a report on Friday, July 31st. Wall Street Zen raised shares of POSCO from a "hold" rating to a "buy" rating in a research report on Saturday, August 1st. Finally, Weiss Ratings cut shares of POSCO from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy".

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.

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