Connor Clark & Lunn Investment Management Ltd. Sells 97,051 Shares of POSCO (NYSE:PKX)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its holdings in POSCO (NYSE:PKX) by 25.2%, selling 97,051 shares in the first quarter and now holding approximately 287,461 shares valued at $13.66 million.
• Analyst ratings for POSCO changed recently, with Morgan Stanley upgrading the stock from "equal weight" to "overweight," while Wall Street Zen upgraded it from "sell" to "hold."
• POSCO reported its quarterly earnings with an EPS of $0.35, missing the consensus estimate of $0.52, and showed revenues of $12.66 billion against anticipated $13.21 billion.

Connor Clark & Lunn Investment Management Ltd. trimmed its stake in POSCO (NYSE:PKX - Free Report) by 25.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 287,461 shares of the basic materials company's stock after selling 97,051 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.09% of POSCO worth $13,663,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Parvin Asset Management LLC acquired a new stake in shares of POSCO in the 4th quarter worth $29,000. GAMMA Investing LLC increased its holdings in POSCO by 329.1% during the 1st quarter. GAMMA Investing LLC now owns 1,605 shares of the basic materials company's stock valued at $76,000 after acquiring an additional 1,231 shares in the last quarter. Lindbrook Capital LLC increased its holdings in POSCO by 10.2% during the 1st quarter. Lindbrook Capital LLC now owns 3,412 shares of the basic materials company's stock valued at $162,000 after acquiring an additional 316 shares in the last quarter. Johnson Investment Counsel Inc. purchased a new position in POSCO during the 1st quarter valued at about $201,000. Finally, QRG Capital Management Inc. purchased a new stake in shares of POSCO during the first quarter worth about $212,000.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PKX. Morgan Stanley upgraded shares of POSCO from an "equal weight" rating to an "overweight" rating in a report on Friday, July 4th. Wall Street Zen raised shares of POSCO from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd.

POSCO Stock Performance

PKX stock traded up $0.19 during trading on Friday, hitting $55.14. 18,854 shares of the company's stock traded hands, compared to its average volume of 259,995. The company has a quick ratio of 1.32, a current ratio of 1.89 and a debt-to-equity ratio of 0.24. POSCO has a 52 week low of $39.40 and a 52 week high of $74.01. The stock has a fifty day moving average price of $53.42 and a two-hundred day moving average price of $48.67. The stock has a market capitalization of $16.74 billion, a price-to-earnings ratio of 68.07, a price-to-earnings-growth ratio of 0.39 and a beta of 1.36.

POSCO (NYSE:PKX - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The basic materials company reported $0.35 EPS for the quarter, missing analysts' consensus estimates of $0.52 by ($0.17). The firm had revenue of $12.66 billion for the quarter, compared to analysts' expectations of $13.21 billion. POSCO had a net margin of 0.69% and a return on equity of 0.81%. As a group, equities analysts anticipate that POSCO will post 3.74 EPS for the current fiscal year.

POSCO Profile

POSCO Holdings Inc, together with its subsidiaries, operates as an integrated steel producer in Korea and internationally. It operates through six segments: Steel, Trading, Construction, Logistics and Others, Green Materials and Energy, and Others. The company engages in the production, import, sale, and export of steel products, such as hot and cold rolled steel, stainless steel, plates, wire rods, and silicon steel sheets, as well as pig iron, billets, blooms, and slabs; trading of steel and raw materials, textiles, agricultural commodities, and other goods; natural resources development and power generation activities; and planning, designing, and construction of industrial plants, civil engineering projects, and commercial and residential buildings.