POSCO (NYSE:PKX) Shares Sold by OVERSEA CHINESE BANKING Corp Ltd

Key Points

• OVERSEA CHINESE BANKING Corp Ltd reduced its holdings in POSCO by 21.8%, selling 9,009 shares during the first quarter, bringing its total ownership to 32,310 shares valued at approximately $1.57 million.
• POSCO's stock price decreased by 4.9%, with shares opening at $51.95, following a disappointing earnings report that missed analysts' expectations for both earnings per share and revenue.
• Several hedge funds actively changed their positions in POSCO, with notable increases from GAMMA Investing LLC, which boosted its stake by 329.1% in the first quarter.

OVERSEA CHINESE BANKING Corp Ltd trimmed its position in POSCO (NYSE:PKX - Free Report) by 21.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 32,310 shares of the basic materials company's stock after selling 9,009 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in POSCO were worth $1,574,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in PKX. Parvin Asset Management LLC acquired a new stake in shares of POSCO during the 4th quarter worth about $29,000. GAMMA Investing LLC boosted its stake in POSCO by 329.1% during the first quarter. GAMMA Investing LLC now owns 1,605 shares of the basic materials company's stock worth $76,000 after buying an additional 1,231 shares during the period. Lindbrook Capital LLC increased its position in shares of POSCO by 10.2% during the first 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 during the last quarter. Johnson Investment Counsel Inc. purchased a new stake in shares of POSCO in the 1st quarter valued at approximately $201,000. Finally, QRG Capital Management Inc. acquired a new position in shares of POSCO in the 1st quarter worth approximately $212,000.

POSCO Stock Down 4.9%

Shares of NYSE:PKX opened at $51.95 on Friday. The firm has a market capitalization of $15.77 billion, a PE ratio of 64.14, a price-to-earnings-growth ratio of 0.36 and a beta of 1.36. POSCO has a 1 year low of $39.40 and a 1 year high of $74.01. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.89 and a quick ratio of 1.32. The firm's 50-day moving average is $51.75 and its two-hundred day moving average is $48.12.

POSCO (NYSE:PKX - Get Free Report) last announced its earnings results on Thursday, July 31st. The basic materials company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.17). The business had revenue of $12.66 billion for the quarter, compared to analysts' expectations of $13.21 billion. POSCO had a return on equity of 0.81% and a net margin of 0.69%. Analysts predict that POSCO will post 3.74 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Morgan Stanley raised POSCO from an "equal weight" rating to an "overweight" rating in a research report on Friday, July 4th. Wall Street Zen upgraded POSCO from a "sell" rating to a "hold" rating in a report on Saturday.

About POSCO

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.

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