OVERSEA CHINESE BANKING Corp Ltd Sells 9,009 Shares of POSCO (NYSE:PKX)

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 reduced its position in shares of POSCO (NYSE:PKX - Free Report) by 21.8% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor 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 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PKX. Parvin Asset Management LLC purchased a new position in POSCO in the 4th quarter worth about $29,000. GAMMA Investing LLC grew its stake in shares of POSCO by 329.1% in the first quarter. GAMMA Investing LLC now owns 1,605 shares of the basic materials company's stock worth $76,000 after acquiring an additional 1,231 shares during the period. Lindbrook Capital LLC raised its holdings 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 purchasing an additional 316 shares during the last quarter. Johnson Investment Counsel Inc. bought a new position in POSCO during the first quarter valued at approximately $201,000. Finally, QRG Capital Management Inc. purchased a new stake in POSCO in the first quarter worth approximately $212,000.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PKX. Wall Street Zen upgraded shares of POSCO from a "sell" rating to a "hold" rating in a research note on Saturday. Morgan Stanley upgraded POSCO from an "equal weight" rating to an "overweight" rating in a research report on Friday, July 4th.

POSCO Stock Performance

Shares of NYSE:PKX traded down $0.02 during midday trading on Wednesday, hitting $53.83. The company had a trading volume of 19,479 shares, compared to its average volume of 267,641. POSCO has a 12-month low of $39.40 and a 12-month high of $74.01. The company has a fifty day moving average of $52.14 and a two-hundred day moving average of $48.23. The company has a market cap of $16.34 billion, a price-to-earnings ratio of 66.54, a PEG ratio of 0.36 and a beta of 1.36. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.89 and a quick ratio of 1.32.

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 the consensus estimate of $0.52 by ($0.17). POSCO had a return on equity of 0.81% and a net margin of 0.69%. The company had revenue of $12.66 billion during the quarter, compared to the consensus estimate of $13.21 billion. On average, equities research analysts expect 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.