POSCO (NYSE:PKX) Shares Gap Down - Here's Why

POSCO (NYSE:PKX - Get Free Report)'s share price gapped down prior to trading on Wednesday . The stock had previously closed at $57.16, but opened at $55.44. POSCO shares last traded at $54.45, with a volume of 17,792 shares changing hands.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Morgan Stanley raised shares of POSCO from an "equal weight" rating to an "overweight" rating in a research report on Friday, July 4th. Wall Street Zen lowered shares of POSCO from a "hold" rating to a "sell" rating in a report on Saturday, June 14th.

POSCO Price Performance

The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.32 and a current ratio of 1.89. The firm has a market cap of $16.88 billion, a price-to-earnings ratio of 34.76, a price-to-earnings-growth ratio of 0.39 and a beta of 1.35. The stock's 50 day simple moving average is $49.12 and its 200-day simple moving average is $47.18.

POSCO (NYSE:PKX - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The basic materials company reported $0.64 EPS for the quarter, missing the consensus estimate of $0.69 by ($0.05). POSCO had a net margin of 1.20% and a return on equity of 1.45%. The business had revenue of $12 billion during the quarter, compared to analysts' expectations of $12.12 billion. Equities research analysts anticipate that POSCO will post 3.74 EPS for the current fiscal year.

Institutional Investors Weigh In On POSCO

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PKX. Goldman Sachs Group Inc. increased its holdings in POSCO by 57.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 423,253 shares of the basic materials company's stock valued at $20,117,000 after purchasing an additional 154,100 shares during the last quarter. AQR Capital Management LLC increased its holdings in POSCO by 8.3% in the 1st quarter. AQR Capital Management LLC now owns 6,462 shares of the basic materials company's stock valued at $307,000 after purchasing an additional 495 shares during the last quarter. Nomura Holdings Inc. acquired a new stake in POSCO in the 1st quarter valued at approximately $7,814,000. OLD Mission Capital LLC acquired a new stake in POSCO in the 1st quarter valued at approximately $1,040,000. Finally, Vident Advisory LLC increased its holdings in POSCO by 25.8% in the 1st quarter. Vident Advisory LLC now owns 45,862 shares of the basic materials company's stock valued at $2,180,000 after purchasing an additional 9,408 shares during the last quarter.

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.