POSCO (NYSE:PKX) Shares Gap Down – Here’s Why

POSCO Holdings Inc. (NYSE:PKX) shares gapped down before the market opened on Wednesday . The stock had previously closed at $53.83, but opened at $52.35. POSCO shares last traded at $52.26, with a volume of 55,244 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of POSCO from a “hold” rating to a “buy” rating in a research note on Tuesday.

POSCO Stock Up 1.6 %

The company’s 50 day simple moving average is $64.64 and its 200-day simple moving average is $66.32. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.27. The firm has a market cap of $15.90 billion, a P/E ratio of 18.09, a PEG ratio of 0.67 and a beta of 1.44.

Hedge Funds Weigh In On POSCO

Several institutional investors have recently made changes to their positions in the business. BNP Paribas Financial Markets lifted its stake in shares of POSCO by 32.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 253,054 shares of the basic materials company’s stock worth $17,711,000 after purchasing an additional 61,528 shares during the period. FMR LLC increased its holdings in POSCO by 53.4% in the 3rd quarter. FMR LLC now owns 18,285 shares of the basic materials company’s stock worth $1,280,000 after acquiring an additional 6,368 shares in the last quarter. Cerity Partners LLC increased its holdings in POSCO by 16.0% in the 3rd quarter. Cerity Partners LLC now owns 15,459 shares of the basic materials company’s stock worth $1,082,000 after acquiring an additional 2,138 shares in the last quarter. West Family Investments Inc. purchased a new stake in POSCO in the 3rd quarter worth approximately $335,000. Finally, AM Squared Ltd purchased a new stake in POSCO in the 3rd quarter worth approximately $350,000.

POSCO Company 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.