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

POSCO Holdings Inc. (NYSE:PKX) gapped up before the market opened on Friday . The stock had previously closed at $42.56, but opened at $44.00. POSCO shares last traded at $43.92, with a volume of 24,583 shares trading hands.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded POSCO from a “buy” rating to a “hold” rating in a research note on Thursday.

POSCO Stock Performance

The stock has a market capitalization of $13.33 billion, a price-to-earnings ratio of 15.41, a PEG ratio of 0.58 and a beta of 1.38. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.45 and a current ratio of 2.03. The firm’s 50 day moving average is $51.15 and its 200-day moving average is $60.58.

Hedge Funds Weigh In On POSCO

Institutional investors and hedge funds have recently modified their holdings of the business. Jane Street Group LLC lifted its stake in POSCO by 2,229.6% in the 3rd quarter. Jane Street Group LLC now owns 80,160 shares of the basic materials company’s stock valued at $5,610,000 after buying an additional 76,719 shares in the last quarter. Athos Capital Ltd purchased a new position in shares of POSCO in the third quarter valued at approximately $11,373,000. Janus Henderson Group PLC acquired a new stake in shares of POSCO in the third quarter worth approximately $3,497,000. Seven Grand Managers LLC purchased a new stake in shares of POSCO during the third quarter worth approximately $1,750,000. Finally, Creative Planning raised its position in shares of POSCO by 36.8% in the third quarter. Creative Planning now owns 53,801 shares of the basic materials company’s stock valued at $3,766,000 after buying an additional 14,485 shares during the last quarter.

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.