POSCO (NYSE:PKX) Shares Gap Up - Should You Buy?

POSCO Holdings Inc. (NYSE:PKX - Get Free Report) gapped up prior to trading 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 changing hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded shares of POSCO from a "buy" rating to a "hold" rating in a research note on Thursday.

POSCO Trading Up 3.9 %

The firm has a fifty day moving average of $51.15 and a 200-day moving average of $60.58. 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 stock has a market capitalization of $13.43 billion, a price-to-earnings ratio of 15.52, a P/E/G ratio of 0.58 and a beta of 1.40.

Hedge Funds Weigh In On POSCO

A number of institutional investors have recently added to or reduced their stakes in PKX. State Street Corp increased its position in shares of POSCO by 1.6% during the third quarter. State Street Corp now owns 781,503 shares of the basic materials company's stock worth $54,697,000 after acquiring an additional 12,193 shares during the last quarter. BNP Paribas Financial Markets grew its stake in POSCO by 32.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 253,054 shares of the basic materials company's stock valued at $17,711,000 after purchasing an additional 61,528 shares in the last quarter. Athos Capital Ltd purchased a new stake in POSCO during the 3rd quarter worth approximately $11,373,000. Maven Securities LTD acquired a new position in shares of POSCO in the 3rd quarter valued at approximately $10,191,000. Finally, Altrius Capital Management Inc grew its position in shares of POSCO by 15.9% during the third quarter. Altrius Capital Management Inc now owns 122,467 shares of the basic materials company's stock worth $8,571,000 after buying an additional 16,802 shares in 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.