KT (NYSE:KT) Cut to Neutral at Bank of America

KT (NYSE:KT) was downgraded by Bank of America from a “buy” rating to a “neutral” rating in a report issued on Thursday. They currently have a $23.08 price objective on the technology company’s stock. Bank of America‘s price objective would suggest a potential upside of 12.89% from the company’s previous close.

KT has been the topic of several other reports. Weiss Ratings upgraded shares of KT from a “hold (c+)” rating to a “buy (b)” rating in a research report on Tuesday, March 17th. Wall Street Zen downgraded shares of KT from a “buy” rating to a “hold” rating in a report on Saturday, April 18th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, KT has an average rating of “Hold” and a consensus target price of $23.08.

KT Stock Performance

Shares of KT opened at $20.45 on Thursday. The business has a 50-day simple moving average of $21.76 and a two-hundred day simple moving average of $20.48. The company has a quick ratio of 1.15, a current ratio of 1.19 and a debt-to-equity ratio of 0.43. KT has a 52 week low of $17.54 and a 52 week high of $24.58. The stock has a market cap of $9.86 billion, a price-to-earnings ratio of 8.15, a PEG ratio of 7.35 and a beta of 0.59.

KT (NYSE:KT) last posted its quarterly earnings data on Monday, April 13th. The technology company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.02). The company had revenue of $4.72 billion for the quarter, compared to analysts’ expectations of $4.69 billion. KT had a net margin of 6.15% and a return on equity of 9.21%. On average, analysts expect that KT will post 2.22 EPS for the current year.

Institutional Investors Weigh In On KT

Several institutional investors and hedge funds have recently modified their holdings of the stock. Lazard Asset Management LLC lifted its holdings in shares of KT by 1.2% in the second quarter. Lazard Asset Management LLC now owns 3,250,513 shares of the technology company’s stock worth $67,545,000 after buying an additional 37,744 shares in the last quarter. Millennium Management LLC grew its stake in KT by 4,148.2% during the first quarter. Millennium Management LLC now owns 530,817 shares of the technology company’s stock valued at $9,401,000 after acquiring an additional 518,322 shares in the last quarter. Natixis Advisors LLC increased its holdings in KT by 39.8% in the 3rd quarter. Natixis Advisors LLC now owns 280,713 shares of the technology company’s stock valued at $5,474,000 after acquiring an additional 79,891 shares during the last quarter. Jane Street Group LLC lifted its stake in KT by 107.9% in the 1st quarter. Jane Street Group LLC now owns 242,212 shares of the technology company’s stock worth $4,290,000 after purchasing an additional 125,702 shares in the last quarter. Finally, DGS Capital Management LLC lifted its stake in KT by 10.6% in the 1st quarter. DGS Capital Management LLC now owns 193,757 shares of the technology company’s stock worth $4,156,000 after purchasing an additional 18,579 shares in the last quarter. Institutional investors own 18.86% of the company’s stock.

KT Company Profile

KT Corporation, listed on the New York Stock Exchange as an American depositary receipt under the symbol KT, is a major telecommunications and information technology provider headquartered in Seongnam, South Korea. The company’s services span traditional fixed-line voice communication, high-speed broadband internet access and mobile cellular networks. Leveraging an extensive fiber-optic and wireless infrastructure, KT delivers voice, data and multimedia solutions to both consumer and enterprise customers.

KT has been at the forefront of technological innovation in its home market, launching South Korea’s first commercial 5G network and expanding its offerings to include Internet of Things (IoT) platforms, cloud computing services and cybersecurity solutions.