Standard Life Investments LTD lowered its stake in KT Corp. (NYSE:KT) by 28.5% during the second quarter, Holdings Channel reports. The institutional investor owned 956,719 shares of the company’s stock after selling 381,778 shares during the period. Standard Life Investments LTD’s holdings in KT Corp. were worth $13,648,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in KT. Ngam Advisors L.P. purchased a new stake in shares of KT Corp. during the first quarter valued at about $304,000. BlackRock Inc. raised its position in KT Corp. by 2.3% in the first quarter. BlackRock Inc. now owns 268,613 shares of the company’s stock valued at $3,605,000 after buying an additional 5,984 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in KT Corp. by 106.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,787,007 shares of the company’s stock valued at $23,982,000 after buying an additional 922,088 shares during the period. JPMorgan Chase & Co. raised its position in KT Corp. by 64,039.3% in the first quarter. JPMorgan Chase & Co. now owns 257,840 shares of the company’s stock valued at $3,460,000 after buying an additional 257,438 shares during the period. Finally, Acrospire Investment Management LLC bought a new position in KT Corp. during the first quarter valued at $243,000. Institutional investors and hedge funds own 17.20% of the company’s stock.
KT Corp. (NYSE:KT) traded up 0.44% during trading on Thursday, reaching $16.00. The company’s stock had a trading volume of 498,199 shares. KT Corp. has a 52 week low of $10.81 and a 52 week high of $16.79. The company’s 50 day moving average price is $15.75 and its 200 day moving average price is $14.63. The company has a market cap of $7.83 billion, a P/E ratio of 21.48 and a beta of 0.70.
Separately, Zacks Investment Research upgraded KT Corp. from a “sell” rating to a “strong-buy” rating and set a $18.00 target price on the stock in a report on Wednesday, August 3rd. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $18.00.
About KT Corp.
KT Corporation is a telecommunications service provider. The Company’s segments include the Customer/Marketing Group, the Finance Business Group and the Others Group. The Customer/Marketing Group segment is engaged in providing various telecommunication services to individual/home/corporate customers and the convergence business.
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