KT Corp (KT) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of KT Corp (NYSE:KT) from a sell rating to a buy rating in a research note published on Wednesday. Zacks Investment Research currently has $18.00 target price on the stock.

According to Zacks, “KT Corporation provides telecommunication services. Its services include mobile telecommunications services, telephone services, fixed-line and VoIP telephone services. The Company also provides interconnection services to other telecommunications companies, broadband Internet access services and other Internet-related services. It also offers information technology and network services, including consulting, designing, building, and maintaining of systems and communication networks. KT Corporation, formerly known as Korea Telecom Corp., is headquartered in Sungnam, South Korea. “

Shares of KT Corp (NYSE:KT) opened at 17.06 on Wednesday. The company’s 50-day moving average price is $15.72 and its 200-day moving average price is $15.19. KT Corp has a 52-week low of $12.88 and a 52-week high of $17.16. The stock has a market cap of $8.36 billion, a PE ratio of 13.59 and a beta of 0.55.

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A number of hedge funds have recently made changes to their positions in KT. Acadian Asset Management LLC increased its stake in shares of KT Corp by 192.1% in the third quarter. Acadian Asset Management LLC now owns 4,321,468 shares of the company’s stock valued at $69,361,000 after buying an additional 2,842,230 shares during the last quarter. Commonwealth Bank of Australia increased its stake in shares of KT Corp by 12.3% in the third quarter. Commonwealth Bank of Australia now owns 3,520,629 shares of the company’s stock valued at $56,507,000 after buying an additional 386,925 shares during the last quarter. Morgan Stanley increased its stake in shares of KT Corp by 6.0% in the third quarter. Morgan Stanley now owns 3,418,700 shares of the company’s stock valued at $54,870,000 after buying an additional 193,200 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in shares of KT Corp by 30.0% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 3,107,384 shares of the company’s stock valued at $49,874,000 after buying an additional 716,226 shares during the last quarter. Finally, Standard Life Investments LTD increased its stake in shares of KT Corp by 133.6% in the third quarter. Standard Life Investments LTD now owns 2,234,430 shares of the company’s stock valued at $35,873,000 after buying an additional 1,277,711 shares during the last quarter. Hedge funds and other institutional investors own 19.27% of the company’s stock.

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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