Connor Clark & Lunn Investment Management Ltd. Purchases 227,792 Shares of SK Telecom Co., Ltd. (NYSE:SKM)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its position in SK Telecom by 113.4% in the first quarter, acquiring an additional 227,792 shares, which brings its total holdings to 428,723 shares valued at approximately $9.1 million.
• Several hedge funds, including Citigroup Inc., also significantly increased their stakes in SK Telecom, with Citigroup lifting its holdings by 55.5% to own over 1.2 million shares valued at $25.6 million.
• SK Telecom reported earnings of $0.16 per share for the last quarter, missing analysts' expectations of $0.36, which has led to recent rating changes from several analysts, with a current average rating of "Hold."

Connor Clark & Lunn Investment Management Ltd. increased its position in SK Telecom Co., Ltd. (NYSE:SKM - Free Report) by 113.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 428,723 shares of the Wireless communications provider's stock after purchasing an additional 227,792 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.11% of SK Telecom worth $9,115,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Citigroup Inc. lifted its holdings in shares of SK Telecom by 55.5% during the first quarter. Citigroup Inc. now owns 1,202,830 shares of the Wireless communications provider's stock valued at $25,572,000 after acquiring an additional 429,434 shares during the period. Probity Advisors Inc. lifted its holdings in shares of SK Telecom by 4.9% during the first quarter. Probity Advisors Inc. now owns 28,829 shares of the Wireless communications provider's stock valued at $613,000 after acquiring an additional 1,346 shares during the period. US Bancorp DE lifted its holdings in shares of SK Telecom by 27.9% during the first quarter. US Bancorp DE now owns 119,368 shares of the Wireless communications provider's stock valued at $2,538,000 after acquiring an additional 26,073 shares during the period. Natixis Advisors LLC lifted its holdings in shares of SK Telecom by 16.3% during the first quarter. Natixis Advisors LLC now owns 200,278 shares of the Wireless communications provider's stock valued at $4,258,000 after acquiring an additional 28,079 shares during the period. Finally, XTX Topco Ltd bought a new position in shares of SK Telecom during the first quarter valued at $302,000.

SK Telecom Stock Performance

SK Telecom stock opened at $22.45 on Tuesday. The stock has a 50-day simple moving average of $22.33 and a 200 day simple moving average of $21.78. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.55. SK Telecom Co., Ltd. has a 12-month low of $19.84 and a 12-month high of $24.58. The stock has a market capitalization of $8.84 billion, a price-to-earnings ratio of 11.51, a P/E/G ratio of 9.22 and a beta of 0.63.

SK Telecom (NYSE:SKM - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The Wireless communications provider reported $0.16 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.36 by ($0.20). SK Telecom had a net margin of 5.92% and a return on equity of 8.89%. The business had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.14 billion. On average, research analysts anticipate that SK Telecom Co., Ltd. will post 2.27 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SKM has been the subject of a number of analyst reports. Wall Street Zen cut SK Telecom from a "buy" rating to a "hold" rating in a report on Thursday, May 22nd. Citigroup cut SK Telecom from a "buy" rating to a "neutral" rating in a report on Tuesday, May 6th. New Street Research raised SK Telecom to a "hold" rating in a report on Monday, May 19th. JPMorgan Chase & Co. lowered SK Telecom from an "overweight" rating to a "neutral" rating in a research note on Monday, May 12th. Finally, The Goldman Sachs Group cut SK Telecom from a "neutral" rating to a "sell" rating in a report on Monday, July 7th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold".

SK Telecom Profile

SK Telecom Co, Ltd. provides wireless telecommunication services in South Korea. The company operates through three segments: Cellular Services, Fixed-Line Telecommunications Services, and Other Businesses. The Cellular Services segment offers wireless voice and data transmission, Internet of Things solutions, platform, cloud, smart factory solutions, subscription, advertising and curated shopping under T Deal brand name, and metaverse platform-based services, as well as sells wireless devices.

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