Parallel Advisors LLC Grows Stock Position in SK Telecom Co., Ltd. $SKM

Key Points

• Parallel Advisors LLC increased its stake in SK Telecom by 540.8%, acquiring an additional 13,465 shares, bringing their total holdings to 15,955 shares valued at $373,000.
• Institutional investors have shown significant interest in SK Telecom, with multiple firms like Envestnet Asset Management raising their stakes by substantial percentages in recent quarters.
• Goldman Sachs downgraded SK Telecom's rating from "neutral" to "sell", with the average rating now standing at "Hold" among analysts.

Parallel Advisors LLC increased its holdings in SK Telecom Co., Ltd. (NYSE:SKM - Free Report) by 540.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,955 shares of the Wireless communications provider's stock after purchasing an additional 13,465 shares during the quarter. Parallel Advisors LLC's holdings in SK Telecom were worth $373,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Robeco Institutional Asset Management B.V. lifted its stake in SK Telecom by 2.7% in the first quarter. Robeco Institutional Asset Management B.V. now owns 3,018,570 shares of the Wireless communications provider's stock worth $64,175,000 after acquiring an additional 80,042 shares during the period. Citigroup Inc. grew its stake in SK Telecom by 55.5% in the first quarter. Citigroup Inc. now owns 1,202,830 shares of the Wireless communications provider's stock worth $25,572,000 after purchasing an additional 429,434 shares during the period. Allspring Global Investments Holdings LLC lifted its position in SK Telecom by 1.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,062,667 shares of the Wireless communications provider's stock valued at $22,518,000 after buying an additional 17,718 shares during the period. Great Lakes Advisors LLC grew its position in shares of SK Telecom by 543.6% in the 1st quarter. Great Lakes Advisors LLC now owns 593,312 shares of the Wireless communications provider's stock worth $12,614,000 after buying an additional 501,125 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of SK Telecom by 113.4% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 428,723 shares of the Wireless communications provider's stock valued at $9,115,000 after acquiring an additional 227,792 shares in the last quarter.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group cut shares of SK Telecom from a "neutral" rating to a "sell" rating in a report on Monday, July 7th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold".

SK Telecom Price Performance

NYSE SKM traded up $0.09 on Monday, reaching $21.95. The company had a trading volume of 227,737 shares, compared to its average volume of 378,115. The firm's 50 day moving average price is $22.13 and its 200 day moving average price is $21.80. 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 $8.64 billion, a PE ratio of 11.25, a price-to-earnings-growth ratio of 11.13 and a beta of 0.58. The company has a quick ratio of 1.01, a current ratio of 1.03 and a debt-to-equity ratio of 0.62.

SK Telecom (NYSE:SKM - Get Free Report) last issued its earnings results on Wednesday, August 6th. The Wireless communications provider reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.20). The firm had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.14 billion. SK Telecom had a return on equity of 8.92% and a net margin of 5.92%. As a group, equities analysts predict that SK Telecom Co., Ltd. will post 2.27 earnings per share for the current year.

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.