Wellington Management Group LLP Buys 4,028,281 Shares of KT Corporation $KT

Key Points

• Wellington Management increased its KT Corporation stake by 17.6%, purchasing 4,028,281 additional shares to own 26.97 million shares, or approximately 5.59% of the company, valued at $466.1 million.
• Hedge funds and institutional investors collectively own 18.86% of KT, with several other firms also raising their positions during recent quarters.
• KT shares opened at $19.61, below the consensus analyst target of $23.08. Analysts maintain an overall “Hold” rating, while the stock trades at a price-to-earnings ratio of 8.68.

Wellington Management Group LLP grew its position in shares of KT Corporation (NYSE:KT - Free Report) by 17.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 26,973,001 shares of the technology company's stock after purchasing an additional 4,028,281 shares during the period. Wellington Management Group LLP owned about 5.59% of KT worth $466,093,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Janney Montgomery Scott LLC boosted its stake in shares of KT by 1.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 33,164 shares of the technology company's stock valued at $711,000 after purchasing an additional 470 shares in the last quarter. Royal Bank of Canada grew its holdings in shares of KT by 1.1% during the 1st quarter. Royal Bank of Canada now owns 102,808 shares of the technology company's stock valued at $1,820,000 after purchasing an additional 1,078 shares during the last quarter. DGS Capital Management LLC raised its position in KT by 1.4% in the 4th quarter. DGS Capital Management LLC now owns 175,178 shares of the technology company's stock worth $3,323,000 after purchasing an additional 2,400 shares during the period. Triumph Capital Management purchased a new position in KT in the 3rd quarter worth $47,000. Finally, EverSource Wealth Advisors LLC lifted its stake in KT by 41.0% in the first quarter. EverSource Wealth Advisors LLC now owns 9,122 shares of the technology company's stock worth $196,000 after purchasing an additional 2,653 shares during the last quarter. 18.86% of the stock is currently owned by hedge funds and other institutional investors.

KT Stock Performance

Shares of KT stock opened at $19.61 on Friday. KT Corporation has a 1 year low of $17.13 and a 1 year high of $24.58. The firm's 50-day moving average is $18.28 and its 200 day moving average is $20.14. The stock has a market cap of $9.46 billion, a price-to-earnings ratio of 8.68, a PEG ratio of 4.79 and a beta of 0.54. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.15 and a quick ratio of 1.11.

Analyst Ratings Changes

KT has been the topic of a number of recent research reports. Zacks Research raised KT from a "strong sell" rating to a "hold" rating in a research note on Wednesday, July 29th. Bank of America downgraded KT from a "buy" rating to a "neutral" rating and set a $23.08 price objective on the stock. in a report on Thursday, May 14th. Finally, Weiss Ratings lowered KT from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, August 13th. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat, KT currently has an average rating of "Hold" and a consensus target price of $23.08.

KT 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.

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