KT (NYSE:KT) Shares Cross Above 50 Day Moving Average - Here's Why

Key Points

• KT shares rose 3.1% and moved above their 50-day moving average of $18.80, reaching an intraday high of $19.15 before trading at $18.945.
• Analyst sentiment remains neutral: KT has an average “Hold” rating and a consensus price target of $23.08; one analyst rates it Buy and two rate it Hold.
• Several institutional investors increased their holdings, including Wellington Management, which boosted its position by 17.6%. Hedge funds and other institutions own 18.86% of KT shares.

KT Corporation (NYSE:KT - Get Free Report) shares passed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $18.80 and traded as high as $19.15. KT shares last traded at $18.9450, with a volume of 3,880,881 shares traded.

KT News Roundup

Here are the key news stories impacting KT this week:

• Neutral Sentiment: Reports say the KT Wiz changed its baseball lineup after an injury and adjusted its batting approach; another article discusses bullpen performance in the Korean Series. These sports developments are unlikely to have a material effect on KT Corporation’s financial results. Lineup report Korean Series report
• Neutral Sentiment: The story about Ccigmaa building personal-care brands is unrelated to KT Corporation. Ccigmaa article
• Neutral Sentiment: The reported e-cigarette patent dispute and record quarterly results/shareholder-return plan concern KT&G, a different company, not KT Corporation. They should not be treated as catalysts for KT shares. KT&G dispute report KT&G results and shareholder-return report

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Zacks Research raised KT from a "strong sell" rating to a "hold" rating in a research report on Wednesday, July 29th. Weiss Ratings downgraded shares of KT from a "buy (b)" rating to a "buy (b-)" rating in a research report on Friday, October 30th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, KT presently has an average rating of "Hold" and an average target price of $23.08.

KT Trading Up 3.1%

The company has a market capitalization of $9.14 billion, a price-to-earnings ratio of 10.19, a P/E/G ratio of 4.23 and a beta of 0.62. The business's 50-day moving average price is $18.80 and its two-hundred day moving average price is $19.84. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.13 and a quick ratio of 1.08.

KT (NYSE:KT - Get Free Report) last released its quarterly earnings data on Wednesday, September 2nd. The technology company reported $0.61 EPS for the quarter. KT had a return on equity of 6.45% and a net margin of 4.72%. The company had revenue of $4.45 billion during the quarter. Research analysts predict that KT Corporation will post 2.06 earnings per share for the current year.

Hedge Funds Weigh In On KT

A number of large investors have recently modified their holdings of the company. Wellington Management Group LLP boosted its position in KT by 17.6% during the second quarter. Wellington Management Group LLP now owns 26,973,001 shares of the technology company's stock valued at $466,093,000 after purchasing an additional 4,028,281 shares in the last quarter. Niatross Investments Ltd boosted its position in KT by 18.8% in the 2nd quarter. Niatross Investments Ltd now owns 11,006,064 shares of the technology company's stock valued at $190,185,000 after buying an additional 1,744,003 shares during the last quarter. Pzena Investment Management LLC boosted its stake in shares of KT by 4.4% in the third quarter. Pzena Investment Management LLC now owns 7,605,620 shares of the technology company's stock valued at $144,126,000 after buying an additional 319,120 shares during the period. Allspring Global Investments Holdings LLC grew its stake in shares of KT by 11.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,926,227 shares of the technology company's stock worth $110,880,000 after acquiring an additional 594,335 shares in the last quarter. Finally, Mondrian Investment Partners LTD grew its holdings in shares of KT by 7.3% during the 3rd quarter. Mondrian Investment Partners LTD now owns 2,620,126 shares of the technology company's stock valued at $49,651,000 after purchasing an additional 177,892 shares during the last quarter. 18.86% of the stock is owned by hedge funds and other institutional investors.

KT Company Profile

KT Corporation is a South Korean telecommunications and technology company headquartered in Seoul. Formerly known as Korea Telecom, the company traces its origins to 1981 and was fully privatized in 2002. Its American depositary shares trade on the New York Stock Exchange under the symbol KT.

KT provides fixed-line and wireless telecommunications services, including mobile voice and data, broadband internet, and internet protocol television. The company also offers digital services such as cloud computing, data center operations, information and communications technology solutions, and enterprise networking for businesses and public-sector organizations.

KT primarily serves customers in South Korea while supporting international business clients through its global telecommunications and technology networks.

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