SK Telecom (SKM) Cut to Hold at Zacks Investment Research
Zacks Investment Research downgraded shares of SK Telecom (NYSE:SKM) from a buy rating to a hold rating in a report issued on Wednesday.
According to Zacks, “SK Telecom Co. is the world’s first commercial CDMA digital cellular service. As of September 30, 1997, they have provided the highest quality service for more than 4 million cellular customers which includes 2.3 million digital cellular customers, and 7.1 million paging customers. “
SKM has been the topic of several other research reports. Morgan Stanley reaffirmed an equal weight rating on shares of SK Telecom in a research note on Thursday, January 11th. Citigroup raised shares of SK Telecom from a neutral rating to a buy rating in a research note on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. SK Telecom has a consensus rating of Hold and a consensus target price of $32.00.
SK Telecom (NYSE:SKM) last posted its quarterly earnings results on Monday, November 6th. The Wireless communications provider reported $1.10 EPS for the quarter. SK Telecom had a net margin of 14.23% and a return on equity of 15.04%. analysts forecast that SK Telecom will post 3.17 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of SKM. Arrowstreet Capital Limited Partnership increased its position in SK Telecom by 121.0% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,329,928 shares of the Wireless communications provider’s stock valued at $59,809,000 after purchasing an additional 1,275,825 shares during the period. Macquarie Group Ltd. increased its position in SK Telecom by 12.6% during the 3rd quarter. Macquarie Group Ltd. now owns 8,733,747 shares of the Wireless communications provider’s stock valued at $214,761,000 after purchasing an additional 975,732 shares during the period. Assetmark Inc. purchased a new position in SK Telecom during the 3rd quarter valued at about $12,985,000. Russell Investments Group Ltd. increased its position in SK Telecom by 147.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 799,408 shares of the Wireless communications provider’s stock valued at $19,657,000 after purchasing an additional 476,072 shares during the period. Finally, Schafer Cullen Capital Management Inc. purchased a new position in SK Telecom during the 2nd quarter valued at about $9,914,000. 11.40% of the stock is currently owned by institutional investors and hedge funds.
About SK Telecom
SK Telecom Co, Ltd. provides wireless telecommunications in Korea. The Company is engaged in the commercial development and implementation of wireless and fixed-line technologies and services, as well as develop its platforms, including Internet of things (IoT) solutions, lifestyle enhancement and advanced media.
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