KT Corp (NYSE:KT) Sees Significant Decrease in Short Interest

KT Corp (NYSE:KT) was the recipient of a large drop in short interest in October. As of October 31st, there was short interest totalling 889,000 shares, a drop of 12.0% from the September 30th total of 1,010,000 shares. Currently, 0.2% of the shares of the stock are short sold. Based on an average trading volume of 634,300 shares, the days-to-cover ratio is currently 1.4 days.

A number of large investors have recently bought and sold shares of KT. Paloma Partners Management Co grew its holdings in shares of KT by 230.1% during the second quarter. Paloma Partners Management Co now owns 34,261 shares of the technology company’s stock worth $423,000 after buying an additional 23,883 shares in the last quarter. LPL Financial LLC purchased a new stake in shares of KT during the second quarter worth about $1,927,000. Centre Asset Management LLC grew its holdings in shares of KT by 33.8% during the second quarter. Centre Asset Management LLC now owns 21,860 shares of the technology company’s stock worth $270,000 after buying an additional 5,520 shares in the last quarter. Athos Capital Ltd purchased a new stake in shares of KT during the second quarter worth about $1,834,000. Finally, Acadian Asset Management LLC grew its holdings in shares of KT by 15.4% during the second quarter. Acadian Asset Management LLC now owns 9,863,079 shares of the technology company’s stock worth $122,007,000 after buying an additional 1,319,485 shares in the last quarter. Hedge funds and other institutional investors own 34.82% of the company’s stock.

KT has been the subject of several recent research reports. Zacks Investment Research upgraded shares of KT from a “hold” rating to a “strong-buy” rating and set a $13.00 target price for the company in a report on Wednesday. Macquarie downgraded shares of KT from an “outperform” rating to a “neutral” rating in a report on Monday, October 7th. New Street Research upgraded shares of KT from a “neutral” rating to a “buy” rating and set a $14.10 target price for the company in a report on Friday, October 11th. Finally, ValuEngine upgraded shares of KT from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Three analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $13.55.

NYSE:KT traded up $0.18 during mid-day trading on Friday, hitting $11.67. 656,256 shares of the company’s stock traded hands, compared to its average volume of 779,184. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.13 and a current ratio of 1.17. The firm’s 50 day simple moving average is $11.36 and its 200 day simple moving average is $11.67. KT has a 1 year low of $10.86 and a 1 year high of $15.42. The company has a market cap of $5.65 billion, a PE ratio of 9.12, a price-to-earnings-growth ratio of 0.84 and a beta of 0.39.

About KT

KT Corporation provides telecommunications services in Korea and internationally. The company offers local, domestic long-distance, and international long-distance fixed-line and voice over Internet protocol fixed-line telephone services, as well as interconnection services; broadband Internet access service and other Internet-related services, including IPTV services; and data communication services, such as leased line and broadband Internet connection services to institutional customers.

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