SK Telecom (NYSE:SKM) Downgraded to Underperform Rating by Bank of America

Bank of America lowered shares of SK Telecom (NYSE:SKM) from a neutral rating to an underperform rating in a research note issued to investors on Wednesday, Marketbeat.com reports.

Several other analysts have also recently issued reports on the stock. Wall Street Zen raised shares of SK Telecom from a “sell” rating to a “hold” rating in a research note on Saturday, February 7th. Zacks Research upgraded SK Telecom from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 28th. Weiss Ratings restated a “hold (c)” rating on shares of SK Telecom in a research note on Monday, December 29th. Finally, Daiwa Securities Group downgraded SK Telecom to a “hold” rating in a report on Wednesday, January 14th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, SK Telecom presently has an average rating of “Reduce”.

SK Telecom Stock Down 4.8%

SKM opened at $31.84 on Wednesday. SK Telecom has a 12 month low of $19.66 and a 12 month high of $33.71. The business has a 50-day moving average of $23.87 and a two-hundred day moving average of $22.17. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.07 and a quick ratio of 1.03. The stock has a market capitalization of $12.22 billion, a price-to-earnings ratio of 46.82, a price-to-earnings-growth ratio of 4.60 and a beta of 0.50.

SK Telecom (NYSE:SKM) last released its earnings results on Friday, December 12th. The Wireless communications provider reported ($0.29) earnings per share (EPS) for the quarter. SK Telecom had a return on equity of 3.29% and a net margin of 2.28%.The company had revenue of $2.83 billion during the quarter. On average, research analysts expect that SK Telecom will post 2.27 earnings per share for the current year.

Hedge Funds Weigh In On SK Telecom

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. West Family Investments Inc. acquired a new stake in SK Telecom in the second quarter valued at $416,000. North of South Capital LLP bought a new stake in shares of SK Telecom in the 3rd quarter worth about $1,133,000. Atria Investments Inc acquired a new stake in shares of SK Telecom in the 2nd quarter valued at about $504,000. Quadrant Capital Group LLC lifted its position in shares of SK Telecom by 1,406.1% during the second quarter. Quadrant Capital Group LLC now owns 108,303 shares of the Wireless communications provider’s stock worth $2,529,000 after purchasing an additional 101,112 shares during the last quarter. Finally, Vise Technologies Inc. acquired a new position in SK Telecom in the second quarter worth about $631,000.

About SK Telecom

SK Telecom Co, Ltd. (NYSE:SKM) is South Korea’s largest wireless carrier, offering a comprehensive range of mobile telecommunications services. The company operates 5G, 4G LTE and IoT networks, providing voice, data and messaging solutions to consumers and businesses. Beyond traditional wireless services, SK Telecom delivers fixed-line broadband, digital content platforms, cloud computing and cybersecurity offerings designed to support enterprise digital transformation and the growing demand for high-speed connectivity.

Established in 1984 as Korea Mobile Telecommunications Services, SK Telecom pioneered cellular service commercialization in South Korea and has continually expanded into new technology areas.