Zacks Investment Research upgraded shares of China Telecom (NYSE:CHA) from a strong sell rating to a hold rating in a report published on Monday.
According to Zacks, “China Telecom Corporation is a state-owned telecommunications company in China. They operate local telephone networks in ten provinces in China. They operate domestic and international fixed-line networks and infrastructure including wireless local loop, as well as telecom network-based voice, data, video, multimedia and information services. They are also engaged in international telecom service settlement and expand into overseas markets. “
Separately, UBS Group downgraded shares of China Telecom from a buy rating to a neutral rating in a research report on Thursday, October 18th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. China Telecom currently has a consensus rating of Hold and an average price target of $50.00.
NYSE:CHA opened at $49.50 on Monday. China Telecom has a 52 week low of $41.28 and a 52 week high of $51.80. The company has a quick ratio of 0.27, a current ratio of 0.29 and a debt-to-equity ratio of 0.14.
A number of institutional investors have recently modified their holdings of the business. Cornerstone Wealth Management LLC purchased a new position in China Telecom during the 3rd quarter valued at $298,000. Aperio Group LLC increased its position in China Telecom by 8.0% during the 3rd quarter. Aperio Group LLC now owns 469,892 shares of the utilities provider’s stock valued at $23,222,000 after purchasing an additional 34,935 shares during the period. Northern Trust Corp increased its position in China Telecom by 18.2% during the 2nd quarter. Northern Trust Corp now owns 21,486 shares of the utilities provider’s stock valued at $998,000 after purchasing an additional 3,309 shares during the period. Advisors Asset Management Inc. increased its position in China Telecom by 31.2% during the 2nd quarter. Advisors Asset Management Inc. now owns 39,887 shares of the utilities provider’s stock valued at $1,852,000 after purchasing an additional 9,484 shares during the period. Finally, OLD Mission Capital LLC purchased a new position in China Telecom during the 2nd quarter valued at $586,000. 0.55% of the stock is currently owned by institutional investors and hedge funds.
About China Telecom
China Telecom Corporation Limited, together with its subsidiaries, provides wireline and mobile telecommunications services primarily in the People's Republic of China. It offers wireline voice services, including local wireline telephone services and long distance wireline services; CDMA mobile voice services, such as local calls, domestic and international long distance calls, intra-provincial roaming, and inter-provincial roaming and international roaming; wireline Internet access services comprising dial-up and broadband services; wireless Internet access services; and wireline, Internet, and mobile value-added services.
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