Key Square Capital Management LLC reduced its stake in Telecom Argentina SA (NYSE:TEO) by 73.6% during the 2nd quarter, Holdings Channel reports. The fund owned 585,707 shares of the utilities provider’s stock after selling 1,637,065 shares during the quarter. Telecom Argentina makes up approximately 3.8% of Key Square Capital Management LLC’s investment portfolio, making the stock its 8th biggest position. Key Square Capital Management LLC’s holdings in Telecom Argentina were worth $10,349,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors also recently added to or reduced their stakes in TEO. KBC Group NV purchased a new stake in shares of Telecom Argentina in the 2nd quarter valued at approximately $54,000. BNP Paribas Arbitrage SA lifted its position in shares of Telecom Argentina by 11.8% during the 1st quarter. BNP Paribas Arbitrage SA now owns 41,609 shares of the utilities provider’s stock worth $607,000 after purchasing an additional 4,403 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new position in shares of Telecom Argentina during the second quarter worth $94,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. acquired a new position in shares of Telecom Argentina during the second quarter worth $212,000. Finally, Teacher Retirement System of Texas purchased a new position in Telecom Argentina in the second quarter valued at $236,000. Hedge funds and other institutional investors own 3.70% of the company’s stock.
TEO stock traded down $0.06 during midday trading on Wednesday, reaching $9.72. 33,072 shares of the company were exchanged, compared to its average volume of 442,534. The company has a market cap of $4.23 billion, a price-to-earnings ratio of 28.59 and a beta of 0.87. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.65 and a current ratio of 0.70. Telecom Argentina SA has a 1-year low of $8.63 and a 1-year high of $19.88. The stock’s 50-day simple moving average is $12.68 and its 200 day simple moving average is $14.85.
Telecom Argentina (NYSE:TEO) last issued its earnings results on Friday, August 9th. The utilities provider reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.09). The company had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.01 billion. Telecom Argentina had a net margin of 6.83% and a return on equity of 5.85%. On average, research analysts anticipate that Telecom Argentina SA will post 0.28 earnings per share for the current year.
A number of analysts have weighed in on TEO shares. ValuEngine cut Telecom Argentina from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. Bank of America downgraded Telecom Argentina from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $17.00 to $15.00 in a report on Thursday, August 8th. Scotiabank upgraded Telecom Argentina from an “underperform” rating to a “sector perform” rating and set a $10.00 price objective on the stock in a report on Monday, August 12th. Finally, Zacks Investment Research lowered Telecom Argentina from a “hold” rating to a “sell” rating in a research report on Wednesday, August 14th. Three research analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. The stock has an average rating of “Sell” and an average target price of $12.50.
Telecom Argentina Company Profile
Telecom Argentina SA, together with its subsidiaries, provides telecommunications services in Argentina and internationally. The company offers telephone services, including local, domestic, and international long-distance telephone services, as well as public telephone services; interconnection services, such as access, termination, and long-distance transport of calls; information and communication technology services comprising datacenter services, and telecommunications consulting and value-added solutions; and call waiting, call forwarding, conference calls, caller ID, voice mail, itemized billing, and maintenance services, as well as sells equipment.
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