China Telecom Corp. (CHA) Downgraded to “Hold” at Zacks Investment Research
China Telecom Corp. (NYSE:CHA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.
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. “
A number of other equities analysts have also recently weighed in on CHA. Citigroup Inc. cut China Telecom Corp. from a “buy” rating to a “neutral” rating in a report on Wednesday, June 15th. Bank of America Corp. started coverage on China Telecom Corp. in a report on Monday, August 15th. They issued a “top pick” rating for the company. They noted that the move was a valuation call.
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China Telecom Corp. (NYSE:CHA) traded down 0.37% during trading on Wednesday, reaching $51.60. The company had a trading volume of 14,383 shares. The firm has a market capitalization of $41.76 billion, a price-to-earnings ratio of 13.58 and a beta of 0.67. China Telecom Corp. has a 52 week low of $42.23 and a 52 week high of $55.85. The company’s 50-day moving average is $51.33 and its 200 day moving average is $49.44.
Several institutional investors have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA purchased a new position in shares of China Telecom Corp. during the third quarter worth approximately $136,000. Barclays PLC purchased a new position in shares of China Telecom Corp. during the second quarter worth approximately $212,000. State Street Corp boosted its position in shares of China Telecom Corp. by 5.8% in the second quarter. State Street Corp now owns 12,328 shares of the company’s stock worth $555,000 after buying an additional 677 shares during the last quarter. Stevens Capital Management LP boosted its position in shares of China Telecom Corp. by 20.7% in the second quarter. Stevens Capital Management LP now owns 5,587 shares of the company’s stock worth $251,000 after buying an additional 959 shares during the last quarter. Finally, Bessemer Group Inc. boosted its position in shares of China Telecom Corp. by 1.6% in the second quarter. Bessemer Group Inc. now owns 1,746,923 shares of the company’s stock worth $78,594,000 after buying an additional 27,807 shares during the last quarter. 0.54% of the stock is owned by institutional investors and hedge funds.
China Telecom Corp. Company Profile
China Telecom Corporation Limited is an integrated information service provider in the People’s Republic of China (PRC). The Company offers a range of telecommunications services, including wireline voice services, mobile voice services, Internet access services, value-added services, integrated information application services, telecommunications network resource services and lease of network equipment and other related services.
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