Telecom Italia SpA (NYSE:TI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday.

According to Zacks, “The Telecom Italia Group is engaged principally in the communication sector that operates mainly in Europe, the Mediterranean Basin and South America. This includes telephone and data services on fixed lines (for final retail customers and wholesale providers), the development of fiber optic networks for wholesale customers, BroadBand services, Internet services, domestic and international mobile telecommunications (especially in Brazil), and the television sector using both analog and digital terrestrial technology. The Group also operates businesses in the office products sector. “

Analyst Recommendations for Telecom Italia SpA (NYSE:TI)

Telecom Italia SpA (NYSE:TI) traded up 3.28% on Thursday, reaching $9.75. The company’s stock had a trading volume of 87,552 shares. The firm has a market cap of $20.54 billion, a PE ratio of 10.96 and a beta of 1.52. Telecom Italia SpA has a 52-week low of $6.95 and a 52-week high of $10.00. The stock’s 50 day moving average price is $8.84 and its 200 day moving average price is $8.48.

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Several hedge funds have recently modified their holdings of TI. Karp Capital Management Corp purchased a new stake in shares of Telecom Italia SpA during the first quarter valued at approximately $1,094,000. CWM LLC purchased a new stake in shares of Telecom Italia SpA during the first quarter valued at approximately $730,000. OLD Mission Capital LLC raised its stake in shares of Telecom Italia SpA by 160.8% in the third quarter. OLD Mission Capital LLC now owns 68,353 shares of the utilities provider’s stock valued at $582,000 after buying an additional 42,147 shares during the last quarter. Gabelli Funds LLC raised its stake in shares of Telecom Italia SpA by 1.6% in the first quarter. Gabelli Funds LLC now owns 382,000 shares of the utilities provider’s stock valued at $3,442,000 after buying an additional 6,000 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Telecom Italia SpA by 10.5% in the first quarter. Bank of New York Mellon Corp now owns 42,832 shares of the utilities provider’s stock valued at $385,000 after buying an additional 4,080 shares during the last quarter. 0.70% of the stock is owned by institutional investors.

About Telecom Italia SpA

Telecom Italia S.p.A. (Telecom Italia) operates fixed voice and data infrastructure in Italy, and provides mobile network platforms. The Company focuses on various areas of digital services, including Enriched Communication, Trusted Digital Life, Business Life, Indoor Life, Mobile Open Life and Digital Entertainment.

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