Zacks Investment Research Downgrades China Mobile (CHL) to Hold

China Mobile (NYSE:CHL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.

According to Zacks, “China Mobile offers mobile communications services principally using Global System for Mobile Communications, or GSM, which is a pan-European mobile telephone system based on digital transmission and mobile communications network architecture with roaming capabilities. Our GSM networks reach all cities and counties and most major roads and highways in our service regions. “

Separately, ValuEngine upgraded China Mobile from a “hold” rating to a “buy” rating in a report on Friday, December 1st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. China Mobile presently has a consensus rating of “Hold” and a consensus price target of $58.00.

China Mobile (NYSE CHL) traded up $1.09 during mid-day trading on Tuesday, hitting $50.96. The stock had a trading volume of 1,239,747 shares, compared to its average volume of 901,138. China Mobile has a 1-year low of $48.70 and a 1-year high of $58.83.

Institutional investors and hedge funds have recently modified their holdings of the stock. SeaCrest Wealth Management LLC purchased a new position in shares of China Mobile in the 4th quarter worth $122,000. Westside Investment Management Inc. raised its position in shares of China Mobile by 507.6% in the 3rd quarter. Westside Investment Management Inc. now owns 3,099 shares of the Wireless communications provider’s stock worth $156,000 after buying an additional 2,589 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of China Mobile by 61.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,237 shares of the Wireless communications provider’s stock worth $164,000 after buying an additional 1,237 shares during the period. Steward Partners Investment Advisory LLC raised its position in shares of China Mobile by 168.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 3,595 shares of the Wireless communications provider’s stock worth $181,000 after buying an additional 2,255 shares during the period. Finally, National Asset Management Inc. raised its position in shares of China Mobile by 2.5% in the 2nd quarter. National Asset Management Inc. now owns 4,016 shares of the Wireless communications provider’s stock worth $215,000 after buying an additional 99 shares during the period. 1.92% of the stock is currently owned by institutional investors and hedge funds.

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About China Mobile

China Mobile Limited is an investment holding company principally engaged in telecommunication and related businesses. Its main businesses include Mobile businesses, Wireline Broadband businesses and Internet of Things (IoT) businesses. Mobile businesses include two categories of services. Voice services include local calls, domestic and international long distance calls, roaming services and voice value-added services.

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