Renaissance Technologies LLC lessened its stake in China Telecom Co. Limited (NYSE:CHA) by 49.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 129,300 shares of the utilities provider’s stock after selling 127,600 shares during the period. Renaissance Technologies LLC’s holdings in China Telecom were worth $6,003,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of CHA. Greenleaf Trust bought a new stake in China Telecom during the second quarter valued at $280,000. Citadel Advisors LLC bought a new stake in China Telecom during the first quarter valued at $332,000. Susquehanna Fundamental Investments LLC bought a new stake in China Telecom during the first quarter valued at $409,000. Banco de Sabadell S.A bought a new stake in China Telecom during the first quarter valued at $939,000. Finally, Jane Street Group LLC bought a new stake in China Telecom during the first quarter valued at $1,132,000. Institutional investors and hedge funds own 0.56% of the company’s stock.
CHA stock opened at $50.48 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.29 and a quick ratio of 0.27. China Telecom Co. Limited has a 1-year low of $41.28 and a 1-year high of $53.26. The firm has a market cap of $40.00 billion, a price-to-earnings ratio of 14.88, a price-to-earnings-growth ratio of 1.89 and a beta of 0.81.
Separately, Zacks Investment Research lowered shares of China Telecom from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 22nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $50.00.
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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