Zacks Investment Research cut shares of China Telecom (NYSE:CHA) from a hold rating to a sell rating in a research report sent to investors on Tuesday.
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. “
Other equities analysts have also recently issued research reports about the stock. Credit Suisse Group cut shares of China Telecom from an outperform rating to a neutral rating in a research report on Friday, October 26th. UBS Group cut shares of China Telecom from a buy rating to a neutral rating in a research report on Thursday, October 18th. Finally, CLSA cut shares of China Telecom from an outperform rating to an underperform rating in a research report on Monday, October 29th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. China Telecom currently has an average rating of Hold and an average target price of $50.00.
Hedge funds and other institutional investors have recently modified their holdings of the company. Parallel Advisors LLC grew its holdings in shares of China Telecom by 52.8% during the third quarter. Parallel Advisors LLC now owns 3,485 shares of the utilities provider’s stock worth $172,000 after buying an additional 1,204 shares in the last quarter. Regal Investment Advisors LLC purchased a new stake in shares of China Telecom during the third quarter worth about $261,000. Greenleaf Trust purchased a new stake in shares of China Telecom during the second quarter worth about $280,000. OLD Mission Capital LLC purchased a new stake in shares of China Telecom during the second quarter worth about $586,000. Finally, Cornerstone Wealth Management LLC purchased a new stake in shares of China Telecom during the third quarter worth about $298,000. Institutional investors and hedge funds own 0.56% of the company’s stock.
China Telecom Company Profile
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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