Royal Bank Of Canada Cuts Array Digital Infrastructure (NYSE:AD) Price Target to $54.00

Array Digital Infrastructure (NYSE:AD) had its target price cut by Royal Bank Of Canada from $60.00 to $54.00 in a report issued on Monday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other research firms have also recently commented on AD. Citigroup lowered their price target on shares of Array Digital Infrastructure from $63.00 to $57.00 and set a “buy” rating on the stock in a report on Monday, February 23rd. Wall Street Zen raised Array Digital Infrastructure from a “sell” rating to a “hold” rating in a report on Sunday. Raymond James Financial set a $53.00 target price on Array Digital Infrastructure in a research note on Monday, February 23rd. Wells Fargo & Company reduced their target price on Array Digital Infrastructure from $62.00 to $54.00 and set an “overweight” rating for the company in a report on Thursday, February 12th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Array Digital Infrastructure in a research report on Wednesday, January 21st. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $54.50.

Array Digital Infrastructure Stock Down 0.8%

Shares of NYSE:AD opened at $48.30 on Monday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.72 and a current ratio of 0.72. Array Digital Infrastructure has a 52-week low of $44.03 and a 52-week high of $79.17. The business’s 50 day simple moving average is $50.94 and its two-hundred day simple moving average is $50.23. The firm has a market cap of $4.11 billion, a P/E ratio of 86.24 and a beta of 0.18.

Array Digital Infrastructure (NYSE:AD) last issued its quarterly earnings data on Friday, February 20th. The company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.18. Array Digital Infrastructure had a net margin of 2.51% and a return on equity of 4.89%. The firm had revenue of $60.33 million during the quarter. The company’s quarterly revenue was up 131.2% compared to the same quarter last year.

Array Digital Infrastructure Announces Dividend

The business also recently declared a special dividend, which was paid on Monday, February 2nd. Shareholders of record on Friday, January 23rd were paid a $10.25 dividend. The ex-dividend date of this dividend was Friday, January 23rd.

Institutional Investors Weigh In On Array Digital Infrastructure

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP purchased a new stake in shares of Array Digital Infrastructure in the fourth quarter worth $120,237,000. Jericho Capital Asset Management L.P. bought a new position in shares of Array Digital Infrastructure during the fourth quarter valued at $97,366,000. Vanguard Group Inc. purchased a new position in shares of Array Digital Infrastructure in the 4th quarter worth about $76,634,000. Gamco Investors INC. ET AL bought a new position in Array Digital Infrastructure in the 4th quarter worth about $51,720,000. Finally, Loomis Sayles & Co. L P bought a new position in Array Digital Infrastructure in the 4th quarter worth about $40,842,000. 18.03% of the stock is currently owned by institutional investors.

About Array Digital Infrastructure

United States Cellular Corporation provides wireless telecommunications services in the United States. The company offers wireless services, including voice, messaging, and data services. It also provides devices, such as smartphones and other handsets, tablets, wearables, mobile hotspots, routers, and internet of things devices. In addition, the company offers various accessories, such as cases, screen protectors, chargers, and memory cards; and consumer electronics, including audio, home automation, and networking products; as well as offers option to purchase devices and accessories under installment contracts.