Citigroup Cuts Array Digital Infrastructure (NYSE:AD) Price Target to $45.00

Array Digital Infrastructure (NYSE:AD) had its price target decreased by Citigroup from $45.02 to $45.00 in a research report report published on Thursday,Benzinga reports. Citigroup currently has a buy rating on the stock.

Other research analysts have also recently issued reports about the company. Weiss Ratings restated a “hold (c)” rating on shares of Array Digital Infrastructure in a research note on Thursday, June 11th. Royal Bank Of Canada dropped their target price on Array Digital Infrastructure from $52.00 to $40.00 and set a “sector perform” rating on the stock in a research report on Friday, July 10th. JPMorgan Chase & Co. cut their price target on shares of Array Digital Infrastructure from $60.00 to $54.00 and set an “overweight” rating on the stock in a report on Tuesday, May 26th. Wall Street Zen lowered shares of Array Digital Infrastructure from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Finally, Raymond James Financial cut shares of Array Digital Infrastructure from an “outperform” rating to a “market perform” rating in a research note on Monday, May 11th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.20.

Array Digital Infrastructure Stock Performance

Shares of AD opened at $35.94 on Thursday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.03 and a current ratio of 0.95. The stock has a 50-day moving average of $36.92 and a two-hundred day moving average of $44.84. The stock has a market cap of $3.11 billion, a P/E ratio of 5.80 and a beta of 0.26. Array Digital Infrastructure has a one year low of $33.71 and a one year high of $77.13.

Array Digital Infrastructure Dividend Announcement

The company also recently disclosed a special dividend, which was paid on Thursday, June 25th. Stockholders of record on Thursday, June 11th were paid a dividend of $11.00 per share. The ex-dividend date of this dividend was Thursday, June 11th.

Hedge Funds Weigh In On Array Digital Infrastructure

Several large investors have recently made changes to their positions in AD. Dimensional Fund Advisors LP boosted its stake in shares of Array Digital Infrastructure by 2.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,299,582 shares of the company’s stock worth $106,102,000 after acquiring an additional 57,198 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Array Digital Infrastructure by 423.0% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 99,990 shares of the company’s stock valued at $4,614,000 after acquiring an additional 80,872 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Array Digital Infrastructure in the 4th quarter valued at about $1,000,000. Carlson Capital L.P. purchased a new position in shares of Array Digital Infrastructure in the 4th quarter valued at about $504,000. Finally, Gamco Investors INC. ET AL purchased a new position in shares of Array Digital Infrastructure in the 4th quarter valued at about $51,720,000. 18.03% of the stock is currently owned by institutional investors and hedge funds.

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.