China Telecom (NYSE:CHA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.
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. “
Separately, Nomura downgraded shares of China Telecom from a “buy” rating to a “neutral” rating in a research report on Monday.
A number of hedge funds have recently added to or reduced their stakes in the business. State Street Corp raised its holdings in China Telecom by 2.2% in the 2nd quarter. State Street Corp now owns 17,134 shares of the utilities provider’s stock valued at $822,000 after acquiring an additional 365 shares during the last quarter. Northern Trust Corp raised its holdings in China Telecom by 8.7% in the 2nd quarter. Northern Trust Corp now owns 12,025 shares of the utilities provider’s stock valued at $577,000 after acquiring an additional 958 shares during the last quarter. Greenleaf Trust raised its holdings in China Telecom by 46.9% in the 4th quarter. Greenleaf Trust now owns 10,620 shares of the utilities provider’s stock valued at $504,000 after acquiring an additional 3,391 shares during the last quarter. Advisors Asset Management Inc. raised its holdings in China Telecom by 36.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 17,619 shares of the utilities provider’s stock valued at $901,000 after acquiring an additional 4,706 shares during the last quarter. Finally, FDx Advisors Inc. acquired a new stake in China Telecom in the 3rd quarter valued at about $243,000. Institutional investors own 0.45% of the company’s stock.
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About China Telecom
China Telecom Corporation Limited is an investment holding company principally engaged in telecommunications and related businesses. The Company provides integrated information services, including wireline and mobile telecommunications services, Internet access services, information services and other value-added telecommunications services.
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