Zacks Investment Research upgraded shares of China Telecommunications (NYSE:CHA) from a strong sell rating to a buy rating in a research report released on Friday. They currently have $50.00 price target on the utilities provider’s stock.
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. “
CHA has been the subject of a number of other research reports. Jefferies Group raised shares of China Telecommunications from a hold rating to a buy rating in a research note on Thursday, March 29th. CLSA raised shares of China Telecommunications from an underperform rating to an outperform rating in a research note on Wednesday, March 28th. Finally, Nomura downgraded shares of China Telecommunications from a buy rating to a neutral rating in a research note on Monday, March 12th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $50.00.
Hedge funds have recently modified their holdings of the company. OLD Mission Capital LLC acquired a new position in shares of China Telecommunications during the fourth quarter worth $396,000. Greenleaf Trust increased its position in shares of China Telecommunications by 46.9% during the fourth quarter. Greenleaf Trust now owns 10,620 shares of the utilities provider’s stock worth $504,000 after purchasing an additional 3,391 shares in the last quarter. LSV Asset Management acquired a new position in shares of China Telecommunications during the fourth quarter worth $2,130,000. Renaissance Technologies LLC increased its position in shares of China Telecommunications by 27.1% during the fourth quarter. Renaissance Technologies LLC now owns 263,000 shares of the utilities provider’s stock worth $12,485,000 after purchasing an additional 56,000 shares in the last quarter. Finally, Two Sigma Investments LP increased its position in shares of China Telecommunications by 70.1% during the fourth quarter. Two Sigma Investments LP now owns 46,668 shares of the utilities provider’s stock worth $2,215,000 after purchasing an additional 19,226 shares in the last quarter. 0.46% of the stock is currently owned by institutional investors and hedge funds.
China Telecommunications 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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