Zacks Investment Research cut shares of China Telecom Corp. (NYSE:CHA) from a buy rating to a hold rating in a research report sent to 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. “
A number of other research analysts have also weighed in on CHA. Citigroup Inc. lowered China Telecom Corp. from a buy rating to a neutral rating in a report on Wednesday, June 15th. Bank of America Corp. started coverage on China Telecom Corp. in a report on Monday, August 15th. They set a top pick rating on the stock. They noted that the move was a valuation call.
Shares of China Telecom Corp. (NYSE:CHA) opened at 51.86 on Wednesday. The stock has a 50 day moving average price of $51.27 and a 200-day moving average price of $49.43. China Telecom Corp. has a 52 week low of $42.23 and a 52 week high of $55.85. The firm has a market capitalization of $41.97 billion, a price-to-earnings ratio of 13.65 and a beta of 0.67.
A number of hedge funds have recently added to or reduced their stakes in CHA. BNP Paribas Arbitrage SA purchased a new stake in China Telecom Corp. during the third quarter valued at about $136,000. Barclays PLC purchased a new stake in China Telecom Corp. during the second quarter valued at about $212,000. Americafirst Capital Management LLC purchased a new stake in China Telecom Corp. during the second quarter valued at about $219,000. Stevens Capital Management LP increased its stake in China Telecom Corp. by 20.7% in the second quarter. Stevens Capital Management LP now owns 5,587 shares of the company’s stock valued at $251,000 after buying an additional 959 shares during the period. Finally, Private Bank & Trust Co. increased its stake in China Telecom Corp. by 27.6% in the second quarter. Private Bank & Trust Co. now owns 5,807 shares of the company’s stock valued at $261,000 after buying an additional 1,257 shares during the period. Institutional investors and hedge funds own 0.54% of the company’s stock.
About China Telecom Corp.
China Telecom Corporation Limited is an integrated information service provider in the People’s Republic of China (PRC). The Company offers a range of telecommunications services, including wireline voice services, mobile voice services, Internet access services, value-added services, integrated information application services, telecommunications network resource services and lease of network equipment and other related services.