Bank of America Corporation Initiates Coverage on China Telecom Corp Ltd (CHA)
Stock analysts at Bank of America Corporation assumed coverage on shares of China Telecom Corp Ltd (NYSE:CHA) in a research report issued on Wednesday. The brokerage set a “buy” rating on the utilities provider’s stock.
CHA has been the topic of several other reports. Zacks Investment Research upgraded shares of China Telecom Corp from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a research report on Monday. BidaskClub lowered shares of China Telecom Corp from a “sell” rating to a “strong sell” rating in a report on Thursday, June 22nd. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. China Telecom Corp has a consensus rating of “Buy” and an average target price of $55.00.
Shares of China Telecom Corp (NYSE CHA) opened at 51.29 on Wednesday. The firm has a market capitalization of $41.51 billion, a PE ratio of 14.65 and a beta of 0.65. China Telecom Corp has a 52-week low of $45.58 and a 52-week high of $53.61. The company’s 50-day moving average is $48.29 and its 200 day moving average is $48.43.
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. raised its position in China Telecom Corp by 93.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,211 shares of the utilities provider’s stock worth $106,000 after buying an additional 1,068 shares during the period. Migdal Insurance & Financial Holdings Ltd. raised its position in China Telecom Corp by 22.8% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,390 shares of the utilities provider’s stock worth $163,000 after buying an additional 630 shares during the period. Diversified Trust Co purchased a new position in China Telecom Corp during the second quarter worth about $208,000. Greenleaf Trust purchased a new position in China Telecom Corp during the second quarter worth about $240,000. Finally, Goldman Sachs Group Inc. purchased a new position in China Telecom Corp during the first quarter worth about $244,000. Institutional investors own 0.41% of the company’s stock.
China Telecom Corp Company Profile
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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