Zacks Investment Research Lowers China Telecom (NYSE:CHA) to Sell
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. “
Other research analysts also recently issued research reports about the company. UBS Group upgraded China Telecom from a neutral rating to a buy rating in a report on Thursday, September 26th. Citigroup upgraded China Telecom from a neutral rating to a buy rating in a report on Wednesday, October 16th. Three research analysts have rated the stock with a sell rating and three have assigned a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $57.95.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nkcfo LLC purchased a new position in shares of China Telecom in the second quarter worth about $30,000. JPMorgan Chase & Co. increased its holdings in shares of China Telecom by 400.8% in the second quarter. JPMorgan Chase & Co. now owns 626 shares of the utilities provider’s stock worth $31,000 after buying an additional 501 shares during the period. Marshall Wace LLP purchased a new position in shares of China Telecom in the first quarter worth about $36,000. BNP Paribas Arbitrage SA increased its holdings in shares of China Telecom by 51.8% in the second quarter. BNP Paribas Arbitrage SA now owns 1,070 shares of the utilities provider’s stock worth $54,000 after buying an additional 365 shares during the period. Finally, Russell Investments Group Ltd. purchased a new position in shares of China Telecom in the second quarter worth about $103,000. Hedge funds and other institutional investors own 0.48% of the company’s stock.
China Telecom 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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