Philippine Long Distance Telephone Co. (NYSE:PHI)’s share price dropped 14.6% on Tuesday . The company traded as low as $39.00 and last traded at $39.10, with a volume of 304,203 shares. The stock had previously closed at $45.78.

PHI has been the subject of a number of research analyst reports. Zacks Investment Research raised shares of Philippine Long Distance Telephone from a “strong sell” rating to a “buy” rating and set a $41.00 target price for the company in a research note on Tuesday, May 3rd. Credit Suisse Group AG raised shares of Philippine Long Distance Telephone from an “underperform” rating to a “neutral” rating in a research note on Tuesday, May 31st.

The firm has a market capitalization of $8.80 billion and a PE ratio of 22.02. The stock’s 50-day moving average is $44.11 and its 200-day moving average is $41.66.

A hedge fund recently raised its stake in Philippine Long Distance Telephone stock. First Trust Advisors LP raised its stake in shares of Philippine Long Distance Telephone Co. (NYSE:PHI) by 16.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 114,739 shares of the company’s stock after buying an additional 16,321 shares during the period. First Trust Advisors LP owned about 0.05% of Philippine Long Distance Telephone worth $4,905,000 as of its most recent SEC filing.

Philippine Long Distance Telephone Company (PLDT) is a telecommunications service provider in the Philippines. The Company operates through three business segments: Wireless, Fixed Line and Others. The Company, through its three business segments, offers a range of telecommunications services across the Philippines’ fiber optic backbone and wireless and fixed line networks.

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