Philippine Long Distance Telephone Co. (NYSE:PHI) dropped 2.7% during mid-day trading on Thursday . The company traded as low as $38.75 and last traded at $39.60, with a volume of 89,434 shares changing hands. The stock had previously closed at $40.68.

PHI has been the subject of a number of research analyst reports. Citigroup Inc. lowered shares of Philippine Long Distance Telephone from a “buy” rating to a “neutral” rating in a report on Wednesday, August 3rd. Zacks Investment Research lowered shares of Philippine Long Distance Telephone from a “hold” rating to a “sell” rating in a report on Wednesday, August 3rd. Finally, Credit Suisse Group AG raised shares of Philippine Long Distance Telephone from an “underperform” rating to a “neutral” rating in a report on Tuesday, May 31st.

The firm has a market capitalization of $8.53 billion and a PE ratio of 25.46. The firm’s 50-day moving average price is $43.41 and its 200-day moving average price is $41.64.

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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