Shares of China Unicom Ltd. (NYSE:CHU) gapped down prior to trading on Friday . The stock had previously closed at $11.51, but opened at $11.68. China Unicom shares last traded at $11.95, with a volume of 240,990 shares changing hands.

A number of brokerages recently issued reports on CHU. Nomura raised China Unicom from a “reduce” rating to a “buy” rating in a research report on Friday, April 22nd. Sanford C. Bernstein raised China Unicom from a “market perform” rating to an “outperform” rating in a research report on Thursday. TheStreet cut China Unicom from a “hold” rating to a “sell” rating in a research report on Wednesday, April 27th. Jefferies Group cut China Unicom from a “buy” rating to a “hold” rating in a research report on Monday, July 18th. Finally, Mizuho cut China Unicom from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 18th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $13.95.

The firm has a 50 day moving average price of $10.54 and a 200-day moving average price of $11.27. The company has a market capitalization of $28.74 billion and a P/E ratio of 24.49.

Other hedge funds and institutional investors recently added to or reduced their stakes in the company. Comerica Bank raised its position in China Unicom by 4.7% in the fourth quarter. Comerica Bank now owns 128,613 shares of the company’s stock valued at $1,435,000 after buying an additional 5,764 shares during the period. First Trust Advisors LP raised its stake in shares of China Unicom by 14.2% in the fourth quarter. First Trust Advisors LP now owns 132,815 shares of the company’s stock worth $1,602,000 after buying an additional 16,549 shares during the last quarter. Finally, Bank of Montreal Can raised its stake in shares of China Unicom by 4.0% in the fourth quarter. Bank of Montreal Can now owns 88,999 shares of the company’s stock worth $1,074,000 after buying an additional 3,398 shares during the last quarter.

China Unicom (Hong Kong) Limited is an investment holding company. The Company is an integrated telecommunications operator. The principal activities of the Company’s subsidiaries are the provision of cellular and fixed-line voice and related services, broadband and other Internet-related services, information communications technology services, and business and data communications services in the People’s Republic of China (PRC).

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