China Telecom Corp Ltd (CHA) Stake Lowered by World Asset Management Inc
World Asset Management Inc cut its stake in China Telecom Corp Ltd (NYSE:CHA) by 5.5% during the second quarter, Holdings Channel reports. The firm owned 8,170 shares of the utilities provider’s stock after selling 474 shares during the period. World Asset Management Inc’s holdings in China Telecom Corp were worth $392,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in CHA. Karp Capital Management Corp purchased a new stake in China Telecom Corp during the first quarter valued at approximately $12,988,000. Aperio Group LLC boosted its stake in China Telecom Corp by 25.5% in the second quarter. Aperio Group LLC now owns 334,920 shares of the utilities provider’s stock valued at $16,053,000 after buying an additional 68,058 shares during the period. Bank of Montreal Can boosted its stake in China Telecom Corp by 274.0% in the second quarter. Bank of Montreal Can now owns 28,217 shares of the utilities provider’s stock valued at $1,352,000 after buying an additional 20,672 shares during the period. Tudor Investment Corp ET AL purchased a new stake in China Telecom Corp during the first quarter valued at approximately $973,000. Finally, Credit Suisse AG boosted its stake in China Telecom Corp by 7.5% in the first quarter. Credit Suisse AG now owns 205,667 shares of the utilities provider’s stock valued at $10,010,000 after buying an additional 14,292 shares during the period. Institutional investors own 0.44% of the company’s stock.
Shares of China Telecom Corp Ltd (NYSE:CHA) opened at 48.54 on Friday. The firm has a market cap of $39.28 billion, a PE ratio of 14.71 and a beta of 0.65. China Telecom Corp Ltd has a 1-year low of $45.58 and a 1-year high of $53.87. The stock has a 50 day moving average of $47.81 and a 200 day moving average of $48.34.
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Several analysts have recently commented on CHA shares. Zacks Investment Research upgraded shares of China Telecom Corp from a “hold” rating to a “buy” rating and set a $54.00 target price for the company in a research note on Tuesday, June 27th. BidaskClub cut shares of China Telecom Corp from a “sell” rating to a “strong sell” rating in a research note on Thursday, June 22nd. One equities research analyst has rated the stock with a sell rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. China Telecom Corp has an average rating of “Buy” and an average target price of $54.00.
About China Telecom Corp
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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