BNP Paribas Arbitrage SA bought a new position in shares of China Telecom Corp. (NYSE:CHA) during the third quarter, Holdings Channel reports. The institutional investor bought 2,664 shares of the company’s stock, valued at approximately $136,000.
Several other hedge funds also recently added to or reduced their stakes in CHA. Barclays PLC acquired a new position in shares of China Telecom Corp. during the second quarter worth $212,000. Americafirst Capital Management LLC purchased a new stake in shares of China Telecom Corp. during the second quarter worth about $219,000. Stevens Capital Management LP boosted its stake in shares of China Telecom Corp. by 20.7% in the second quarter. Stevens Capital Management LP now owns 5,587 shares of the company’s stock worth $251,000 after buying an additional 959 shares in the last quarter. Private Bank & Trust Co. boosted its stake in shares of China Telecom Corp. by 27.6% in the second quarter. Private Bank & Trust Co. now owns 5,807 shares of the company’s stock worth $261,000 after buying an additional 1,257 shares in the last quarter. Finally, World Asset Management Inc boosted its stake in shares of China Telecom Corp. by 8.3% in the second quarter. World Asset Management Inc now owns 8,587 shares of the company’s stock worth $386,000 after buying an additional 660 shares in the last quarter. 0.54% of the stock is currently owned by institutional investors and hedge funds.
Shares of China Telecom Corp. (NYSE:CHA) opened at 51.79 on Wednesday. China Telecom Corp. has a one year low of $42.23 and a one year high of $55.85. The stock’s 50 day moving average price is $51.33 and its 200-day moving average price is $49.44. The company has a market cap of $41.91 billion, a PE ratio of 13.63 and a beta of 0.67.
CHA has been the subject of a number of research analyst reports. Bank of America Corp. initiated coverage on China Telecom Corp. in a report on Monday, August 15th. They set a “top pick” rating for the company. They noted that the move was a valuation call. Zacks Investment Research upgraded China Telecom Corp. from a “hold” rating to a “buy” rating and set a $59.00 price objective for the company in a report on Tuesday. Finally, Citigroup Inc. cut China Telecom Corp. from a “buy” rating to a “neutral” rating in a report on Wednesday, June 15th.
About China Telecom Corp.
China Telecom Corporation Limited is an integrated information service provider in the People’s Republic of China (PRC). The Company offers a range of telecommunications services, including wireline voice services, mobile voice services, Internet access services, value-added services, integrated information application services, telecommunications network resource services and lease of network equipment and other related services.
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