Wells Fargo & Company Upgrades United States Cellular (NYSE:USM) to “Equal Weight”

Posted by on Aug 10th, 2023

United States Cellular (NYSE:USM – Get Free Report) was upgraded by investment analysts at Wells Fargo & Company from an “underweight” rating to an “equal weight” rating in a report released on Tuesday, Marketbeat reports. The firm presently has a $38.00 price objective on the Wireless communications provider’s stock, up from their previous price objective of $16.00. Wells Fargo & Company‘s price target suggests a potential upside of 1.01% from the stock’s current price.

USM has been the subject of a number of other research reports. StockNews.com upgraded United States Cellular from a “sell” rating to a “hold” rating in a research report on Monday. Citigroup boosted their price target on United States Cellular from $26.00 to $29.00 in a research report on Friday, August 4th. JPMorgan Chase & Co. upgraded United States Cellular from a “neutral” rating to an “overweight” rating and set a $52.00 price target for the company in a research report on Tuesday. Finally, Morgan Stanley boosted their price target on United States Cellular from $26.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 25th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $36.50.

Read Our Latest Research Report on USM

United States Cellular Trading Down 2.1 %

NYSE:USM opened at $37.62 on Tuesday. United States Cellular has a 12-month low of $13.79 and a 12-month high of $39.38. The firm has a market capitalization of $3.19 billion, a P/E ratio of -134.35 and a beta of 0.76. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.49 and a quick ratio of 1.36. The business has a 50 day simple moving average of $18.40 and a 200 day simple moving average of $19.88.

United States Cellular (NYSE:USM – Get Free Report) last released its quarterly earnings data on Friday, August 4th. The Wireless communications provider reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.15). United States Cellular had a negative net margin of 0.54% and a negative return on equity of 0.48%. The company had revenue of $957.00 million for the quarter, compared to analyst estimates of $993.09 million. During the same quarter in the prior year, the firm earned $0.25 EPS. The company’s revenue for the quarter was down 6.8% compared to the same quarter last year. Equities research analysts predict that United States Cellular will post 0.49 EPS for the current year.

Institutional Trading of United States Cellular

Hedge funds and other institutional investors have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership raised its position in shares of United States Cellular by 377.7% during the first quarter. Arrowstreet Capital Limited Partnership now owns 481,706 shares of the Wireless communications provider’s stock worth $9,986,000 after purchasing an additional 380,868 shares during the period. Millennium Management LLC raised its position in shares of United States Cellular by 345.6% during the second quarter. Millennium Management LLC now owns 299,551 shares of the Wireless communications provider’s stock worth $8,675,000 after purchasing an additional 232,322 shares during the period. EA Series Trust acquired a new stake in shares of United States Cellular during the second quarter worth $3,426,000. Dimensional Fund Advisors LP raised its position in United States Cellular by 7.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,471,276 shares of the Wireless communications provider’s stock valued at $51,228,000 after buying an additional 175,417 shares during the period. Finally, Edmond DE Rothschild Holding S.A. raised its position in United States Cellular by 36.1% during the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 490,000 shares of the Wireless communications provider’s stock valued at $10,216,000 after buying an additional 130,000 shares during the period. Institutional investors own 17.23% of the company’s stock.

About United States Cellular

(Get Free Report)

United States Cellular Corporation provides wireless telecommunications services in the United States. The company offers wireless services, including voice, messaging, and data services. It also provides wireless devices, such as handsets, tablets, mobile hotspots, home phones, and routers, as well as various essentials, including cases, screen protectors, chargers, and memory cards; and consumer electronics comprising audio, home automation, and networking products.

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