United States Cellular Co. (NYSE:USM – Get Free Report)’s stock price hit a new 52-week high during mid-day trading on Friday following a stronger than expected earnings report. The stock traded as high as $46.86 and last traded at $45.84, with a volume of 38123 shares trading hands. The stock had previously closed at $43.04.
The Wireless communications provider reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.20. The business had revenue of $963.00 million for the quarter, compared to the consensus estimate of $1 billion. United States Cellular had a negative net margin of 0.54% and a negative return on equity of 0.48%. The business’s revenue for the quarter was down 11.1% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.15) EPS.
Wall Street Analysts Forecast Growth
A number of brokerages recently issued reports on USM. StockNews.com assumed coverage on United States Cellular in a report on Thursday, October 5th. They issued a “hold” rating on the stock. Morgan Stanley boosted their price objective on United States Cellular from $27.00 to $38.00 and gave the stock an “equal weight” rating in a report on Monday, September 11th. JPMorgan Chase & Co. upgraded shares of United States Cellular from a “neutral” rating to an “overweight” rating and set a $52.00 target price for the company in a report on Tuesday, August 8th. Citigroup lifted their target price on shares of United States Cellular from $29.00 to $53.00 in a research report on Friday, August 18th. Finally, Wells Fargo & Company upgraded shares of United States Cellular from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $16.00 to $38.00 in a research report on Tuesday, August 8th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $45.25.
Hedge Funds Weigh In On United States Cellular
Several institutional investors and hedge funds have recently bought and sold shares of the business. Swiss National Bank boosted its holdings in shares of United States Cellular by 7.5% during the first quarter. Swiss National Bank now owns 31,500 shares of the Wireless communications provider’s stock worth $952,000 after purchasing an additional 2,200 shares during the period. American Century Companies Inc. boosted its stake in shares of United States Cellular by 26.2% during the 1st quarter. American Century Companies Inc. now owns 66,307 shares of the Wireless communications provider’s stock valued at $2,004,000 after buying an additional 13,757 shares during the period. HighTower Advisors LLC grew its holdings in shares of United States Cellular by 61.6% during the 1st quarter. HighTower Advisors LLC now owns 10,615 shares of the Wireless communications provider’s stock valued at $321,000 after acquiring an additional 4,048 shares in the last quarter. MetLife Investment Management LLC increased its stake in shares of United States Cellular by 58.5% in the first quarter. MetLife Investment Management LLC now owns 8,957 shares of the Wireless communications provider’s stock worth $271,000 after acquiring an additional 3,306 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of United States Cellular by 1.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,897,981 shares of the Wireless communications provider’s stock worth $57,376,000 after acquiring an additional 27,697 shares in the last quarter. Hedge funds and other institutional investors own 16.76% of the company’s stock.
United States Cellular Trading Up 4.6 %
The business has a 50-day moving average of $42.30 and a 200-day moving average of $28.31. The company has a quick ratio of 1.28, a current ratio of 1.49 and a debt-to-equity ratio of 0.68. The stock has a market cap of $3.84 billion, a price-to-earnings ratio of -160.82 and a beta of 0.55.
About United States Cellular
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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