Telecom Argentina (NYSE:TEO) Trading 4.5% Higher – Here’s What Happened

Telecom Argentina S.A. (NYSE:TEO)’s stock price rose 4.5% during trading on Tuesday . The stock traded as high as $10.90 and last traded at $10.96. Approximately 44,782 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 213,008 shares. The stock had previously closed at $10.49.

Analysts Set New Price Targets

Several brokerages have commented on TEO. JPMorgan Chase & Co. upgraded Telecom Argentina from a “neutral” rating to an “overweight” rating and increased their target price for the company from $10.00 to $13.00 in a research note on Tuesday, February 25th. Scotiabank boosted their price target on Telecom Argentina from $6.10 to $6.20 and gave the company a “sector underperform” rating in a research note on Thursday, March 13th.

Telecom Argentina Price Performance

The firm has a 50 day moving average price of $11.66 and a 200 day moving average price of $11.08. The stock has a market capitalization of $4.60 billion, a PE ratio of -59.36 and a beta of 0.99. The company has a current ratio of 0.40, a quick ratio of 0.37 and a debt-to-equity ratio of 0.31.

Telecom Argentina (NYSE:TEO) last posted its quarterly earnings data on Friday, February 28th. The utilities provider reported $0.17 EPS for the quarter, topping the consensus estimate of ($0.47) by $0.64. The firm had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.19 billion. Telecom Argentina had a negative return on equity of 1.26% and a negative net margin of 1.91%. Research analysts anticipate that Telecom Argentina S.A. will post 1.28 earnings per share for the current year.

Hedge Funds Weigh In On Telecom Argentina

A number of hedge funds have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Telecom Argentina by 111.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,327,035 shares of the utilities provider’s stock valued at $29,297,000 after buying an additional 1,224,369 shares in the last quarter. Bosun Asset Management LLC purchased a new position in shares of Telecom Argentina in the fourth quarter valued at about $1,031,000. Bank of America Corp DE boosted its stake in shares of Telecom Argentina by 87.0% in the fourth quarter. Bank of America Corp DE now owns 20,684 shares of the utilities provider’s stock worth $260,000 after acquiring an additional 9,621 shares during the period. Freedom Investment Management Inc. bought a new position in shares of Telecom Argentina in the fourth quarter worth about $577,000. Finally, NewEdge Advisors LLC bought a new stake in Telecom Argentina during the 4th quarter valued at approximately $202,000.

Telecom Argentina Company Profile

Telecom Argentina SA, together with its subsidiaries, provides telecommunications services. The company offers mobile telecommunications services, including voice communications, high-speed mobile Internet content and applications download, online streaming, and other services; and sells mobile communication devices, such as handsets, Modems MiFi and wingles, and smart watches.