United States Cellular (NYSE:USM) Stock Price Down 7.2% Following Weak Earnings

United States Cellular Co. (NYSE:USM) shares dropped 7.2% during trading on Friday following a weaker than expected earnings announcement. The company traded as low as $34.48 and last traded at $34.58. Approximately 417,095 shares traded hands during trading, an increase of 96% from the average daily volume of 213,166 shares. The stock had previously closed at $37.26.

The Wireless communications provider reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.06). The business had revenue of $950.00 million during the quarter, compared to analysts’ expectations of $957.75 million. United States Cellular had a return on equity of 1.19% and a net margin of 1.41%. The company’s quarterly revenue was down 3.7% on a year-over-year basis. During the same quarter last year, the business posted $0.15 EPS.

Institutional Trading of United States Cellular

A number of hedge funds have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its position in United States Cellular by 226.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,463 shares of the Wireless communications provider’s stock valued at $149,000 after purchasing an additional 2,403 shares in the last quarter. Advisor Partners II LLC bought a new stake in shares of United States Cellular during the 3rd quarter valued at $215,000. Principal Financial Group Inc. bought a new stake in United States Cellular in the third quarter worth $467,000. Atria Wealth Solutions Inc. bought a new stake in shares of United States Cellular during the third quarter valued at approximately $400,000. Finally, Pathstone Family Office LLC purchased a new position in United States Cellular in the 3rd quarter worth about $1,074,000. 18.03% of the stock is owned by institutional investors.

United States Cellular Stock Performance

The firm has a market cap of $2.90 billion, a P/E ratio of 50.90 and a beta of 0.45. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.33 and a current ratio of 1.55. The business’s 50-day simple moving average is $35.51 and its 200 day simple moving average is $39.75.

United States Cellular Company Profile

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 wireless essentials, including cases, screen protectors, chargers, and memory cards; and consumer electronics comprising audio, home automation, and networking products.