United States Cellular Corp (NYSE:USM) was the target of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 794,300 shares, a decline of 25.8% from the September 30th total of 1,070,000 shares. Approximately 5.0% of the company’s shares are short sold. Based on an average daily trading volume, of 300,000 shares, the short-interest ratio is currently 2.6 days.
In other news, CEO Kenneth R. Meyers sold 15,393 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $37.34, for a total value of $574,774.62. Following the completion of the transaction, the chief executive officer now owns 40,378 shares of the company’s stock, valued at $1,507,714.52. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.62% of the company’s stock.
A number of hedge funds have recently modified their holdings of USM. WINTON GROUP Ltd acquired a new stake in shares of United States Cellular in the second quarter worth $413,000. Machina Capital S.A.S. increased its position in shares of United States Cellular by 986.3% in the second quarter. Machina Capital S.A.S. now owns 5,149 shares of the Wireless communications provider’s stock worth $230,000 after acquiring an additional 4,675 shares in the last quarter. Bessemer Group Inc. increased its position in shares of United States Cellular by 15,387.5% in the second quarter. Bessemer Group Inc. now owns 2,478 shares of the Wireless communications provider’s stock worth $111,000 after acquiring an additional 2,462 shares in the last quarter. Trust Co. of Vermont acquired a new stake in shares of United States Cellular in the second quarter worth $54,000. Finally, First Trust Advisors LP boosted its stake in shares of United States Cellular by 3,853.2% in the second quarter. First Trust Advisors LP now owns 1,653,220 shares of the Wireless communications provider’s stock valued at $73,849,000 after purchasing an additional 1,611,400 shares during the period. 18.02% of the stock is owned by hedge funds and other institutional investors.
United States Cellular (NYSE:USM) last issued its quarterly earnings results on Thursday, October 31st. The Wireless communications provider reported $0.27 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.09). United States Cellular had a return on equity of 3.12% and a net margin of 3.21%. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same period last year, the company posted $0.41 EPS. The business’s revenue for the quarter was up 3.0% on a year-over-year basis. Equities research analysts expect that United States Cellular will post 1.39 earnings per share for the current year.
USM has been the subject of a number of analyst reports. ValuEngine raised shares of United States Cellular from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. B. Riley cut their price objective on shares of United States Cellular from $50.00 to $42.00 and set a “neutral” rating for the company in a research report on Tuesday, August 6th. Raymond James raised shares of United States Cellular from an “outperform” rating to a “strong-buy” rating and cut their price objective for the company from $53.00 to $49.00 in a research report on Monday, November 4th. Wells Fargo & Co cut their price objective on shares of United States Cellular from $50.00 to $40.00 and set a “market perform” rating for the company in a research report on Tuesday, August 6th. Finally, JPMorgan Chase & Co. raised shares of United States Cellular from a “neutral” rating to an “overweight” rating and set a $45.00 price target for the company in a research report on Monday, November 4th. Four equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $50.75.
United States Cellular Company Profile
United States Cellular Corporation provides wireless telecommunications services in the United States. The company offers postpaid and prepaid service plans with voice, messaging, and data usage option services; and smartphone messaging, data, and Internet services, which allow the customer to access the Web and social network sites, e-mail, text, picture, and video messaging, as well as to utilize GPS navigation, and browse and download various applications.
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