Bank of New York Mellon Corp Has $15.05 Million Stake in Telephone and Data Systems, Inc. (NYSE:TDS)

Bank of New York Mellon Corp decreased its stake in Telephone and Data Systems, Inc. (NYSE:TDS) by 0.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,828,665 shares of the Wireless communications provider’s stock after selling 15,745 shares during the period. Bank of New York Mellon Corp owned 1.62% of Telephone and Data Systems worth $15,050,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Steel Peak Wealth Management LLC grew its holdings in shares of Telephone and Data Systems by 11.2% in the 2nd quarter. Steel Peak Wealth Management LLC now owns 16,441 shares of the Wireless communications provider’s stock valued at $135,000 after acquiring an additional 1,662 shares in the last quarter. Bank of Montreal Can bought a new position in Telephone and Data Systems during the second quarter worth about $155,000. Inspire Investing LLC grew its holdings in Telephone and Data Systems by 44.9% during the second quarter. Inspire Investing LLC now owns 37,583 shares of the Wireless communications provider’s stock worth $309,000 after purchasing an additional 11,642 shares during the period. Asset Management One Co. Ltd. bought a new position in Telephone and Data Systems during the second quarter worth about $1,051,000. Finally, Victory Capital Management Inc. grew its holdings in Telephone and Data Systems by 42.5% during the second quarter. Victory Capital Management Inc. now owns 79,691 shares of the Wireless communications provider’s stock worth $656,000 after purchasing an additional 23,753 shares during the period. Institutional investors own 95.40% of the company’s stock.

Telephone and Data Systems Trading Up 4.8 %

Shares of NYSE:TDS opened at $18.79 on Wednesday. Telephone and Data Systems, Inc. has a 12-month low of $6.43 and a 12-month high of $21.75. The stock has a market cap of $2.12 billion, a PE ratio of -23.78 and a beta of 0.90. The business has a 50 day moving average of $18.06 and a 200-day moving average of $13.08. The company has a quick ratio of 1.13, a current ratio of 1.27 and a debt-to-equity ratio of 0.71.

Telephone and Data Systems (NYSE:TDS) last issued its quarterly earnings data on Friday, November 3rd. The Wireless communications provider reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.05). Telephone and Data Systems had a negative return on equity of 0.36% and a negative net margin of 0.38%. The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the prior year, the firm earned ($0.22) EPS. The company’s revenue was down 8.2% on a year-over-year basis. As a group, equities research analysts forecast that Telephone and Data Systems, Inc. will post -0.55 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. upgraded Telephone and Data Systems from a “neutral” rating to an “overweight” rating and set a $38.00 price target for the company in a report on Tuesday, August 8th. Morgan Stanley lifted their price target on Telephone and Data Systems from $15.00 to $18.00 and gave the stock an “equal weight” rating in a report on Monday, September 11th. StockNews.com upgraded Telephone and Data Systems from a “sell” rating to a “hold” rating in a report on Monday, November 6th. Finally, Citigroup boosted their price objective on Telephone and Data Systems from $16.00 to $23.00 in a report on Friday, August 18th. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $26.33.

About Telephone and Data Systems

Telephone and Data Systems, Inc, a telecommunications company, provides communications services in the United States. It operates through two segments: UScellular and TDS Telecom. The company offers wireless solutions to consumers, and business and government customers, including a suite of connected Internet of things (IoT) solutions, and software applications for monitor and control, business automation/operations, communication, fleet and asset management, smart water solutions, private cellular networks and custom, and end-to-end IoT solutions; wireless priority services and quality priority and preemption options; smartphones and other handsets, tablets, wearables, mobile hotspots, fixed wireless home internet, and IoT devices; and accessories, such as cases, screen protectors, chargers, and memory cards, as well as consumer electronics, including audio, home automation and networking products.