Bank of New York Mellon Corp Decreases Stock Position in Telephone and Data Systems, Inc. (NYSE:TDS)

Bank of New York Mellon Corp cut its position in Telephone and Data Systems, Inc. (NYSE:TDS) by 4.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 875,784 shares of the Wireless communications provider’s stock after selling 44,005 shares during the quarter. Bank of New York Mellon Corp owned 0.77% of Telephone and Data Systems worth $33,928,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Third Point LLC increased its stake in shares of Telephone and Data Systems by 108.7% during the fourth quarter. Third Point LLC now owns 6,000,000 shares of the Wireless communications provider’s stock valued at $204,660,000 after acquiring an additional 3,125,000 shares during the period. Carronade Capital Management LP acquired a new position in shares of Telephone and Data Systems during the fourth quarter valued at approximately $62,845,000. Norges Bank acquired a new position in shares of Telephone and Data Systems during the fourth quarter valued at approximately $23,776,000. Silver Point Capital L.P. increased its stake in shares of Telephone and Data Systems by 47.2% during the fourth quarter. Silver Point Capital L.P. now owns 1,840,000 shares of the Wireless communications provider’s stock valued at $62,762,000 after acquiring an additional 590,000 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Telephone and Data Systems by 189.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 730,730 shares of the Wireless communications provider’s stock valued at $24,925,000 after acquiring an additional 477,945 shares during the period. 80.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on TDS. JPMorgan Chase & Co. cut their target price on shares of Telephone and Data Systems from $56.00 to $53.00 and set an “overweight” rating for the company in a research report on Wednesday, May 28th. Raymond James Financial restated an “outperform” rating and set a $47.00 price target (down previously from $51.00) on shares of Telephone and Data Systems in a report on Monday, May 5th. Finally, Wall Street Zen upgraded shares of Telephone and Data Systems from a “sell” rating to a “hold” rating in a report on Saturday.

Telephone and Data Systems Stock Performance

Shares of NYSE:TDS opened at $38.58 on Wednesday. The company’s 50 day moving average price is $34.96 and its two-hundred day moving average price is $35.65. Telephone and Data Systems, Inc. has a 12-month low of $17.90 and a 12-month high of $41.21. The firm has a market cap of $4.40 billion, a PE ratio of -36.74 and a beta of 0.51. The company has a quick ratio of 1.55, a current ratio of 1.74 and a debt-to-equity ratio of 0.85.

Telephone and Data Systems (NYSE:TDS) last issued its quarterly earnings data on Friday, May 2nd. The Wireless communications provider reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.07). The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.18 billion. Telephone and Data Systems had a negative net margin of 1.03% and a positive return on equity of 0.73%. Telephone and Data Systems’s revenue for the quarter was down 8.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.10 EPS. Equities research analysts predict that Telephone and Data Systems, Inc. will post -0.31 earnings per share for the current year.

Telephone and Data Systems Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date was Monday, June 16th. Telephone and Data Systems’s payout ratio is -15.24%.

Telephone and Data Systems Profile

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.