Telecom Argentina SA (NYSE:TEO) Sees Large Drop in Short Interest

Telecom Argentina SA (NYSE:TEO) was the recipient of a large decrease in short interest in the month of August. As of August 31st, there was short interest totalling 1,259,800 shares, a decrease of 21.9% from the July 31st total of 1,612,900 shares. Based on an average daily volume of 524,300 shares, the days-to-cover ratio is presently 2.4 days. Currently, 1.0% of the shares of the company are sold short.

Shares of TEO stock traded up $0.01 during mid-day trading on Thursday, reaching $9.79. The stock had a trading volume of 269,800 shares, compared to its average volume of 387,666. The firm’s 50 day simple moving average is $12.53 and its 200 day simple moving average is $14.82. The company has a quick ratio of 0.65, a current ratio of 0.70 and a debt-to-equity ratio of 0.27. Telecom Argentina has a one year low of $8.63 and a one year high of $19.88. The firm has a market cap of $4.23 billion, a PE ratio of 28.79 and a beta of 0.87.

Telecom Argentina (NYSE:TEO) last announced its quarterly earnings data on Friday, August 9th. The utilities provider reported $0.28 EPS for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.09). Telecom Argentina had a return on equity of 5.85% and a net margin of 6.83%. The firm had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.01 billion. Sell-side analysts forecast that Telecom Argentina will post 0.28 earnings per share for the current fiscal year.

Several hedge funds have recently made changes to their positions in TEO. BlackRock Inc. lifted its position in shares of Telecom Argentina by 715.4% in the 2nd quarter. BlackRock Inc. now owns 3,761,730 shares of the utilities provider’s stock worth $66,470,000 after acquiring an additional 3,300,388 shares during the period. Vanguard Group Inc. bought a new stake in shares of Telecom Argentina in the 2nd quarter worth approximately $7,578,000. JPMorgan Chase & Co. lifted its position in shares of Telecom Argentina by 68.9% in the 1st quarter. JPMorgan Chase & Co. now owns 970,799 shares of the utilities provider’s stock worth $14,174,000 after acquiring an additional 396,107 shares during the period. Northern Trust Corp lifted its position in shares of Telecom Argentina by 316.6% in the 2nd quarter. Northern Trust Corp now owns 416,939 shares of the utilities provider’s stock worth $7,367,000 after acquiring an additional 316,850 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. bought a new position in shares of Telecom Argentina during the 2nd quarter worth approximately $4,817,000. Institutional investors own 3.70% of the company’s stock.

Several brokerages recently weighed in on TEO. Bank of America downgraded Telecom Argentina from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $17.00 to $15.00 in a research note on Thursday, August 8th. Scotiabank upgraded Telecom Argentina from an “underperform” rating to a “sector perform” rating and set a $10.00 target price for the company in a research note on Monday, August 12th. Zacks Investment Research downgraded Telecom Argentina from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Finally, ValuEngine downgraded Telecom Argentina from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. Three equities research analysts have rated the stock with a sell rating and two have issued a hold rating to the company. The stock currently has an average rating of “Sell” and an average target price of $12.50.

About Telecom Argentina

Telecom Argentina SA, together with its subsidiaries, provides telecommunications services in Argentina and internationally. The company offers telephone services, including local, domestic, and international long-distance telephone services, as well as public telephone services; interconnection services, such as access, termination, and long-distance transport of calls; information and communication technology services comprising datacenter services, and telecommunications consulting and value-added solutions; and call waiting, call forwarding, conference calls, caller ID, voice mail, itemized billing, and maintenance services, as well as sells equipment.

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