Shah Capital Management lowered its position in shares of VEON Ltd. (NASDAQ:VEON – Free Report) by 0.4% during the third quarter, Holdings Channel reports. The fund owned 4,649,172 shares of the Wireless communications provider’s stock after selling 18,406 shares during the quarter. VEON makes up 56.8% of Shah Capital Management’s holdings, making the stock its largest holding. Shah Capital Management owned about 0.06% of VEON worth $343,713,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Handelsbanken Fonder AB grew its position in VEON by 7.2% during the 2nd quarter. Handelsbanken Fonder AB now owns 7,400 shares of the Wireless communications provider’s stock worth $386,000 after purchasing an additional 500 shares in the last quarter. Personal CFO Solutions LLC boosted its position in shares of VEON by 14.4% in the first quarter. Personal CFO Solutions LLC now owns 4,689 shares of the Wireless communications provider’s stock worth $217,000 after buying an additional 592 shares during the period. Dorsey Wright & Associates grew its holdings in shares of VEON by 4.0% during the fourth quarter. Dorsey Wright & Associates now owns 24,328 shares of the Wireless communications provider’s stock valued at $1,279,000 after buying an additional 934 shares in the last quarter. QRG Capital Management Inc. raised its position in VEON by 10.7% during the second quarter. QRG Capital Management Inc. now owns 19,436 shares of the Wireless communications provider’s stock valued at $1,015,000 after buying an additional 1,879 shares during the period. Finally, Bank of America Corp DE raised its position in VEON by 2.8% during the first quarter. Bank of America Corp DE now owns 69,754 shares of the Wireless communications provider’s stock valued at $3,230,000 after buying an additional 1,923 shares during the period. Institutional investors and hedge funds own 21.30% of the company’s stock.
Analysts Set New Price Targets
Several research firms have weighed in on VEON. Weiss Ratings reaffirmed a “hold (c)” rating on shares of VEON in a research note on Thursday, August 13th. Wall Street Zen downgraded shares of VEON from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Benchmark reissued a “buy” rating on shares of VEON in a research note on Monday, June 15th. Zacks Research upgraded VEON from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 4th. Finally, Cantor Fitzgerald assumed coverage on VEON in a research report on Friday, October 2nd. They set an “overweight” rating and a $112.00 price objective for the company. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, VEON presently has a consensus rating of “Moderate Buy” and an average target price of $90.33.
Insider Activity
In related news, Director K II bought 5,000 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The shares were acquired at an average price of $56.02 per share, with a total value of $280,100.00. Following the completion of the transaction, the director owned 96,000 shares of the company’s stock, valued at $5,377,920. The trade was a 5.49% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
VEON Stock Down 0.3%
Shares of NASDAQ:VEON traded down $0.23 on Friday, reaching $76.84. The company had a trading volume of 41,331 shares, compared to its average volume of 107,133. The stock has a market capitalization of $5.68 billion, a P/E ratio of 90.40 and a beta of 1.62. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 2.30. The stock has a 50-day moving average price of $64.53 and a 200 day moving average price of $56.31. VEON Ltd. has a twelve month low of $42.60 and a twelve month high of $78.83.
VEON (NASDAQ:VEON – Get Free Report) last issued its quarterly earnings data on Friday, July 31st. The Wireless communications provider reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.23. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.23 billion. VEON had a net margin of 1.24% and a return on equity of 14.93%. During the same period in the previous year, the company earned $8.30 earnings per share. On average, equities analysts expect that VEON Ltd. will post 7.39 EPS for the current year.
VEON Company Profile
VEON Ltd. is a global telecommunications and digital services company that provides mobile and fixed connectivity, communications services, and digital products through operating companies in emerging markets. Its services include voice and data plans, broadband access, mobile financial services, digital entertainment, and business solutions for consumers and enterprises.
VEON operates through well-known regional brands, including Kyivstar in Ukraine, Jazz in Pakistan, Banglalink in Bangladesh, and Beeline in Kazakhstan and Uzbekistan.
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