Telecom Argentina SA (NYSE:TEO) Sees Significant Decrease in Short Interest

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

A number of equities analysts have issued reports on the company. Scotiabank raised Telecom Argentina from an “underperform” rating to a “sector perform” rating and set a $10.00 target price for the company in a report on Monday, August 12th. Zacks Investment Research lowered Telecom Argentina from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. ValuEngine cut Telecom Argentina from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. Finally, Bank of America downgraded Telecom Argentina from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $17.00 to $15.00 in a research note on Thursday, August 8th. Three research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. The company has a consensus rating of “Sell” and an average target price of $12.50.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. KBC Group NV bought a new stake in shares of Telecom Argentina in the 2nd quarter valued at about $54,000. DekaBank Deutsche Girozentrale bought a new position in shares of Telecom Argentina during the second quarter worth about $94,000. Marshall Wace North America L.P. raised its position in shares of Telecom Argentina by 2,108.8% during the second quarter. Marshall Wace North America L.P. now owns 11,044 shares of the utilities provider’s stock worth $195,000 after acquiring an additional 10,544 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. acquired a new position in shares of Telecom Argentina in the second quarter worth approximately $212,000. Finally, Teacher Retirement System of Texas acquired a new position in shares of Telecom Argentina in the second quarter worth approximately $236,000. 3.70% of the stock is currently owned by hedge funds and other institutional investors.

NYSE TEO remained flat at $$9.78 on Wednesday. 476,215 shares of the company’s stock traded hands, compared to its average volume of 388,341. The stock’s fifty day simple moving average is $12.53 and its 200-day simple moving average is $14.82. The company has a market capitalization of $4.23 billion, a price-to-earnings ratio of 28.76 and a beta of 0.87. Telecom Argentina has a 1 year low of $8.63 and a 1 year high of $19.88. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.65 and a current ratio of 0.70.

Telecom Argentina (NYSE:TEO) last issued its quarterly earnings results on Friday, August 9th. The utilities provider reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.09). The business had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.01 billion. Telecom Argentina had a return on equity of 5.85% and a net margin of 6.83%. As a group, research analysts expect that Telecom Argentina will post 0.28 earnings per share for the current fiscal year.

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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