Zacks Investment Research Upgrades Telecom Italia (NYSE:TI) to Hold

Telecom Italia (NYSE:TI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Friday, reports.

According to Zacks, “The Telecom Italia Group is engaged principally in the communication sector that operates mainly in Europe, the Mediterranean Basin and South America. This includes telephone and data services on fixed lines (for final retail customers and wholesale providers), the development of fiber optic networks for wholesale customers, BroadBand services, Internet services, domestic and international mobile telecommunications (especially in Brazil), and the television sector using both analog and digital terrestrial technology. The Group also operates businesses in the office products sector. “

Other equities research analysts also recently issued research reports about the stock. Canaccord Genuity restated a “buy” rating and issued a $1.25 price objective on shares of Telecom Italia in a research report on Tuesday, February 26th. ValuEngine upgraded shares of Telecom Italia from a “sell” rating to a “hold” rating in a research report on Wednesday, May 22nd. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $4.00.

NYSE:TI traded down $0.15 during mid-day trading on Friday, reaching $5.15. The stock had a trading volume of 3,064 shares, compared to its average volume of 221,127. The company has a quick ratio of 0.72, a current ratio of 0.74 and a debt-to-equity ratio of 1.13. The company has a market cap of $11.25 billion, a P/E ratio of -7.25 and a beta of 0.69. Telecom Italia has a twelve month low of $4.87 and a twelve month high of $8.05.

A number of hedge funds have recently added to or reduced their stakes in TI. Clearbridge Investments LLC boosted its holdings in Telecom Italia by 0.5% in the 1st quarter. Clearbridge Investments LLC now owns 613,393 shares of the utilities provider’s stock valued at $3,852,000 after purchasing an additional 2,914 shares during the period. Redwood Investment Management LLC acquired a new stake in Telecom Italia in the 1st quarter valued at about $507,000. Acadian Asset Management LLC acquired a new stake in Telecom Italia in the 1st quarter valued at about $112,000. Raymond James & Associates increased its position in Telecom Italia by 7.7% in the 1st quarter. Raymond James & Associates now owns 163,137 shares of the utilities provider’s stock valued at $1,025,000 after acquiring an additional 11,617 shares in the last quarter. Finally, Covenant Multifamily Offices LLC acquired a new stake in Telecom Italia in the 1st quarter valued at about $60,000. 0.83% of the stock is owned by hedge funds and other institutional investors.

About Telecom Italia

Telecom Italia S.p.A., together with its subsidiaries, provides fixed and mobile telecommunications services in Europe, South America, and the Mediterranean Basin. The company operates through Domestic, Brazil, and Other Operations segments. It offers fixed and mobile voice and Internet, and public telephony services, as well as products managed and developed for individuals and families; and voice, data, and Internet services and products, and information and communications technology solutions for small and medium-size enterprises, small offices/home offices, the public sector, large accounts, and enterprises in the fixed and mobile telecommunications markets.

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