United States Cellular (NYSE:USM) Price Target Raised to $85.00 at Wells Fargo & Company

United States Cellular (NYSE:USM) had its price target hoisted by Wells Fargo & Company from $75.00 to $85.00 in a report released on Monday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the Wireless communications provider’s stock.

United States Cellular Price Performance

USM stock traded up $0.28 during midday trading on Monday, reaching $59.38. 11,999 shares of the company’s stock traded hands, compared to its average volume of 235,964. The company has a 50-day simple moving average of $57.21 and a two-hundred day simple moving average of $52.48. The company has a quick ratio of 1.39, a current ratio of 1.55 and a debt-to-equity ratio of 0.62. United States Cellular has a 1-year low of $32.01 and a 1-year high of $67.84. The company has a market cap of $5.11 billion, a price-to-earnings ratio of -164.16 and a beta of 0.47.

United States Cellular (NYSE:USM) last announced its earnings results on Friday, November 1st. The Wireless communications provider reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.13. The company had revenue of $922.00 million for the quarter, compared to analyst estimates of $940.40 million. United States Cellular had a negative net margin of 0.79% and a positive return on equity of 1.54%. United States Cellular’s quarterly revenue was down 4.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.26 earnings per share. On average, analysts anticipate that United States Cellular will post 0.61 earnings per share for the current year.

Institutional Investors Weigh In On United States Cellular

A number of institutional investors and hedge funds have recently modified their holdings of USM. Dimensional Fund Advisors LP lifted its stake in shares of United States Cellular by 3.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,299,323 shares of the Wireless communications provider’s stock valued at $128,349,000 after purchasing an additional 72,843 shares during the period. Jericho Capital Asset Management L.P. boosted its holdings in United States Cellular by 13.1% during the first quarter. Jericho Capital Asset Management L.P. now owns 1,592,792 shares of the Wireless communications provider’s stock worth $58,137,000 after buying an additional 184,000 shares during the last quarter. Gamco Investors INC. ET AL increased its stake in shares of United States Cellular by 3.3% in the 1st quarter. Gamco Investors INC. ET AL now owns 1,480,017 shares of the Wireless communications provider’s stock valued at $54,021,000 after acquiring an additional 47,267 shares during the last quarter. Gabelli Funds LLC raised its position in shares of United States Cellular by 3.2% in the 2nd quarter. Gabelli Funds LLC now owns 680,300 shares of the Wireless communications provider’s stock valued at $37,974,000 after acquiring an additional 20,785 shares during the period. Finally, Point72 Asset Management L.P. bought a new position in United States Cellular during the 2nd quarter worth approximately $22,394,000. 18.03% of the stock is owned by institutional investors.

About United States Cellular

United States Cellular Corporation provides wireless telecommunications services in the United States. The company offers wireless services, including voice, messaging, and data services. It also provides wireless devices, such as handsets, tablets, mobile hotspots, home phones, and routers, as well as wireless essentials, including cases, screen protectors, chargers, and memory cards; and consumer electronics comprising audio, home automation, and networking products.