Carronade Capital Management LP Purchases Shares of 1,842,409 Telephone and Data Systems, Inc. (NYSE:TDS)

Carronade Capital Management LP acquired a new position in shares of Telephone and Data Systems, Inc. (NYSE:TDS - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 1,842,409 shares of the Wireless communications provider's stock, valued at approximately $62,845,000. Telephone and Data Systems accounts for approximately 3.5% of Carronade Capital Management LP's investment portfolio, making the stock its 2nd biggest position. Carronade Capital Management LP owned 1.63% of Telephone and Data Systems as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Crossmark Global Holdings Inc. acquired a new stake in Telephone and Data Systems in the 4th quarter valued at $246,000. Norges Bank purchased a new stake in shares of Telephone and Data Systems during the fourth quarter worth about $23,776,000. CWA Asset Management Group LLC purchased a new position in Telephone and Data Systems in the 4th quarter valued at about $710,000. Consolidated Planning Corp lifted its stake in Telephone and Data Systems by 35.4% in the 4th quarter. Consolidated Planning Corp now owns 38,516 shares of the Wireless communications provider's stock valued at $1,314,000 after buying an additional 10,063 shares in the last quarter. Finally, Savant Capital LLC acquired a new stake in Telephone and Data Systems in the 4th quarter worth about $203,000. 80.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. raised their target price on Telephone and Data Systems from $53.00 to $56.00 and gave the company an "overweight" rating in a research report on Monday, February 24th.

Telephone and Data Systems Stock Down 8.4 %

TDS stock opened at $34.46 on Monday. The company has a market cap of $3.93 billion, a price-to-earnings ratio of -6.38 and a beta of 0.62. The firm has a 50-day moving average of $36.18 and a two-hundred day moving average of $34.69. Telephone and Data Systems, Inc. has a 12 month low of $14.52 and a 12 month high of $41.21. The company has a current ratio of 1.59, a quick ratio of 1.44 and a debt-to-equity ratio of 0.85.

Telephone and Data Systems (NYSE:TDS - Get Free Report) last issued its earnings results on Friday, May 2nd. The Wireless communications provider reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.07). Telephone and Data Systems had a negative net margin of 10.72% and a positive return on equity of 1.12%. The company had revenue of $1.15 billion during the quarter, compared to analysts' expectations of $1.18 billion. During the same quarter in the previous year, the company earned $0.10 earnings per share. The firm's quarterly revenue was down 8.6% compared to the same quarter last year. As a group, analysts forecast that Telephone and Data Systems, Inc. will post -0.31 earnings per share for the current fiscal year.

Telephone and Data Systems Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a $0.04 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.16 annualized dividend and a yield of 0.46%. Telephone and Data Systems's payout ratio is -18.60%.

About Telephone and Data Systems

Telephone and Data Systems, Inc, a telecommunications company, provides communications services in the United States. It operates through two segments: UScellular and TDS Telecom. The company offers wireless solutions to consumers, and business and government customers, including a suite of connected Internet of things (IoT) solutions, and software applications for monitor and control, business automation/operations, communication, fleet and asset management, smart water solutions, private cellular networks and custom, and end-to-end IoT solutions; wireless priority services and quality priority and preemption options; smartphones and other handsets, tablets, wearables, mobile hotspots, fixed wireless home internet, and IoT devices; and accessories, such as cases, screen protectors, chargers, and memory cards, as well as consumer electronics, including audio, home automation and networking products.

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