Connor Clark & Lunn Investment Management Ltd. Buys 3,893 Shares of United States Cellular Corporation $USM

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in United States Cellular Corporation by 25.8%, acquiring an additional 3,893 shares, bringing its total holdings to 18,962 shares valued at approximately $1.31 million.
• Analysts have shown optimism towards United States Cellular, with Raymond James raising its price target to $84 and JPMorgan increasing theirs to $87, both maintaining favorable ratings.
• United States Cellular announced a significant increase in its special dividend, from $0.06 to $23.00 per share, payable on August 19th to stockholders of record on August 11th.

Connor Clark & Lunn Investment Management Ltd. boosted its holdings in United States Cellular Corporation (NYSE:USM - Free Report) by 25.8% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 18,962 shares of the Wireless communications provider's stock after buying an additional 3,893 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in United States Cellular were worth $1,311,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Charles Schwab Investment Management Inc. raised its position in United States Cellular by 9.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 188,880 shares of the Wireless communications provider's stock worth $13,061,000 after buying an additional 15,932 shares during the last quarter. Atria Wealth Solutions Inc. raised its position in United States Cellular by 100.0% in the 1st quarter. Atria Wealth Solutions Inc. now owns 14,000 shares of the Wireless communications provider's stock worth $968,000 after buying an additional 7,000 shares during the last quarter. Mackenzie Financial Corp purchased a new position in United States Cellular in the 1st quarter worth about $320,000. Private Management Group Inc. purchased a new position in United States Cellular in the 1st quarter worth about $211,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in United States Cellular in the 1st quarter worth about $394,000. Hedge funds and other institutional investors own 18.03% of the company's stock.

Analysts Set New Price Targets

USM has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. boosted their target price on United States Cellular from $85.00 to $87.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 12th. Raymond James Financial reaffirmed an "outperform" rating and set a $84.00 price target (up previously from $78.00) on shares of United States Cellular in a research report on Friday, July 25th. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $85.33.

United States Cellular Stock Performance

Shares of NYSE USM traded up $3.63 during midday trading on Thursday, hitting $77.88. 1,000,445 shares of the company's stock traded hands, compared to its average volume of 467,326. United States Cellular Corporation has a 1 year low of $51.20 and a 1 year high of $79.17. The stock has a market capitalization of $6.62 billion, a price-to-earnings ratio of -259.59 and a beta of 0.38. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.48 and a current ratio of 1.70. The firm has a fifty day moving average of $69.14 and a 200 day moving average of $66.35.

United States Cellular (NYSE:USM - Get Free Report) last released its quarterly earnings results on Monday, August 11th. The Wireless communications provider reported $0.36 EPS for the quarter, beating the consensus estimate of $0.33 by $0.03. The firm had revenue of $916.00 million during the quarter, compared to analyst estimates of $907.73 million. United States Cellular had a negative net margin of 0.68% and a positive return on equity of 1.68%. On average, analysts forecast that United States Cellular Corporation will post 0.57 earnings per share for the current year.

United States Cellular Increases Dividend

The business also recently disclosed a special dividend, which was paid on Tuesday, August 19th. Investors of record on Monday, August 11th were paid a dividend of $23.00 per share. This is a boost from United States Cellular's previous special dividend of $0.06. The ex-dividend date was Wednesday, August 20th.

United States Cellular Company Profile

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.