Gamco Investors INC. ET AL Reduces Holdings in Array Digital Infrastructure Inc. $AD

Key Points

• Gamco Investors cut its stake in Array Digital Infrastructure by 12.4% in the first quarter, selling 119,999 shares and ending with 844,562 shares valued at about $38.97 million.
• Other institutional activity was mixed, and hedge funds and other institutional investors now own about 18.03% of the company’s stock.
• Array Digital Infrastructure’s shares were trading at $34.86, near the low end of their 52-week range, while analysts currently have an overall Hold rating with an average price target of $51.60.

Gamco Investors INC. ET AL decreased its position in shares of Array Digital Infrastructure Inc. (NYSE:AD - Free Report) by 12.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 844,562 shares of the company's stock after selling 119,999 shares during the period. Gamco Investors INC. ET AL owned 0.98% of Array Digital Infrastructure worth $38,968,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AD. Royal Bank of Canada purchased a new position in shares of Array Digital Infrastructure in the 4th quarter valued at approximately $25,000. Public Employees Retirement System of Ohio acquired a new stake in Array Digital Infrastructure in the first quarter valued at about $33,000. Quadrant Capital Group LLC purchased a new stake in Array Digital Infrastructure in the 4th quarter valued at approximately $48,000. Empowered Funds LLC purchased a new stake in Array Digital Infrastructure in the 4th quarter valued at approximately $54,000. Finally, Harbour Investments Inc. acquired a new position in Array Digital Infrastructure during the 4th quarter worth approximately $61,000. Hedge funds and other institutional investors own 18.03% of the company's stock.

Array Digital Infrastructure Stock Performance

Shares of AD opened at $34.86 on Friday. Array Digital Infrastructure Inc. has a 1 year low of $33.71 and a 1 year high of $79.17. The company's 50 day simple moving average is $41.68 and its 200 day simple moving average is $46.92. The company has a market capitalization of $3.01 billion, a price-to-earnings ratio of 14.46 and a beta of 0.25. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.03 and a current ratio of 1.03.

Array Digital Infrastructure Dividend Announcement

The company also recently disclosed a special dividend, which was paid on Thursday, June 25th. Stockholders of record on Thursday, June 11th were paid a $11.00 dividend. The ex-dividend date of this dividend was Thursday, June 11th.

Analyst Upgrades and Downgrades

AD has been the subject of a number of recent analyst reports. Wall Street Zen downgraded Array Digital Infrastructure from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. Royal Bank Of Canada reduced their price objective on shares of Array Digital Infrastructure from $52.00 to $40.00 and set a "sector perform" rating for the company in a research note on Friday, July 10th. Weiss Ratings reissued a "hold (c)" rating on shares of Array Digital Infrastructure in a report on Thursday, June 11th. Raymond James Financial lowered shares of Array Digital Infrastructure from an "outperform" rating to a "market perform" rating in a research report on Monday, May 11th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Array Digital Infrastructure from $60.00 to $54.00 and set an "overweight" rating for the company in a report on Tuesday, May 26th. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $51.60.

Array Digital Infrastructure 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 devices, such as smartphones and other handsets, tablets, wearables, mobile hotspots, routers, and internet of things devices. In addition, the company offers various accessories, such as cases, screen protectors, chargers, and memory cards; and consumer electronics, including audio, home automation, and networking products; as well as offers option to purchase devices and accessories under installment contracts.

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