PLDT Inc. (NYSE:PHI) Stock Short Interest Rises 72.3%

Key Points

• Short interest surged 72.3% to 768,907 shares as of October 15, representing 0.4% of shares outstanding and a 2.6-day days-to-cover ratio.
• PLDT shares opened at $17.78, near the lower end of their $16.71–$24.51 one-year range. The company recently reduced its dividend to $0.7515 per share from $0.7977.
• Analysts maintain a consensus “Hold” rating, while institutional investors and hedge funds own 2.26% of the company and several recently increased their stakes.

PLDT Inc. (NYSE:PHI - Get Free Report) was the target of a significant increase in short interest during the month of October. As of October 15th, there was short interest totaling 768,907 shares, an increase of 72.3% from the September 30th total of 446,175 shares. Currently, 0.4% of the shares of the company are sold short. Based on an average daily volume of 294,723 shares, the days-to-cover ratio is presently 2.6 days.

PLDT Price Performance

PLDT stock opened at $17.78 on Monday. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.43 and a current ratio of 0.44. The stock has a fifty day moving average of $18.34 and a 200 day moving average of $19.99. PLDT has a one year low of $16.71 and a one year high of $24.51. The stock has a market cap of $3.84 billion, a PE ratio of 8.01, a price-to-earnings-growth ratio of 2.70 and a beta of 0.65.

PLDT Cuts Dividend

The business also recently disclosed a dividend, which was paid on Friday, September 25th. Shareholders of record on Thursday, August 27th were given a dividend of $0.7515 per share. This is a drop from PLDT's previous dividend of $0.7977. This represents a yield of 841.0%. The ex-dividend date was Thursday, August 27th. PLDT's dividend payout ratio (DPR) is currently 49.10%.

Institutional Investors Weigh In On PLDT

Institutional investors and hedge funds have recently bought and sold shares of the stock. Signaturefd LLC boosted its stake in PLDT by 91.7% during the 3rd quarter. Signaturefd LLC now owns 3,711 shares of the technology company's stock valued at $66,000 after acquiring an additional 1,775 shares during the last quarter. Corient Private Wealth LLC lifted its stake in shares of PLDT by 16.1% during the fourth quarter. Corient Private Wealth LLC now owns 16,684 shares of the technology company's stock valued at $363,000 after acquiring an additional 2,312 shares during the period. EverSource Wealth Advisors LLC lifted its position in PLDT by 74.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 7,390 shares of the technology company's stock worth $155,000 after buying an additional 3,155 shares in the last quarter. First Trust Advisors LP lifted its holdings in shares of PLDT by 40.8% during the first quarter. First Trust Advisors LP now owns 17,926 shares of the technology company's stock worth $377,000 after buying an additional 5,197 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in shares of PLDT by 24.4% during the first quarter. PNC Financial Services Group Inc. now owns 26,494 shares of the technology company's stock worth $557,000 after buying an additional 5,205 shares in the last quarter. Hedge funds and other institutional investors own 2.26% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PHI shares. JPMorgan Chase & Co. cut shares of PLDT from an "overweight" rating to a "neutral" rating in a research note on Monday, August 17th. Weiss Ratings lowered PLDT from a "hold (c)" rating to a "hold (c-)" rating in a research note on Monday, August 31st. Zacks Research raised PLDT from a "strong sell" rating to a "hold" rating in a report on Monday, July 20th. Finally, TD Cowen reaffirmed a "hold" rating on shares of PLDT in a research note on Thursday, August 13th. Four analysts have rated the stock with a Hold rating. According to MarketBeat.com, the stock has a consensus rating of "Hold".

PLDT Company Profile

PLDT Inc is a Philippine telecommunications and digital services company serving consumers, businesses and government institutions primarily throughout the Philippines. Its operations include fixed-line telephone services, mobile communications, broadband connectivity, wireless data and digital solutions.

Through its wireless subsidiary Smart Communications, PLDT provides mobile voice, messaging, data and broadband services. The company also offers fiber and other fixed broadband services through PLDT Home, while its enterprise business provides connectivity, information and communications technology services, cloud solutions, cybersecurity, data center services and other digital infrastructure offerings.

PLDT traces its origins to 1928, when the Philippine Long Distance Telephone Company was established.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.