PLDT (NYSE:PHI) Downgraded to Neutral Rating by JPMorgan Chase & Co.

Key Points

• JPMorgan downgraded PLDT from “overweight” to “neutral,” while other analysts largely maintain a hold stance; MarketBeat lists the stock’s average rating as “Hold.”
• PLDT shares opened at $19.32 and were up 0.1%, trading below their 52-week high of $24.51 but above the low of $17.05. The company has a $4.17 billion market capitalization and a relatively high debt-to-equity ratio of 2.10.
• Institutional investors have modestly increased their positions, including UBS, Invesco and Arrowstreet Capital, but hedge funds and other institutions collectively own only 2.26% of PLDT.

PLDT (NYSE:PHI - Get Free Report) was downgraded by JPMorgan Chase & Co. from an "overweight" rating to a "neutral" rating in a report released on Monday, MarketBeat.com reports.

Other equities research analysts also recently issued research reports about the company. TD Cowen restated a "hold" rating on shares of PLDT in a report on Thursday. Weiss Ratings downgraded PLDT from a "hold (c)" rating to a "hold (c-)" rating in a research report on Wednesday, June 3rd. Finally, Zacks Research upgraded shares of PLDT from a "strong sell" rating to a "hold" rating in a research note on Monday, July 20th. Five research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of "Hold".

PLDT Trading Up 0.1%

NYSE PHI opened at $19.32 on Monday. The company has a debt-to-equity ratio of 2.10, a quick ratio of 0.40 and a current ratio of 0.42. The firm has a market cap of $4.17 billion, a price-to-earnings ratio of 8.70, a PEG ratio of 2.86 and a beta of 0.60. The firm has a 50 day simple moving average of $18.73 and a 200-day simple moving average of $20.43. PLDT has a one year low of $17.05 and a one year high of $24.51.

Hedge Funds Weigh In On PLDT

Several hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC raised its stake in PLDT by 1.3% during the 1st quarter. Renaissance Technologies LLC now owns 2,327,067 shares of the technology company's stock worth $48,961,000 after acquiring an additional 29,024 shares in the last quarter. Invesco Ltd. boosted its stake in PLDT by 14.1% in the third quarter. Invesco Ltd. now owns 1,697,399 shares of the technology company's stock valued at $31,741,000 after acquiring an additional 209,385 shares in the last quarter. Crossmark Global Holdings Inc. grew its holdings in shares of PLDT by 1.1% during the fourth quarter. Crossmark Global Holdings Inc. now owns 473,536 shares of the technology company's stock worth $10,295,000 after purchasing an additional 5,214 shares during the last quarter. UBS Group AG grew its holdings in shares of PLDT by 41.4% during the third quarter. UBS Group AG now owns 251,013 shares of the technology company's stock worth $4,694,000 after purchasing an additional 73,439 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of PLDT by 20.4% during the second quarter. Arrowstreet Capital Limited Partnership now owns 181,574 shares of the technology company's stock worth $3,951,000 after purchasing an additional 30,803 shares in the last quarter. 2.26% of the stock is currently owned by hedge funds and other institutional investors.

PLDT Company Profile

Philippine Long Distance Telephone Company (PLDT) is the largest integrated telecommunications provider in the Philippines, offering a comprehensive suite of fixed‐line, wireless, broadband Internet, and digital solutions to residential, enterprise, and government customers. Founded in 1928, PLDT has played a pivotal role in the development of the country's communications infrastructure, evolving from a traditional operator of long‐distance telephone lines into a diversified digital services provider.

PLDT operates two main business segments: its fixed‐line and broadband operations under the PLDT brand and its wireless services through subsidiary Smart Communications.

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