Insider Buying: Otelco Inc (OTEL) Major Shareholder Purchases 7,300 Shares of Stock
Otelco Inc (NASDAQ:OTEL) major shareholder Ira Sochet acquired 7,300 shares of the firm’s stock in a transaction that occurred on Friday, June 15th. The stock was purchased at an average cost of $14.56 per share, for a total transaction of $106,288.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.
Ira Sochet also recently made the following trade(s):
- On Monday, June 18th, Ira Sochet acquired 8,797 shares of Otelco stock. The stock was purchased at an average cost of $14.57 per share, for a total transaction of $128,172.29.
- On Thursday, June 7th, Ira Sochet acquired 14,710 shares of Otelco stock. The stock was purchased at an average cost of $13.88 per share, for a total transaction of $204,174.80.
- On Thursday, April 26th, Ira Sochet acquired 61,200 shares of Otelco stock. The stock was purchased at an average cost of $15.02 per share, for a total transaction of $919,224.00.
Shares of Otelco traded up $0.50, reaching $15.05, during midday trading on Monday, according to MarketBeat Ratings. 4,162 shares of the company were exchanged, compared to its average volume of 11,751. The stock has a market cap of $49.29 million, a PE ratio of 9.21 and a beta of 0.49. Otelco Inc has a one year low of $6.95 and a one year high of $17.75. The company has a debt-to-equity ratio of 24.78, a quick ratio of 1.19 and a current ratio of 1.45.
Separately, ValuEngine raised shares of Otelco from a “hold” rating to a “buy” rating in a research note on Saturday, June 2nd.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Wedbush Securities Inc. grew its stake in shares of Otelco by 4.1% during the fourth quarter. Wedbush Securities Inc. now owns 126,993 shares of the technology company’s stock worth $1,695,000 after buying an additional 5,000 shares during the last quarter. Weber Alan W bought a new stake in shares of Otelco during the fourth quarter worth $125,000. Meitav Dash Investments Ltd. bought a new stake in shares of Otelco during the fourth quarter worth $824,000. LSV Asset Management grew its stake in shares of Otelco by 1,620.0% during the first quarter. LSV Asset Management now owns 8,600 shares of the technology company’s stock worth $128,000 after buying an additional 8,100 shares during the last quarter. Finally, Hancock Holding Co. bought a new stake in shares of Otelco during the first quarter worth $271,000. 14.85% of the stock is currently owned by hedge funds and other institutional investors.
Otelco Inc provides a range of telecommunications services on a retail and wholesale basis. Otelco Inc, together with its subsidiaries, provides a range of telecommunication services on a retail and wholesale basis. It offers local services, including voice access lines that provide local dial tone and calling features, such as caller identification, call waiting, call forwarding, and voicemail; long distance services; billing and collection services for other carriers under contract; directory advertising services; and other telephone related services comprising leasing, selling, installing, and maintaining customer premise telecommunications equipment, as well as the publication of local telephone directories and wireline voice telephone services.
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