PLDT (NYSE:PHI) Stock Crosses Above Fifty Day Moving Average – Here’s What Happened

PLDT Inc. (NYSE:PHI)’s stock price passed above its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $18.23 and traded as high as $18.37. PLDT shares last traded at $18.24, with a volume of 105,947 shares.

Analyst Ratings Changes

PHI has been the subject of several analyst reports. TD Cowen reissued a “hold” rating on shares of PLDT in a research report on Thursday, August 13th. Weiss Ratings cut PLDT from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, August 31st. JPMorgan Chase & Co. cut shares of PLDT from an “overweight” rating to a “neutral” rating in a research report on Monday, August 17th. Finally, Zacks Research upgraded PLDT from a “strong sell” rating to a “hold” rating in a research report on Monday, July 20th. Four investment analysts have rated the stock with a Hold rating. According to data from MarketBeat.com, the company has an average rating of “Hold”.

PLDT Stock Performance

The business has a 50 day moving average price of $18.23 and a 200 day moving average price of $19.88. The company has a quick ratio of 0.43, a current ratio of 0.44 and a debt-to-equity ratio of 1.98. The stock has a market cap of $3.94 billion, a P/E ratio of 8.22, a PEG ratio of 2.70 and a beta of 0.65.

PLDT Cuts Dividend

The firm also recently disclosed a dividend, which was paid on Friday, September 25th. Stockholders of record on Thursday, August 27th were paid a dividend of $0.7515 per share. This is a negative change from PLDT’s previous dividend of $0.7977. The ex-dividend date of this dividend was Thursday, August 27th. This represents a dividend yield of 841.0%. PLDT’s dividend payout ratio is 49.10%.

Institutional Investors Weigh In On PLDT

A number of hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC grew its holdings in shares of PLDT by 1.3% during the first quarter. Renaissance Technologies LLC now owns 2,327,067 shares of the technology company’s stock worth $48,961,000 after buying an additional 29,024 shares in the last quarter. Quantinno Capital Management LP grew its stake in shares of PLDT by 47.0% in the first quarter. Quantinno Capital Management LP now owns 121,103 shares of the technology company’s stock worth $2,548,000 after acquiring an additional 38,731 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in PLDT by 24.4% during the first quarter. PNC Financial Services Group Inc. now owns 26,494 shares of the technology company’s stock valued at $557,000 after acquiring an additional 5,205 shares during the period. Engineers Gate Manager LP increased its position in shares of PLDT by 40.3% during the 2nd quarter. Engineers Gate Manager LP now owns 22,887 shares of the technology company’s stock valued at $401,000 after purchasing an additional 6,572 shares during the last quarter. Finally, First Trust Advisors LP lifted its stake in shares of PLDT by 40.8% during the 1st quarter. First Trust Advisors LP now owns 17,926 shares of the technology company’s stock worth $377,000 after purchasing an additional 5,197 shares during the last quarter. 2.26% of the stock is currently owned by institutional investors.

About PLDT

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.