Irenic Capital Management LP Acquires Shares of 235,294 Array Digital Infrastructure Inc. $AD

Irenic Capital Management LP acquired a new stake in Array Digital Infrastructure Inc. (NYSE:AD) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 235,294 shares of the company’s stock, valued at approximately $12,616,000. Array Digital Infrastructure makes up about 0.8% of Irenic Capital Management LP’s investment portfolio, making the stock its 17th largest position.

Other institutional investors have also modified their holdings of the company. Royal Bank of Canada purchased a new position in shares of Array Digital Infrastructure during the 4th quarter worth $25,000. Quadrant Capital Group LLC purchased a new position in shares of Array Digital Infrastructure during the 4th quarter worth $48,000. Empowered Funds LLC purchased a new position in shares of Array Digital Infrastructure during the 4th quarter worth $54,000. Harbour Investments Inc. purchased a new position in shares of Array Digital Infrastructure during the 4th quarter worth $61,000. Finally, Signaturefd LLC purchased a new position in shares of Array Digital Infrastructure during the 4th quarter worth $73,000. Hedge funds and other institutional investors own 18.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on AD shares. JPMorgan Chase & Co. reduced their price target on Array Digital Infrastructure from $60.00 to $54.00 and set an “overweight” rating on the stock in a report on Tuesday, May 26th. Wall Street Zen lowered Array Digital Infrastructure from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Raymond James Financial lowered Array Digital Infrastructure from an “outperform” rating to a “market perform” rating in a report on Monday, May 11th. Citigroup reduced their price target on Array Digital Infrastructure from $63.00 to $57.00 and set a “buy” rating on the stock in a report on Monday, February 23rd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Array Digital Infrastructure in a report on Thursday, June 11th. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $54.00.

Array Digital Infrastructure Stock Down 1.8%

Shares of AD opened at $38.97 on Thursday. The firm has a market cap of $3.37 billion, a P/E ratio of 16.17 and a beta of 0.22. Array Digital Infrastructure Inc. has a 12-month low of $38.88 and a 12-month high of $79.17. The company’s 50-day moving average price is $49.17 and its 200 day moving average price is $49.86. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.36.

Array Digital Infrastructure Announces Dividend

The business also recently disclosed a special dividend, which will be paid on Thursday, June 25th. Investors of record on Thursday, June 11th will be issued a $11.00 dividend. The ex-dividend date is Thursday, June 11th.

Array Digital Infrastructure 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.