Zacks Investment Research upgraded shares of Consolidated Communications (NASDAQ:CNSL) from a sell rating to a hold rating in a research note issued to investors on Wednesday, January 3rd.
According to Zacks, “Consolidated Communications Holdings, Inc. offers a wide range of telecommunications services including local and long distance telephone, Digital Phone, High-Speed Internet access and Digital TV to individuals and businesses in Illinois, Pennsylvania, and Texas. The company also offers telephone directory publishing services, wholesale transport services, billing and collection services, inside wiring services, and maintenance services. Consolidated Communications Holdings, Inc. is headquartered in Mattoon, Illinois. “
Other research analysts have also issued research reports about the stock. Drexel Hamilton upgraded shares of Consolidated Communications from a hold rating to a buy rating in a research report on Tuesday, January 2nd. They noted that the move was a valuation call. Jefferies Group cut their price target on shares of Consolidated Communications from $21.00 to $19.00 and set a hold rating for the company in a report on Friday, November 3rd. Cowen reissued a hold rating and issued a $21.00 price objective on shares of Consolidated Communications in a research note on Thursday, October 19th. Finally, ValuEngine downgraded shares of Consolidated Communications from a hold rating to a sell rating in a research note on Sunday, December 31st. One research analyst has rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and two have given a strong buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $22.00.
Consolidated Communications (NASDAQ CNSL) opened at $12.70 on Wednesday. Consolidated Communications has a 52 week low of $12.03 and a 52 week high of $26.79. The company has a market cap of $881.91, a PE ratio of 35.57, a P/E/G ratio of 21.94 and a beta of 0.74. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 4.61.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Monday, January 15th will be issued a $0.387 dividend. This represents a $1.55 dividend on an annualized basis and a yield of 12.19%. The ex-dividend date is Thursday, January 11th. Consolidated Communications’s payout ratio is -287.03%.
In other news, Director Thomas A. Gerke purchased 6,850 shares of the company’s stock in a transaction that occurred on Tuesday, November 7th. The shares were bought at an average cost of $14.63 per share, with a total value of $100,215.50. Following the completion of the transaction, the director now directly owns 12,667 shares of the company’s stock, valued at $185,318.21. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert J. Currey purchased 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 14th. The shares were purchased at an average cost of $13.43 per share, for a total transaction of $67,150.00. Following the completion of the transaction, the director now directly owns 45,995 shares of the company’s stock, valued at $617,712.85. The disclosure for this purchase can be found here. Insiders acquired 17,550 shares of company stock valued at $247,203 over the last 90 days. Corporate insiders own 3.00% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. Csenge Advisory Group bought a new stake in Consolidated Communications in the third quarter worth about $257,000. Vanguard Group Inc. raised its position in Consolidated Communications by 0.9% in the second quarter. Vanguard Group Inc. now owns 5,655,583 shares of the utilities provider’s stock worth $121,425,000 after acquiring an additional 48,111 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Consolidated Communications by 16.8% in the third quarter. Bank of New York Mellon Corp now owns 1,463,325 shares of the utilities provider’s stock worth $27,919,000 after purchasing an additional 210,612 shares in the last quarter. Engineers Gate Manager LP purchased a new position in shares of Consolidated Communications in the third quarter worth about $751,000. Finally, Schroder Investment Management Group increased its stake in shares of Consolidated Communications by 41.9% in the second quarter. Schroder Investment Management Group now owns 33,422 shares of the utilities provider’s stock worth $714,000 after purchasing an additional 9,876 shares in the last quarter. 70.79% of the stock is currently owned by institutional investors and hedge funds.
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Consolidated Communications Company Profile
Consolidated Communications Holdings, Inc is a holding company with operating subsidiaries that provide integrated communications services in consumer, commercial and carrier channels in California, Illinois, Iowa, Kansas, Minnesota, Missouri, North Dakota, Pennsylvania, South Dakota, Texas and Wisconsin.
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