Consolidated Communications (NASDAQ:CNSL) Shares Down 7.7%

Consolidated Communications Holdings Inc (NASDAQ:CNSL)’s share price traded down 7.7% on Thursday . The stock traded as low as $4.29 and last traded at $4.29, 988,500 shares traded hands during mid-day trading. A decline of 24% from the average session volume of 1,308,303 shares. The stock had previously closed at $4.65.

Several analysts recently weighed in on the company. Wells Fargo & Co upgraded Consolidated Communications from a “market perform” rating to an “outperform” rating and cut their price target for the stock from $11.25 to $8.00 in a research note on Friday, April 26th. ValuEngine upgraded Consolidated Communications from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Guggenheim downgraded Consolidated Communications from a “neutral” rating to a “sell” rating and cut their target price for the company from $8.00 to $4.00 in a research note on Friday, April 26th. TheStreet downgraded Consolidated Communications from a “c-” rating to a “d+” rating in a research note on Friday, April 26th. Finally, BidaskClub upgraded Consolidated Communications from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st. One research analyst has rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $5.92.

The firm has a 50 day simple moving average of $4.97 and a 200 day simple moving average of $7.25. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 6.43. The firm has a market capitalization of $335.87 million, a PE ratio of -10.21 and a beta of 1.15.

Consolidated Communications (NASDAQ:CNSL) last issued its earnings results on Thursday, August 1st. The utilities provider reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.05. Consolidated Communications had a negative return on equity of 5.29% and a negative net margin of 3.19%. The business had revenue of $333.53 million for the quarter, compared to the consensus estimate of $333.65 million. During the same period last year, the business posted ($0.10) EPS. The company’s revenue was down 4.8% compared to the same quarter last year. Research analysts forecast that Consolidated Communications Holdings Inc will post -0.23 earnings per share for the current year.

In other news, CEO C Robert Udell, Jr. purchased 10,000 shares of the stock in a transaction dated Friday, May 24th. The shares were purchased at an average cost of $4.34 per share, with a total value of $43,400.00. Following the acquisition, the chief executive officer now directly owns 333,844 shares of the company’s stock, valued at $1,448,882.96. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 3.10% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CNSL. JPMorgan Chase & Co. lifted its holdings in shares of Consolidated Communications by 313.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,498,424 shares of the utilities provider’s stock valued at $17,142,000 after buying an additional 2,652,396 shares during the period. First Trust Advisors LP lifted its holdings in shares of Consolidated Communications by 140.8% during the 2nd quarter. First Trust Advisors LP now owns 3,268,691 shares of the utilities provider’s stock valued at $16,115,000 after buying an additional 1,911,180 shares during the period. Acadian Asset Management LLC bought a new position in shares of Consolidated Communications during the 2nd quarter valued at $6,390,000. Morgan Stanley lifted its holdings in shares of Consolidated Communications by 161.8% during the 2nd quarter. Morgan Stanley now owns 1,309,103 shares of the utilities provider’s stock valued at $6,455,000 after buying an additional 808,987 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in shares of Consolidated Communications by 19.5% during the 1st quarter. Principal Financial Group Inc. now owns 4,852,919 shares of the utilities provider’s stock valued at $52,945,000 after buying an additional 791,953 shares during the period. 75.94% of the stock is currently owned by hedge funds and other institutional investors.

About Consolidated Communications (NASDAQ:CNSL)

Consolidated Communications Holdings, Inc, through its subsidiaries, provides telecommunications services to business and residential customers in the United States. It offers high-speed broadband Internet access and voice over Internet protocol (VoIP) phone services to small, medium, and large business customers; commercial data connectivity services in select markets, including a portfolio of Ethernet services, software defined wide area network, multi-protocol label switching, and private line services; and wholesale services to regional and national interexchange and wireless carriers, including cellular backhaul, dark fiber, and other fiber transport solutions.

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