Consolidated Communications (CNSL) Stock Price Down 9%

Shares of Consolidated Communications Holdings Inc (NASDAQ:CNSL) dropped 9% during mid-day trading on Tuesday . The company traded as low as $10.03 and last traded at $10.15. Approximately 2,895,181 shares changed hands during mid-day trading, an increase of 239% from the average daily volume of 853,581 shares. The stock had previously closed at $11.15.

CNSL has been the topic of a number of research analyst reports. Raymond James lowered Consolidated Communications from a “strong-buy” rating to an “outperform” rating in a research report on Tuesday, February 19th. Wells Fargo & Co lowered Consolidated Communications from an “outperform” rating to a “market perform” rating and cut their target price for the company from $13.50 to $11.25 in a research report on Tuesday, January 8th. BidaskClub raised Consolidated Communications from a “hold” rating to a “buy” rating in a research report on Friday, April 5th. ValuEngine raised Consolidated Communications from a “hold” rating to a “buy” rating in a research report on Wednesday, March 27th. Finally, Zacks Investment Research lowered Consolidated Communications from a “hold” rating to a “sell” rating in a research report on Thursday, March 7th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $13.63.

The stock has a market cap of $827.94 million, a PE ratio of -24.17 and a beta of 1.09. The company has a debt-to-equity ratio of 5.54, a current ratio of 0.70 and a quick ratio of 0.70.

Consolidated Communications (NASDAQ:CNSL) last posted its quarterly earnings data on Thursday, February 21st. The utilities provider reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. Consolidated Communications had a negative return on equity of 5.80% and a negative net margin of 3.63%. The business had revenue of $344.80 million for the quarter, compared to analyst estimates of $340.90 million. During the same quarter in the prior year, the company earned ($0.04) earnings per share. The company’s revenue was down 3.3% on a year-over-year basis. On average, analysts anticipate that Consolidated Communications Holdings Inc will post -0.4 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be given a dividend of $0.3874 per share. The ex-dividend date is Friday, April 12th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 15.27%. This is a positive change from Consolidated Communications’s previous quarterly dividend of $0.39. Consolidated Communications’s dividend payout ratio is currently -369.05%.

Several institutional investors have recently bought and sold shares of CNSL. BlackRock Inc. increased its position in shares of Consolidated Communications by 8.0% during the third quarter. BlackRock Inc. now owns 11,029,285 shares of the utilities provider’s stock worth $143,823,000 after acquiring an additional 813,801 shares during the period. Norges Bank purchased a new stake in shares of Consolidated Communications during the fourth quarter worth $7,010,000. Principal Financial Group Inc. increased its position in shares of Consolidated Communications by 11.5% during the fourth quarter. Principal Financial Group Inc. now owns 4,060,966 shares of the utilities provider’s stock worth $40,122,000 after acquiring an additional 417,662 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Consolidated Communications by 8.3% during the third quarter. Dimensional Fund Advisors LP now owns 4,111,064 shares of the utilities provider’s stock worth $53,608,000 after acquiring an additional 314,701 shares during the period. Finally, Oregon Public Employees Retirement Fund purchased a new stake in shares of Consolidated Communications during the fourth quarter worth $27,000. 70.77% of the stock is currently owned by institutional investors and hedge funds.

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About Consolidated Communications (NASDAQ:CNSL)

Consolidated Communications Holdings, Inc provides business and broadband communications services. It provides integrated communication 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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