California Public Employees Retirement System cut its stake in shares of Consolidated Communications Holdings, Inc. (NASDAQ:CNSL) by 4.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 94,389 shares of the utilities provider’s stock after selling 4,400 shares during the period. California Public Employees Retirement System’s holdings in Consolidated Communications Holdings were worth $2,211,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in CNSL. Norges Bank purchased a new stake in shares of Consolidated Communications Holdings during the fourth quarter valued at $14,189,000. ING Groep NV purchased a new stake in shares of Consolidated Communications Holdings during the first quarter valued at $3,263,000. First Trust Advisors LP raised its stake in shares of Consolidated Communications Holdings by 48.9% in the first quarter. First Trust Advisors LP now owns 298,080 shares of the utilities provider’s stock valued at $6,981,000 after buying an additional 97,844 shares during the period. Private Management Group Inc. raised its stake in shares of Consolidated Communications Holdings by 9.4% in the first quarter. Private Management Group Inc. now owns 1,047,243 shares of the utilities provider’s stock valued at $24,526,000 after buying an additional 89,964 shares during the period. Finally, Renaissance Technologies LLC raised its stake in shares of Consolidated Communications Holdings by 127.9% in the fourth quarter. Renaissance Technologies LLC now owns 101,394 shares of the utilities provider’s stock valued at $2,722,000 after buying an additional 56,900 shares during the period. Institutional investors and hedge funds own 67.51% of the company’s stock.
Shares of Consolidated Communications Holdings, Inc. (CNSL) opened at 18.15 on Friday. Consolidated Communications Holdings, Inc. has a 12 month low of $17.41 and a 12 month high of $30.23. The firm has a market capitalization of $920.80 million, a price-to-earnings ratio of 307.63 and a beta of 0.95. The stock’s 50 day moving average price is $19.90 and its 200-day moving average price is $22.60.
Consolidated Communications Holdings (NASDAQ:CNSL) last posted its quarterly earnings results on Thursday, May 4th. The utilities provider reported $0.11 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.15 by $0.04. Consolidated Communications Holdings had a return on equity of 14.49% and a net margin of 0.48%. The company had revenue of $169.90 million during the quarter, compared to the consensus estimate of $171.22 million. During the same quarter in the prior year, the business earned $0.19 earnings per share. The firm’s revenue for the quarter was down 10.0% on a year-over-year basis. On average, equities research analysts predict that Consolidated Communications Holdings, Inc. will post $0.52 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 1st. Stockholders of record on Saturday, July 15th will be given a $0.3874 dividend. The ex-dividend date of this dividend is Wednesday, July 12th. This represents a $1.55 annualized dividend and a dividend yield of 8.54%. Consolidated Communications Holdings’s dividend payout ratio is currently 2,214.29%.
CNSL has been the subject of several research analyst reports. Zacks Investment Research lowered Consolidated Communications Holdings from a “hold” rating to a “sell” rating in a report on Tuesday, May 30th. Raymond James Financial, Inc. upgraded Consolidated Communications Holdings from an “outperform” rating to a “strong-buy” rating and set a $26.00 price objective for the company in a report on Friday, June 9th. BidaskClub lowered Consolidated Communications Holdings from a “hold” rating to a “sell” rating in a report on Thursday, June 22nd. Citigroup Inc. upgraded Consolidated Communications Holdings from a “sell” rating to a “neutral” rating in a report on Wednesday, June 7th. Finally, ValuEngine upgraded Consolidated Communications Holdings from a “sell” rating to a “hold” rating in a report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, one has issued a buy rating and two have given a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $24.50.
Consolidated Communications Holdings 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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