An issue of Consolidated Communications Holdings Inc (NASDAQ:CNSL) debt rose 1.3% against its face value during trading on Wednesday. The high-yield debt issue has a 6.5% coupon and is set to mature on October 1, 2022. The bonds in the issue are now trading at $88.50 and were trading at $88.48 one week ago. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its share price.
Several research analysts have recently weighed in on the company. BidaskClub lowered Consolidated Communications from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, December 5th. Wells Fargo & Co lowered Consolidated Communications from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $13.50 to $11.25 in a research report on Tuesday, January 8th. Zacks Investment Research lowered Consolidated Communications from a “hold” rating to a “sell” rating in a research report on Friday, February 22nd. Finally, Raymond James lowered Consolidated Communications from a “strong-buy” rating to an “outperform” rating in a research report on Tuesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. Consolidated Communications currently has an average rating of “Hold” and a consensus target price of $13.63.
Consolidated Communications stock traded down $0.31 during midday trading on Wednesday, reaching $9.95. The stock had a trading volume of 1,647,200 shares, compared to its average volume of 808,415. Consolidated Communications Holdings Inc has a 12 month low of $8.51 and a 12 month high of $14.23. The firm has a market capitalization of $717.60 million, a price-to-earnings ratio of -23.68 and a beta of 1.07. 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 issued its earnings results on Thursday, February 21st. The utilities provider reported ($0.10) EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $340.90 million. During the same period in the previous year, the company posted ($0.04) EPS. The firm’s revenue was down 3.3% compared to the same quarter last year. On average, sell-side analysts expect that Consolidated Communications Holdings Inc will post -0.4 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be given a $0.3874 dividend. This represents a $1.55 dividend on an annualized basis and a yield of 15.57%. This is a positive change from Consolidated Communications’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, April 12th. Consolidated Communications’s payout ratio is presently -369.05%.
A number of institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC increased its position in Consolidated Communications by 16.6% in the 4th quarter. Geode Capital Management LLC now owns 798,187 shares of the utilities provider’s stock valued at $7,886,000 after buying an additional 113,703 shares in the last quarter. Norges Bank bought a new stake in Consolidated Communications in the 4th quarter valued at about $7,010,000. Dimensional Fund Advisors LP increased its position in Consolidated Communications by 5.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,320,113 shares of the utilities provider’s stock valued at $42,683,000 after buying an additional 209,049 shares in the last quarter. Millennium Management LLC bought a new stake in Consolidated Communications in the 4th quarter valued at about $1,305,000. Finally, Macquarie Group Ltd. bought a new stake in Consolidated Communications in the 4th quarter valued at about $87,000. 70.58% of the stock is owned by institutional investors and hedge funds.
Consolidated Communications Company Profile (NASDAQ:CNSL)
Consolidated Communications Holdings, Inc, through its subsidiaries, provides various integrated communications services to business and residential customers in the United States. It offers a range of communication services and products that include local and long-distance, high-speed broadband Internet access, video, voice over Internet protocol, private line, custom calling features, security, cloud, data center, managed and IT, and directory publishing services, as well as engages in equipment sales activities.
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