Consolidated Communications (CNSL) Stock Price Down 6%

Shares of Consolidated Communications Holdings Inc (NASDAQ:CNSL) fell 6% during mid-day trading on Wednesday . The company traded as low as $4.49 and last traded at $4.53. 1,374,363 shares changed hands during trading, an increase of 2% from the average session volume of 1,345,802 shares. The stock had previously closed at $4.82.

A number of brokerages recently issued reports on CNSL. Zacks Investment Research upgraded shares of Consolidated Communications from a “sell” rating to a “hold” rating in a research report on Friday, March 1st. Raymond James lowered shares of Consolidated Communications to a “market perform” rating in a research report on Thursday, April 25th. TheStreet lowered shares of Consolidated Communications from a “c-” rating to a “d+” rating in a research report on Friday, April 26th. BidaskClub upgraded shares of Consolidated Communications from a “sell” rating to a “hold” rating in a research report on Wednesday, March 13th. Finally, Guggenheim lowered shares of Consolidated Communications from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $8.00 to $4.00 in a research report on Friday, April 26th. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company. Consolidated Communications currently has an average rating of “Hold” and a consensus price target of $6.00.

The stock has a market capitalization of $326.60 million, a PE ratio of -10.79 and a beta of 0.83. The company has a debt-to-equity ratio of 6.14, a quick ratio of 0.69 and a current ratio of 0.69.

Consolidated Communications (NASDAQ:CNSL) last announced its quarterly earnings results on Thursday, April 25th. The utilities provider reported ($0.03) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.11. The company had revenue of $338.65 million for the quarter, compared to analyst estimates of $338.29 million. Consolidated Communications had a negative net margin of 3.39% and a negative return on equity of 5.87%. Consolidated Communications’s revenue for the quarter was down 4.9% on a year-over-year basis. During the same quarter last year, the business earned ($0.07) EPS. As a group, research analysts forecast that Consolidated Communications Holdings Inc will post -0.25 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in CNSL. Teachers Advisors LLC boosted its holdings in shares of Consolidated Communications by 3.2% in the 3rd quarter. Teachers Advisors LLC now owns 225,516 shares of the utilities provider’s stock valued at $2,941,000 after purchasing an additional 6,902 shares during the last quarter. Legal & General Group Plc boosted its holdings in shares of Consolidated Communications by 16.3% in the 3rd quarter. Legal & General Group Plc now owns 165,728 shares of the utilities provider’s stock valued at $2,153,000 after purchasing an additional 23,223 shares during the last quarter. Morgan Stanley boosted its holdings in shares of Consolidated Communications by 96.8% in the 3rd quarter. Morgan Stanley now owns 348,558 shares of the utilities provider’s stock valued at $4,545,000 after purchasing an additional 171,439 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Consolidated Communications by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 7,641,474 shares of the utilities provider’s stock valued at $99,645,000 after purchasing an additional 44,238 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its holdings in shares of Consolidated Communications by 8.6% in the 4th quarter. Nisa Investment Advisors LLC now owns 69,570 shares of the utilities provider’s stock valued at $687,000 after purchasing an additional 5,500 shares during the last quarter. Institutional investors own 71.64% of the company’s stock.

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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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