Consolidated Communications (CNSL) Debt Trading 1% Higher

An issue of Consolidated Communications Holdings, Inc. (NASDAQ:CNSL) debt rose 1% against its face value during trading on Tuesday. The high-yield debt issue has a 6.5% coupon and will mature on October 1, 2022. The bonds in the issue are now trading at $92.00. Price changes in a company’s debt in credit markets sometimes predict parallel changes in its share price.

Several research firms have commented on CNSL. ValuEngine downgraded Consolidated Communications from a “sell” rating to a “strong sell” rating in a research report on Thursday, April 12th. Zacks Investment Research raised Consolidated Communications from a “sell” rating to a “hold” rating in a research note on Monday, January 22nd. Guggenheim assumed coverage on Consolidated Communications in a research note on Tuesday, March 13th. They issued a “neutral” rating and a $11.00 price target for the company. TheStreet raised Consolidated Communications from a “d+” rating to a “c” rating in a research note on Thursday, March 1st. Finally, BidaskClub raised Consolidated Communications from a “strong sell” rating to a “sell” rating in a research note on Wednesday, February 28th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and two have given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $17.50.

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Shares of CNSL stock traded up $0.14 on Tuesday, hitting $11.20. The company had a trading volume of 416,813 shares, compared to its average volume of 1,040,614. The stock has a market cap of $771.47, a price-to-earnings ratio of 43.08, a PEG ratio of 98.20 and a beta of 0.75. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 4.03. Consolidated Communications Holdings, Inc. has a twelve month low of $10.31 and a twelve month high of $24.80.

Consolidated Communications (NASDAQ:CNSL) last issued its quarterly earnings results on Thursday, March 1st. The utilities provider reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.06). The company had revenue of $356.40 million during the quarter, compared to analyst estimates of $356.72 million. Consolidated Communications had a net margin of 6.13% and a return on equity of 2.83%. The company’s quarterly revenue was down 4.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.11 EPS. sell-side analysts forecast that Consolidated Communications Holdings, Inc. will post 0.06 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 1st. Investors of record on Sunday, April 15th will be paid a dividend of $0.3874 per share. The ex-dividend date is Thursday, April 12th. This represents a $1.55 annualized dividend and a yield of 13.84%. This is a boost from Consolidated Communications’s previous quarterly dividend of $0.39. Consolidated Communications’s dividend payout ratio (DPR) is currently 596.15%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CNSL. Nationwide Fund Advisors grew its stake in Consolidated Communications by 28.5% during the third quarter. Nationwide Fund Advisors now owns 36,166 shares of the utilities provider’s stock worth $690,000 after purchasing an additional 8,022 shares during the period. New York State Common Retirement Fund grew its stake in Consolidated Communications by 37.8% during the third quarter. New York State Common Retirement Fund now owns 85,094 shares of the utilities provider’s stock worth $1,624,000 after purchasing an additional 23,348 shares during the period. Ameriprise Financial Inc. grew its stake in Consolidated Communications by 21.1% during the third quarter. Ameriprise Financial Inc. now owns 489,174 shares of the utilities provider’s stock worth $9,333,000 after purchasing an additional 85,363 shares during the period. American International Group Inc. grew its stake in Consolidated Communications by 38.2% during the third quarter. American International Group Inc. now owns 51,666 shares of the utilities provider’s stock worth $986,000 after purchasing an additional 14,292 shares during the period. Finally, Great West Life Assurance Co. Can grew its stake in Consolidated Communications by 17.9% during the third quarter. Great West Life Assurance Co. Can now owns 86,797 shares of the utilities provider’s stock worth $1,692,000 after purchasing an additional 13,173 shares during the period. 74.57% of the stock is owned by institutional investors and hedge funds.

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About Consolidated Communications

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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