Consolidated Communications (CNSL) Debt Trading 2.4% Lower
An issue of Consolidated Communications Holdings Inc (NASDAQ:CNSL) bonds fell 2.4% as a percentage of their face value during trading on Tuesday. The high-yield debt issue has a 6.5% coupon and will mature on October 1, 2022. The debt is now trading at $89.33. Price moves in a company’s bonds in credit markets sometimes anticipate parallel moves in its share price.
A number of analysts have recently issued reports on CNSL shares. Zacks Investment Research downgraded Consolidated Communications from a “hold” rating to a “sell” rating in a research report on Thursday, March 7th. BidaskClub downgraded Consolidated Communications from a “hold” rating to a “sell” rating in a research report on Thursday, February 28th. Raymond James downgraded Consolidated Communications from a “strong-buy” rating to an “outperform” rating in a research report on Tuesday, February 19th. Finally, Wells Fargo & Co downgraded Consolidated Communications from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $13.50 to $11.25 in a research report on Tuesday, January 8th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $13.63.
NASDAQ:CNSL traded down $0.22 during mid-day trading on Thursday, reaching $10.28. The stock had a trading volume of 828,004 shares, compared to its average volume of 741,317. The company has a market capitalization of $747.50 million, a price-to-earnings ratio of -24.48 and a beta of 1.07. Consolidated Communications Holdings Inc has a one year low of $8.51 and a one year high of $14.23. The company has a debt-to-equity ratio of 5.54, a current ratio of 0.70 and a quick ratio of 0.70.
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 is an increase from Consolidated Communications’s previous quarterly dividend of $0.39. The ex-dividend date is Friday, April 12th. This represents a $1.55 dividend on an annualized basis and a yield of 15.07%. Consolidated Communications’s payout ratio is presently -369.05%.
Large investors have recently added to or reduced their stakes in the stock. Arizona State Retirement System lifted its position in Consolidated Communications by 9.5% in the 3rd quarter. Arizona State Retirement System now owns 103,362 shares of the utilities provider’s stock worth $1,348,000 after buying an additional 8,973 shares during the last quarter. BlackRock Inc. lifted its position in Consolidated Communications by 8.0% in the 3rd quarter. BlackRock Inc. now owns 11,029,285 shares of the utilities provider’s stock worth $143,823,000 after buying an additional 813,801 shares during the last quarter. Vanguard Group Inc lifted its position in Consolidated Communications by 0.6% in the 3rd quarter. Vanguard Group Inc now owns 7,641,474 shares of the utilities provider’s stock worth $99,645,000 after buying an additional 44,238 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Consolidated Communications by 8.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 4,111,064 shares of the utilities provider’s stock worth $53,608,000 after buying an additional 314,701 shares during the last quarter. Finally, Econ Financial Services Corp bought a new stake in Consolidated Communications in the 4th quarter worth approximately $118,000. Institutional investors own 70.51% of the company’s stock.
About Consolidated Communications (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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