Wells Fargo & Co cut shares of Consolidated Communications (NASDAQ:CNSL) from an outperform rating to a market perform rating in a research note published on Tuesday, MarketBeat Ratings reports. Wells Fargo & Co currently has $11.25 price objective on the utilities provider’s stock, down from their previous price objective of $13.50.

Other equities research analysts also recently issued research reports about the stock. BidaskClub upgraded shares of Consolidated Communications from a hold rating to a buy rating in a research note on Thursday, September 13th. ValuEngine upgraded shares of Consolidated Communications from a hold rating to a buy rating in a research note on Thursday, November 1st. Finally, Zacks Investment Research downgraded shares of Consolidated Communications from a buy rating to a hold rating in a research note on Thursday, January 3rd. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $13.06.

Shares of Consolidated Communications stock traded up $0.03 during midday trading on Tuesday, hitting $11.25. The company had a trading volume of 14,111 shares, compared to its average volume of 1,016,542. The company has a market cap of $798.01 million, a price-to-earnings ratio of 43.54 and a beta of 0.97. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 4.71. Consolidated Communications has a 1-year low of $8.51 and a 1-year high of $14.23.

Consolidated Communications (NASDAQ:CNSL) last announced its quarterly earnings data on Thursday, November 1st. The utilities provider reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.05. The business had revenue of $348.06 million for the quarter, compared to the consensus estimate of $345.10 million. Consolidated Communications had a net margin of 4.46% and a negative return on equity of 4.56%. The company’s revenue was down 4.2% on a year-over-year basis. As a group, research analysts forecast that Consolidated Communications will post -0.41 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, February 1st. Investors of record on Tuesday, January 15th will be given a $0.387 dividend. The ex-dividend date is Monday, January 14th. This represents a $1.55 annualized dividend and a yield of 13.76%. Consolidated Communications’s dividend payout ratio (DPR) is currently 596.15%.

A number of hedge funds have recently modified their holdings of the stock. Macquarie Group Ltd. lifted its position in Consolidated Communications by 85.5% in the second quarter. Macquarie Group Ltd. now owns 10,200 shares of the utilities provider’s stock worth $126,000 after purchasing an additional 4,700 shares during the period. Schroder Investment Management Group lifted its position in Consolidated Communications by 12.7% in the second quarter. Schroder Investment Management Group now owns 44,628 shares of the utilities provider’s stock worth $553,000 after purchasing an additional 5,044 shares during the period. Teachers Advisors LLC lifted its position in Consolidated Communications by 3.2% in the third quarter. Teachers Advisors LLC now owns 225,516 shares of the utilities provider’s stock worth $2,941,000 after purchasing an additional 6,902 shares during the period. Wells Fargo & Company MN lifted its position in Consolidated Communications by 0.7% in the third quarter. Wells Fargo & Company MN now owns 976,101 shares of the utilities provider’s stock worth $12,728,000 after purchasing an additional 6,929 shares during the period. Finally, Rhumbline Advisers lifted its position in Consolidated Communications by 4.8% in the third quarter. Rhumbline Advisers now owns 170,956 shares of the utilities provider’s stock worth $2,229,000 after purchasing an additional 7,789 shares during the period. 71.48% of the stock is owned by hedge funds and other institutional investors.

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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