Consolidated Communications Holdings Inc (NASDAQ:CNSL) Stake Lowered by California Public Employees Retirement System

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California Public Employees Retirement System lessened its stake in Consolidated Communications Holdings Inc (NASDAQ:CNSL) by 7.0% in the 1st quarter, Holdings Channel reports. The firm owned 182,938 shares of the utilities provider’s stock after selling 13,722 shares during the period. California Public Employees Retirement System’s holdings in Consolidated Communications were worth $1,996,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the stock. Mackay Shields LLC acquired a new position in Consolidated Communications in the fourth quarter valued at $589,000. Principal Financial Group Inc. boosted its stake in Consolidated Communications by 11.5% in the fourth quarter. Principal Financial Group Inc. now owns 4,060,966 shares of the utilities provider’s stock valued at $40,122,000 after acquiring an additional 417,662 shares during the last quarter. Raymond James Trust N.A. purchased a new position in Consolidated Communications in the first quarter valued at about $129,000. Nisa Investment Advisors LLC boosted its stake in Consolidated Communications by 7.2% in the first quarter. Nisa Investment Advisors LLC now owns 74,570 shares of the utilities provider’s stock valued at $814,000 after acquiring an additional 5,000 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. purchased a new stake in shares of Consolidated Communications during the 4th quarter valued at approximately $432,000. Hedge funds and other institutional investors own 75.14% of the company’s stock.

Shares of NASDAQ CNSL opened at $4.36 on Wednesday. The company has a debt-to-equity ratio of 6.14, a current ratio of 0.69 and a quick ratio of 0.69. The company has a market cap of $300.65 million, a P/E ratio of -10.38 and a beta of 0.99. Consolidated Communications Holdings Inc has a 12-month low of $3.91 and a 12-month high of $14.23.

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

Several analysts have issued reports on the stock. Zacks Investment Research cut shares of Consolidated Communications from a “hold” rating to a “sell” rating in a research note on Thursday, March 7th. ValuEngine raised shares of Consolidated Communications from a “hold” rating to a “buy” rating in a report on Wednesday, March 27th. BidaskClub raised shares of Consolidated Communications from a “strong sell” rating to a “sell” rating in a report on Tuesday. Finally, Wells Fargo & Co raised shares of Consolidated Communications from a “market perform” rating to an “outperform” rating and cut their price target for the stock from $11.25 to $8.00 in a report on Friday, April 26th. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $6.00.

In other Consolidated Communications news, CEO C Robert Udell, Jr. purchased 10,000 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The shares were bought at an average price of $4.34 per share, with a total value of $43,400.00. Following the completion of the purchase, the chief executive officer now directly owns 333,844 shares in the company, valued at $1,448,882.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.10% of the stock is owned by corporate insiders.

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Consolidated Communications Profile

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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Institutional Ownership by Quarter for Consolidated Communications (NASDAQ:CNSL)

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