Consolidated Communications (NASDAQ:CNSL) Stock Price Down 12.3%

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Consolidated Communications Holdings Inc (NASDAQ:CNSL) shares fell 12.3% during trading on Friday . The stock traded as low as $4.67 and last traded at $4.70, 793,398 shares changed hands during mid-day trading. A decline of 37% from the average session volume of 1,265,281 shares. The stock had previously closed at $5.36.

Several brokerages recently issued reports on CNSL. Zacks Investment Research raised Consolidated Communications from a “hold” rating to a “strong-buy” rating and set a $5.75 price objective for the company in a report on Monday, July 1st. ValuEngine raised Consolidated Communications from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Finally, BidaskClub raised Consolidated Communications from a “hold” rating to a “buy” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $5.92.

The firm has a fifty day moving average of $4.59 and a 200-day moving average of $6.45. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 6.43.

Consolidated Communications (NASDAQ:CNSL) last issued its quarterly earnings data on Thursday, August 1st. The utilities provider reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.03. The firm had revenue of $333.53 million during the quarter, compared to analysts’ expectations of $333.65 million. Consolidated Communications had a negative return on equity of 5.29% and a negative net margin of 3.19%. Consolidated Communications’s revenue was down 4.8% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.10) earnings per share. Analysts predict that Consolidated Communications Holdings Inc will post -0.11 EPS for the current year.

A number of hedge funds have recently modified their holdings of the stock. NumerixS Investment Technologies Inc purchased a new position in Consolidated Communications during the second quarter worth $38,000. Paradigm Financial Advisors LLC purchased a new position in Consolidated Communications during the second quarter worth $51,000. Public Employees Retirement System of Ohio increased its position in Consolidated Communications by 42.6% during the second quarter. Public Employees Retirement System of Ohio now owns 12,528 shares of the utilities provider’s stock worth $62,000 after buying an additional 3,744 shares in the last quarter. Marshall Wace North America L.P. purchased a new position in Consolidated Communications during the second quarter worth $70,000. Finally, Magnus Financial Group LLC grew its position in shares of Consolidated Communications by 42.1% in the second quarter. Magnus Financial Group LLC now owns 16,431 shares of the utilities provider’s stock valued at $81,000 after purchasing an additional 4,864 shares during the period. 78.93% of the stock is owned by hedge funds and other institutional investors.

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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