Consolidated Communications Holdings, Inc. (CNSL) Stake Lessened by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. trimmed its holdings in Consolidated Communications Holdings, Inc. (NASDAQ:CNSL) by 0.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,667 shares of the utilities provider’s stock after selling 252 shares during the quarter. PNC Financial Services Group Inc. owned about 0.07% of Consolidated Communications Holdings worth $809,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in CNSL. Ameritas Investment Partners Inc. acquired a new position in shares of Consolidated Communications Holdings in the 1st quarter valued at about $100,000. SG Americas Securities LLC acquired a new position in shares of Consolidated Communications Holdings in the 2nd quarter valued at about $127,000. State of Alaska Department of Revenue lifted its stake in shares of Consolidated Communications Holdings by 79.2% in the 2nd quarter. State of Alaska Department of Revenue now owns 10,020 shares of the utilities provider’s stock valued at $215,000 after purchasing an additional 4,430 shares during the period. Park Avenue Securities LLC acquired a new position in shares of Consolidated Communications Holdings in the 2nd quarter valued at about $254,000. Finally, Municipal Employees Retirement System of Michigan lifted its stake in shares of Consolidated Communications Holdings by 3.8% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 11,950 shares of the utilities provider’s stock valued at $257,000 after purchasing an additional 440 shares during the period. 67.72% of the stock is currently owned by institutional investors.

In related news, Director Wayne Wilson acquired 3,000 shares of the stock in a transaction on Thursday, September 14th. The stock was acquired at an average cost of $17.45 per share, for a total transaction of $52,350.00. Following the completion of the acquisition, the director now directly owns 50,211 shares of the company’s stock, valued at approximately $876,181.95. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robert J. Currey acquired 2,000 shares of the stock in a transaction on Wednesday, September 6th. The stock was bought at an average price of $18.18 per share, with a total value of $36,360.00. Following the completion of the acquisition, the director now directly owns 45,995 shares of the company’s stock, valued at $836,189.10. The disclosure for this purchase can be found here. Insiders acquired 26,688 shares of company stock valued at $495,724 over the last 90 days. 3.00% of the stock is currently owned by company insiders.

A number of brokerages have recently issued reports on CNSL. Zacks Investment Research raised Consolidated Communications Holdings from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. BidaskClub raised Consolidated Communications Holdings from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. TheStreet downgraded Consolidated Communications Holdings from a “c” rating to a “d+” rating in a research note on Thursday, August 3rd. Cowen and Company reissued a “hold” rating and issued a $22.00 price objective on shares of Consolidated Communications Holdings in a research note on Friday, July 28th. Finally, ValuEngine raised Consolidated Communications Holdings from a “sell” rating to a “hold” rating in a research note on Tuesday, July 25th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the stock. Consolidated Communications Holdings has a consensus rating of “Hold” and an average price target of $24.50.

Consolidated Communications Holdings, Inc. (NASDAQ:CNSL) opened at 20.30 on Wednesday. Consolidated Communications Holdings, Inc. has a 52 week low of $17.21 and a 52 week high of $30.23. The firm has a market capitalization of $1.44 billion, a P/E ratio of 6766.67 and a beta of 0.90. The stock has a 50 day moving average price of $18.88 and a 200-day moving average price of $20.41.

Consolidated Communications Holdings (NASDAQ:CNSL) last posted its earnings results on Thursday, August 3rd. The utilities provider reported $0.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.03. The company had revenue of $169.95 million for the quarter, compared to analysts’ expectations of $169.69 million. Consolidated Communications Holdings had a return on equity of 15.30% and a net margin of 0.09%. Consolidated Communications Holdings’s quarterly revenue was down 9.1% on a year-over-year basis. During the same period last year, the firm earned $0.20 earnings per share. Analysts anticipate that Consolidated Communications Holdings, Inc. will post $0.55 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Sunday, October 15th will be issued a $0.3874 dividend. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $1.55 annualized dividend and a yield of 7.63%. Consolidated Communications Holdings’s dividend payout ratio (DPR) is presently 15,500.00%.

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About Consolidated Communications Holdings

Consolidated Communications Holdings, Inc is a holding company with operating subsidiaries that provide integrated communications services in consumer, commercial and carrier channels in California, Illinois, Iowa, Kansas, Minnesota, Missouri, North Dakota, Pennsylvania, South Dakota, Texas and Wisconsin.

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

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