Schroder Investment Management Group lowered its stake in shares of Consolidated Communications Holdings, Inc. (NASDAQ:CNSL) by 34.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 22,021 shares of the utilities provider’s stock after selling 11,401 shares during the quarter. Schroder Investment Management Group’s holdings in Consolidated Communications were worth $429,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CNSL. BlackRock Inc. boosted its holdings in Consolidated Communications by 0.3% in the 2nd quarter. BlackRock Inc. now owns 7,058,156 shares of the utilities provider’s stock valued at $151,539,000 after purchasing an additional 17,697 shares in the last quarter. Royal Bank of Canada boosted its holdings in Consolidated Communications by 11.1% in the 2nd quarter. Royal Bank of Canada now owns 6,029,890 shares of the utilities provider’s stock valued at $129,462,000 after purchasing an additional 601,410 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Consolidated Communications by 0.9% in the 2nd quarter. Vanguard Group Inc. now owns 5,655,583 shares of the utilities provider’s stock valued at $121,425,000 after purchasing an additional 48,111 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Consolidated Communications by 15.3% in the 3rd quarter. Principal Financial Group Inc. now owns 1,730,061 shares of the utilities provider’s stock valued at $33,009,000 after purchasing an additional 229,836 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Consolidated Communications by 16.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,463,325 shares of the utilities provider’s stock valued at $27,919,000 after purchasing an additional 210,612 shares in the last quarter. 70.83% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have weighed in on the company. ValuEngine lowered Consolidated Communications from a “hold” rating to a “sell” rating in a report on Wednesday, September 6th. Cowen reaffirmed a “hold” rating and issued a $21.00 price objective on shares of Consolidated Communications in a report on Thursday, October 19th. Zacks Investment Research lowered Consolidated Communications from a “hold” rating to a “sell” rating in a research note on Tuesday, November 7th. Finally, Jefferies Group decreased their price target on Consolidated Communications from $21.00 to $19.00 and set a “hold” rating on the stock in a research note on Friday, November 3rd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, two have given a buy rating and two have assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $22.00.
The company also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Monday, January 15th will be paid a dividend of $0.387 per share. This represents a $1.55 annualized dividend and a dividend yield of 12.19%. The ex-dividend date is Thursday, January 11th. Consolidated Communications’s dividend payout ratio (DPR) is -287.03%.
In other news, Director Robert J. Currey purchased 5,000 shares of the firm’s stock in a transaction dated Tuesday, November 14th. The shares were acquired at an average price of $13.43 per share, with a total value of $67,150.00. Following the purchase, the director now directly owns 45,995 shares of the company’s stock, valued at $617,712.85. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Thomas A. Gerke purchased 6,850 shares of the firm’s stock in a transaction dated Tuesday, November 7th. The shares were purchased at an average cost of $14.63 per share, for a total transaction of $100,215.50. Following the purchase, the director now directly owns 12,667 shares in the company, valued at $185,318.21. The disclosure for this purchase can be found here. Insiders have bought a total of 17,550 shares of company stock worth $247,203 in the last three months. Corporate insiders own 3.00% of the company’s stock.
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About Consolidated Communications
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.
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