Price T Rowe Associates Inc. MD boosted its position in shares of Consolidated Communications Holdings Inc (NASDAQ:CNSL) by 24.9% during the second quarter, HoldingsChannel reports. The institutional investor owned 98,240 shares of the utilities provider’s stock after purchasing an additional 19,600 shares during the period. Price T Rowe Associates Inc. MD’s holdings in Consolidated Communications were worth $484,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its stake in shares of Consolidated Communications by 313.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,498,424 shares of the utilities provider’s stock valued at $17,142,000 after purchasing an additional 2,652,396 shares in the last quarter. First Trust Advisors LP boosted its position in Consolidated Communications by 140.8% during the 2nd quarter. First Trust Advisors LP now owns 3,268,691 shares of the utilities provider’s stock worth $16,115,000 after buying an additional 1,911,180 shares during the period. Acadian Asset Management LLC acquired a new stake in Consolidated Communications during the 2nd quarter worth approximately $6,390,000. Morgan Stanley boosted its position in Consolidated Communications by 161.8% during the 2nd quarter. Morgan Stanley now owns 1,309,103 shares of the utilities provider’s stock worth $6,455,000 after buying an additional 808,987 shares during the period. Finally, BlackRock Inc. boosted its position in Consolidated Communications by 3.5% during the 2nd quarter. BlackRock Inc. now owns 11,285,901 shares of the utilities provider’s stock worth $55,640,000 after buying an additional 381,605 shares during the period. Hedge funds and other institutional investors own 78.98% of the company’s stock.
Several equities research analysts recently commented on CNSL shares. Zacks Investment Research downgraded shares of Consolidated Communications from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. ValuEngine upgraded shares of Consolidated Communications from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, BidaskClub downgraded shares of Consolidated Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. Consolidated Communications currently has a consensus rating of “Hold” and an average target price of $5.92.
Consolidated Communications (NASDAQ:CNSL) last posted its earnings results on Thursday, August 1st. The utilities provider reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.03. Consolidated Communications had a negative net margin of 3.19% and a negative return on equity of 5.29%. The business had revenue of $333.53 million for the quarter, compared to the consensus estimate of $333.65 million. During the same period last year, the company earned ($0.10) EPS. The firm’s revenue was down 4.8% compared to the same quarter last year.
About Consolidated Communications
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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