Municipal Employees Retirement System of Michigan raised its stake in shares of Consolidated Communications Holdings, Inc. (NASDAQ:CNSL) by 101.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,110 shares of the utilities provider’s stock after buying an additional 12,160 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in Consolidated Communications were worth $460,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CNSL. BlackRock Inc. boosted its position in shares of Consolidated Communications by 0.3% during the 2nd quarter. BlackRock Inc. now owns 7,058,156 shares of the utilities provider’s stock valued at $151,539,000 after acquiring an additional 17,697 shares during the last quarter. Royal Bank of Canada boosted its position in shares of Consolidated Communications by 11.1% during 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 acquiring an additional 601,410 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Consolidated Communications by 0.9% during the 2nd quarter. Vanguard Group Inc. now owns 5,655,583 shares of the utilities provider’s stock valued at $121,425,000 after acquiring an additional 48,111 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Consolidated Communications by 15.3% during 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 acquiring an additional 229,836 shares during the last quarter. Finally, State Street Corp boosted its position in shares of Consolidated Communications by 3.6% during the 2nd quarter. State Street Corp now owns 1,289,342 shares of the utilities provider’s stock valued at $27,683,000 after acquiring an additional 45,081 shares during the last quarter. 70.83% of the stock is owned by institutional investors and hedge funds.

A number of analysts have recently issued reports on the company. Cowen reiterated a “hold” rating and set a $21.00 price target on shares of Consolidated Communications in a research report on Thursday, October 19th. ValuEngine downgraded Consolidated Communications from a “hold” rating to a “sell” rating in a research report on Wednesday, September 6th. Zacks Investment Research downgraded Consolidated Communications from a “hold” rating to a “sell” rating in a research report on Tuesday, November 7th. Finally, Jefferies Group dropped their price target on Consolidated Communications from $21.00 to $19.00 and set a “hold” rating for the company in a research report on Friday, November 3rd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Consolidated Communications presently has a consensus rating of “Hold” and a consensus price target of $22.00.

In other news, Director Wayne Wilson bought 3,000 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The stock was bought at an average price of $17.45 per share, for a total transaction of $52,350.00. Following the transaction, the director now directly owns 50,211 shares of the company’s stock, valued at approximately $876,181.95. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert J. Currey bought 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 14th. The stock was purchased at an average price of $13.43 per share, with a total value of $67,150.00. Following the transaction, the director now directly owns 45,995 shares in the company, valued at $617,712.85. The disclosure for this purchase can be found here. Insiders purchased a total of 23,550 shares of company stock valued at $352,053 in the last 90 days. 3.00% of the stock is currently owned by corporate insiders.

Shares of Consolidated Communications Holdings, Inc. (CNSL) opened at $12.29 on Thursday. The firm has a market capitalization of $894.66, a P/E ratio of 36.09, a P/E/G ratio of 22.76 and a beta of 0.73. Consolidated Communications Holdings, Inc. has a 12-month low of $12.17 and a 12-month high of $28.11. The company has a debt-to-equity ratio of 4.61, a current ratio of 0.88 and a quick ratio of 0.88.

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Monday, January 15th will be given a $0.387 dividend. The ex-dividend date of this dividend is Thursday, January 11th. This represents a $1.55 dividend on an annualized basis and a yield of 12.60%. Consolidated Communications’s payout ratio is -287.03%.

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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.

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

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