Communications Sales & Leasing Inc. (CSAL) Rating Increased to Buy at Zacks Investment Research
Communications Sales & Leasing Inc. (NASDAQ:CSAL) was upgraded by Zacks Investment Research from a “strong sell” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm currently has a $33.00 price objective on the stock. Zacks Investment Research’s target price would indicate a potential upside of 13.60% from the company’s previous close.
According to Zacks, “Communications Sales & Leasing, Inc. is a real estate investment trust primarily engaged in the acquisition and leasing of communication distribution systems. Communications Sales & Leasing, Inc. is headquartered in Little Rock, Ark. “
Other equities research analysts also recently issued research reports about the company. Citigroup Inc. restated a “buy” rating and set a $32.00 price target on shares of Communications Sales & Leasing in a report on Tuesday, July 5th. JPMorgan Chase & Co. assumed coverage on Communications Sales & Leasing in a report on Monday, September 26th. They set an “overweight” rating on the stock. Finally, Morgan Stanley restated an “overweight” rating on shares of Communications Sales & Leasing in a report on Sunday, July 24th. Seven analysts have rated the stock with a buy rating, The company currently has an average rating of “Buy” and an average target price of $29.13.
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Communications Sales & Leasing (NASDAQ:CSAL) traded down 1.86% during midday trading on Tuesday, hitting $29.05. The company had a trading volume of 940,272 shares. The firm has a 50-day moving average price of $30.87 and a 200-day moving average price of $27.67. The company has a market cap of $4.47 billion, a price-to-earnings ratio of 148.97 and a beta of 1.27. Communications Sales & Leasing has a 12 month low of $15.13 and a 12 month high of $32.73.
Communications Sales & Leasing (NASDAQ:CSAL) last issued its quarterly earnings results on Thursday, August 11th. The company reported $0.56 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.65 by $0.09. Communications Sales & Leasing had a negative return on equity of 1.89% and a net margin of 3.25%. The company had revenue of $188.60 million for the quarter, compared to analysts’ expectations of $189.04 million. The business’s revenue for the quarter was up 46.5% on a year-over-year basis. Equities analysts anticipate that Communications Sales & Leasing will post $2.43 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 8.26%. Communications Sales & Leasing’s payout ratio is currently 1,714.29%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Raymond James Trust N.A. increased its position in Communications Sales & Leasing by 43.2% in the third quarter. Raymond James Trust N.A. now owns 24,992 shares of the company’s stock worth $785,000 after buying an additional 7,543 shares during the last quarter. Oregon Public Employees Retirement Fund increased its position in Communications Sales & Leasing by 17.2% in the third quarter. Oregon Public Employees Retirement Fund now owns 46,973 shares of the company’s stock worth $1,475,000 after buying an additional 6,879 shares during the last quarter. Dorsey Wright & Associates acquired a new position in Communications Sales & Leasing during the third quarter worth approximately $1,926,000. Advisory Services Network LLC increased its position in Communications Sales & Leasing by 410.7% in the third quarter. Advisory Services Network LLC now owns 43,081 shares of the company’s stock worth $1,353,000 after buying an additional 34,645 shares during the last quarter. Finally, Macquarie Group Ltd. increased its position in Communications Sales & Leasing by 60.8% in the second quarter. Macquarie Group Ltd. now owns 54,200 shares of the company’s stock worth $1,566,000 after buying an additional 20,500 shares during the last quarter. Institutional investors and hedge funds own 57.75% of the company’s stock.
About Communications Sales & Leasing
Communications Sales & Leasing, Inc (CS&L) is an internally managed real estate investment trust (REIT) engaged in the acquisition and construction of a range of infrastructure in the communications industry. The Company is focused on acquiring and constructing fiber optic broadband networks, wireless communications towers, copper and coaxial broadband networks and data centers.
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