Otelco (NASDAQ:OTEL) issued its quarterly earnings results on Tuesday. The company reported $0.50 earnings per share (EPS) for the quarter, Morningstar.com reports. The business had revenue of $15.66 million during the quarter. Otelco had a net margin of 14.98% and a return on equity of 100.76%.
Shares of NASDAQ:OTEL traded down $3.23 during midday trading on Wednesday, reaching $11.90. The company had a trading volume of 41,999 shares, compared to its average volume of 7,604. The company has a debt-to-equity ratio of 5.26, a current ratio of 1.31 and a quick ratio of 1.02. The company’s fifty day simple moving average is $14.87. The stock has a market cap of $51.02 million, a PE ratio of 5.28 and a beta of 0.71. Otelco has a one year low of $14.37 and a one year high of $18.31.
In related news, major shareholder Ira Sochet purchased 8,000 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was acquired at an average price of $15.50 per share, for a total transaction of $124,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders purchased 144,090 shares of company stock valued at $2,225,032. Insiders own 4.60% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. increased its stake in Otelco by 13.0% during the second quarter. BlackRock Inc. now owns 9,078 shares of the company’s stock valued at $146,000 after purchasing an additional 1,043 shares during the last quarter. Acadian Asset Management LLC increased its stake in Otelco by 5.1% during the second quarter. Acadian Asset Management LLC now owns 15,810 shares of the company’s stock valued at $254,000 after purchasing an additional 766 shares during the last quarter. Finally, LSV Asset Management increased its stake in Otelco by 14.2% during the first quarter. LSV Asset Management now owns 17,700 shares of the company’s stock valued at $290,000 after purchasing an additional 2,200 shares during the last quarter. Hedge funds and other institutional investors own 10.98% of the company’s stock.
Otelco Inc provides a range of telecommunications services on a retail and wholesale basis. The company offers local services, including voice lines that provide local dial tone and calling features, such as caller identification, call waiting, call forwarding, and voicemail; long distance services; billing and collection services for other carriers under contract; and directory advertising services.
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