Today, Cowen and Company Initiates Coverage on Communications Sales & Leasing Inc. (CSAL)

Today, Cowen and Company Initiates Coverage on Communications Sales & Leasing Inc. (CSAL)

Analysts at Cowen and Company started coverage on shares of Communications Sales & Leasing Inc. (NASDAQ:CSAL) in a research note issued on Thursday. The firm set an “outperform” rating and a $34.00 price target on the stock. Cowen and Company’s price target would suggest a potential upside of 13.07% from the stock’s current price.

A number of other analysts also recently issued reports on the stock. Zacks Investment Research raised shares of Communications Sales & Leasing from a “strong sell” rating to a “buy” rating and set a $33.00 price objective for the company in a report on Tuesday, October 11th. Morgan Stanley reaffirmed an “overweight” rating on shares of Communications Sales & Leasing in a report on Sunday, July 24th. JPMorgan Chase & Co. initiated coverage on shares of Communications Sales & Leasing in a report on Monday, September 26th. They set an “overweight” rating for the company. Finally, Citigroup Inc. reaffirmed a “buy” rating and set a $32.00 price objective on shares of Communications Sales & Leasing in a report on Tuesday, July 5th. Eight analysts have rated the stock with a buy rating, The company presently has an average rating of “Buy” and a consensus price target of $30.10.

Shares of Communications Sales & Leasing (NASDAQ:CSAL) opened at 30.07 on Thursday. The firm’s 50-day moving average price is $30.88 and its 200-day moving average price is $27.76. Communications Sales & Leasing has a one year low of $15.13 and a one year high of $32.73. The firm has a market capitalization of $4.63 billion, a P/E ratio of 154.21 and a beta of 1.27.

Communications Sales & Leasing (NASDAQ:CSAL) last released its quarterly earnings results on Thursday, August 11th. The company reported $0.56 EPS for the quarter, missing analysts’ consensus estimates of $0.65 by $0.09. The firm had revenue of $188.60 million for the quarter, compared to analysts’ expectations of $189.04 million. Communications Sales & Leasing had a net margin of 3.25% and a negative return on equity of 1.89%. The business’s quarterly revenue was up 46.5% on a year-over-year basis. On average, equities analysts forecast that Communications Sales & Leasing will post $2.43 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Friday, September 30th were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 7.98%. The ex-dividend date was Wednesday, September 28th. Communications Sales & Leasing’s dividend payout ratio is presently 1,714.29%.

Several institutional investors have recently added to or reduced their stakes in CSAL. Waddell & Reed Financial Inc. purchased a new position in Communications Sales & Leasing during the second quarter worth about $75,300,000. Vanguard Group Inc. boosted its position in Communications Sales & Leasing by 16.8% in the second quarter. Vanguard Group Inc. now owns 12,336,458 shares of the company’s stock worth $356,523,000 after buying an additional 1,774,169 shares during the last quarter. Renaissance Technologies LLC boosted its position in Communications Sales & Leasing by 148.3% in the first quarter. Renaissance Technologies LLC now owns 1,537,686 shares of the company’s stock worth $34,214,000 after buying an additional 918,500 shares during the last quarter. Ameriprise Financial Inc. boosted its position in Communications Sales & Leasing by 264.3% in the second quarter. Ameriprise Financial Inc. now owns 1,168,463 shares of the company’s stock worth $33,770,000 after buying an additional 847,764 shares during the last quarter. Finally, BlackRock Fund Advisors boosted its position in Communications Sales & Leasing by 13.5% in the second quarter. BlackRock Fund Advisors now owns 5,424,600 shares of the company’s stock worth $156,771,000 after buying an additional 644,291 shares during the last quarter. Hedge funds and other institutional investors own 57.77% of the company’s stock.

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