Cable One (NYSE:CABO) Hits New 12-Month Low on Disappointing Earnings

Cable One, Inc. (NYSE:CABO)’s stock price reached a new 52-week low during trading on Friday following a dissappointing earnings announcement. The stock traded as low as $369.13 and last traded at $400.78, with a volume of 28457 shares trading hands. The stock had previously closed at $395.98.

The company reported $8.11 EPS for the quarter, missing analysts’ consensus estimates of $10.78 by ($2.67). The firm had revenue of $404.30 million for the quarter, compared to analyst estimates of $408.79 million. Cable One had a return on equity of 12.96% and a net margin of 15.50%. The company’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same period in the previous year, the firm posted $9.62 earnings per share.

Cable One Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Tuesday, February 20th were given a $2.95 dividend. The ex-dividend date was Friday, February 16th. This represents a $11.80 dividend on an annualized basis and a yield of 3.12%. Cable One’s payout ratio is currently 27.02%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on CABO shares. TD Cowen cut their price target on Cable One from $650.00 to $456.00 and set a “hold” rating on the stock in a research note on Friday. KeyCorp dropped their price objective on Cable One from $900.00 to $881.00 and set an “overweight” rating on the stock in a report on Thursday, April 4th. Moffett Nathanson raised Cable One from a “neutral” rating to a “buy” rating and set a $615.00 target price on the stock in a research report on Tuesday, March 5th. Finally, Wells Fargo & Company decreased their price target on shares of Cable One from $400.00 to $350.00 and set an “underweight” rating for the company in a research report on Friday. Two research analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $590.83.

Insider Buying and Selling

In related news, insider Christopher D. Boone sold 204 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $460.00, for a total value of $93,840.00. Following the completion of the sale, the insider now directly owns 1,854 shares of the company’s stock, valued at $852,840. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.70% of the company’s stock.

Hedge Funds Weigh In On Cable One

A number of hedge funds have recently added to or reduced their stakes in the business. DAVENPORT & Co LLC raised its holdings in shares of Cable One by 48.3% during the first quarter. DAVENPORT & Co LLC now owns 44,166 shares of the company’s stock worth $18,769,000 after purchasing an additional 14,377 shares during the period. Markel Group Inc. grew its position in shares of Cable One by 8.8% during the 1st quarter. Markel Group Inc. now owns 48,100 shares of the company’s stock valued at $20,353,000 after buying an additional 3,900 shares during the last quarter. FORA Capital LLC acquired a new stake in Cable One during the first quarter worth about $916,000. Nordea Investment Management AB bought a new position in Cable One in the first quarter worth about $8,695,000. Finally, Palisade Asset Management LLC acquired a new position in Cable One in the first quarter valued at approximately $181,000. Institutional investors and hedge funds own 89.92% of the company’s stock.

Cable One Price Performance

The company has a debt-to-equity ratio of 1.94, a current ratio of 1.69 and a quick ratio of 1.69. The company has a fifty day moving average price of $419.75 and a 200 day moving average price of $499.67. The company has a market capitalization of $2.13 billion, a P/E ratio of 8.67 and a beta of 0.80.

About Cable One

Cable One, Inc, together with its subsidiaries, provides data, video, and voice services in the United States. The company offers residential data services, a service to enhance Wi-Fi signal throughout the home. It also provides various residential video services from basic video service to digital services with access to hundreds of channels; and provides a cloud-based DVR feature that does not require the use of a set-top boxes.