Wells Fargo & Company Issues Pessimistic Forecast for Cable One (NYSE:CABO) Stock Price

Key Points

• Wells Fargo & Company has reduced its target price for Cable One (NYSE:CABO) stock from $210.00 to $120.00, indicating a potential downside of 10.82% based on current prices and assigning an "underweight" rating.
• Despite the pessimistic outlook from Wells Fargo, Cable One's shares rose by 5.1% during trading hours, reaching $134.56.
• In the last quarter, Cable One reported earnings of $3.23 per share, falling short of analysts' expectations and showing a negative net margin of 0.69%.

Cable One (NYSE:CABO - Get Free Report) had its target price decreased by equities research analysts at Wells Fargo & Company from $210.00 to $120.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an "underweight" rating on the stock. Wells Fargo & Company's price target would suggest a potential downside of 10.82% from the stock's current price.

CABO has been the topic of a number of other research reports. BNP Paribas raised shares of Cable One from a "strong sell" rating to a "hold" rating in a report on Monday, June 16th. Raymond James Financial cut shares of Cable One from an "outperform" rating to a "market perform" rating in a research note on Friday, May 2nd. KeyCorp reaffirmed a "sector weight" rating on shares of Cable One in a research note on Friday, May 2nd. BNP Paribas Exane raised shares of Cable One from an "underperform" rating to a "neutral" rating and set a $125.00 price target for the company in a research report on Monday, June 16th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Cable One from $325.00 to $222.00 and set a "neutral" rating for the company in a research report on Tuesday, May 6th. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $279.25.

Cable One Trading Up 5.1%

NYSE CABO traded up $6.58 during trading hours on Friday, hitting $134.56. The company's stock had a trading volume of 77,024 shares, compared to its average volume of 188,541. The stock has a fifty day moving average of $136.54 and a 200 day moving average of $216.87. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 1.66. Cable One has a twelve month low of $117.54 and a twelve month high of $436.99. The firm has a market capitalization of $757.60 million, a P/E ratio of -53.61 and a beta of 0.81.

Cable One (NYSE:CABO - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $3.23 earnings per share for the quarter, missing analysts' consensus estimates of $8.23 by ($5.00). Cable One had a negative net margin of 0.69% and a positive return on equity of 9.38%. The company had revenue of $381.07 million during the quarter, compared to analyst estimates of $379.81 million. During the same quarter in the prior year, the business earned $10.29 EPS. Equities research analysts forecast that Cable One will post 32.08 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Wallace R. Weitz acquired 7,000 shares of the stock in a transaction on Friday, June 13th. The shares were acquired at an average price of $132.53 per share, for a total transaction of $927,710.00. Following the transaction, the director owned 17,140 shares in the company, valued at approximately $2,271,564.20. This trade represents a 69.03% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mary E. Meduski acquired 250 shares of the firm's stock in a transaction on Wednesday, June 11th. The stock was purchased at an average price of $148.00 per share, for a total transaction of $37,000.00. Following the acquisition, the director directly owned 3,599 shares in the company, valued at $532,652. This represents a 7.46% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 7,400 shares of company stock valued at $984,342. Insiders own 0.90% of the company's stock.

Hedge Funds Weigh In On Cable One

A number of institutional investors and hedge funds have recently made changes to their positions in CABO. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Cable One during the second quarter worth about $340,000. Nordea Investment Management AB boosted its position in Cable One by 140.1% during the 2nd quarter. Nordea Investment Management AB now owns 52,874 shares of the company's stock valued at $7,024,000 after purchasing an additional 30,854 shares during the period. CWM LLC boosted its position in Cable One by 960.0% during the 2nd quarter. CWM LLC now owns 2,279 shares of the company's stock valued at $310,000 after purchasing an additional 2,064 shares during the period. Inspire Investing LLC raised its stake in Cable One by 125.4% during the 2nd quarter. Inspire Investing LLC now owns 2,924 shares of the company's stock valued at $397,000 after acquiring an additional 1,627 shares in the last quarter. Finally, Mraz Amerine & Associates Inc. grew its stake in Cable One by 31.3% in the second quarter. Mraz Amerine & Associates Inc. now owns 8,212 shares of the company's stock valued at $1,115,000 after purchasing an additional 1,958 shares in the last quarter. 89.92% of the stock is owned by institutional investors and hedge funds.

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.

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