Wells Fargo & Company Cuts Cable One (NYSE:CABO) Price Target to $120.00

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 - Free Report) had its price target cut by Wells Fargo & Company from $210.00 to $120.00 in a report published on Friday,Benzinga reports. They currently have an underweight rating on the stock.

A number of other research analysts have also issued reports on CABO. JPMorgan Chase & Co. lowered their target price on Cable One from $325.00 to $222.00 and set a "neutral" rating on the stock in a report on Tuesday, May 6th. Raymond James Financial downgraded shares of Cable One from an "outperform" rating to a "market perform" rating in a report on Friday, May 2nd. BNP Paribas Exane raised Cable One from an "underperform" rating to a "neutral" rating and set a $125.00 price objective for the company in a research note on Monday, June 16th. BNP Paribas upgraded Cable One from a "strong sell" rating to a "hold" rating in a research report on Monday, June 16th. Finally, KeyCorp reiterated a "sector weight" rating on shares of Cable One in a report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating and five have given a hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $279.25.

Cable One Price Performance

NYSE:CABO traded up $5.09 during midday trading on Friday, hitting $151.16. 235,345 shares of the stock were exchanged, compared to its average volume of 191,711. Cable One has a one year low of $117.54 and a one year high of $436.99. The company has a market capitalization of $851.03 million, a price-to-earnings ratio of -1.71 and a beta of 0.79. The business has a 50-day moving average price of $136.11 and a two-hundred day moving average price of $212.59. The company has a current ratio of 0.37, a quick ratio of 0.36 and a debt-to-equity ratio of 2.16.

Cable One (NYSE:CABO - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $3.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.23 by ($5.00). Cable One had a negative net margin of 32.18% and a positive return on equity of 8.40%. The firm had revenue of $381.07 million for the quarter, compared to analyst estimates of $379.81 million. During the same quarter last year, the business posted $10.29 earnings per share. Sell-side analysts predict that Cable One will post 32.08 EPS for the current year.

Insider Activity

In other Cable One news, Director Mary E. Meduski bought 250 shares of the stock in a transaction on Wednesday, June 11th. The shares were bought at an average price of $148.00 per share, with a total value of $37,000.00. Following the purchase, the director directly owned 3,599 shares in the company, valued at $532,652. The trade was a 7.46% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Wallace R. Weitz purchased 7,000 shares of Cable One stock in a transaction dated Friday, June 13th. The stock was bought at an average cost of $132.53 per share, with a total value of $927,710.00. Following the completion of the transaction, the director directly owned 17,140 shares of the company's stock, valued at $2,271,564.20. This represents a 69.03% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 7,400 shares of company stock valued at $984,342. Company insiders own 0.90% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CABO. Wedge Capital Management L L P NC bought a new stake in shares of Cable One during the 1st quarter worth about $1,745,000. Janus Henderson Group PLC raised its position in shares of Cable One by 23.0% in the fourth quarter. Janus Henderson Group PLC now owns 14,090 shares of the company's stock valued at $5,101,000 after purchasing an additional 2,633 shares during the period. Kingsview Wealth Management LLC lifted its stake in shares of Cable One by 19.8% in the first quarter. Kingsview Wealth Management LLC now owns 28,349 shares of the company's stock worth $7,534,000 after buying an additional 4,689 shares during the last quarter. DAVENPORT & Co LLC boosted its holdings in shares of Cable One by 16.8% during the 1st quarter. DAVENPORT & Co LLC now owns 69,578 shares of the company's stock worth $18,631,000 after buying an additional 9,989 shares during the period. Finally, Northern Trust Corp grew its stake in Cable One by 18.7% in the 4th quarter. Northern Trust Corp now owns 66,507 shares of the company's stock valued at $24,084,000 after buying an additional 10,493 shares during 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.