Optimum Communications (NYSE:OPTU) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of Optimum Communications (NYSE:OPTU) from a strong sell rating to a hold rating in a research note released on Thursday morning,Zacks.com reports.

A number of other equities research analysts have also issued reports on the company. Benchmark lowered Optimum Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Optimum Communications in a research report on Wednesday, January 21st. Evercore set a $2.00 target price on shares of Optimum Communications in a report on Friday, February 13th. Raymond James Financial cut shares of Optimum Communications from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 11th. Finally, Citigroup reduced their price objective on shares of Optimum Communications from $1.90 to $1.50 and set a “neutral” rating for the company in a research note on Wednesday, April 8th. Five research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Optimum Communications presently has an average rating of “Reduce” and an average price target of $1.88.

Optimum Communications Trading Up 8.2%

Shares of NYSE OPTU opened at $1.66 on Thursday. The company has a fifty day moving average price of $1.45 and a 200 day moving average price of $1.78. The firm has a market cap of $778.61 million, a PE ratio of -0.41 and a beta of 1.51. Optimum Communications has a 1-year low of $1.20 and a 1-year high of $2.98.

Optimum Communications (NYSE:OPTU) last released its quarterly earnings results on Thursday, February 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.14). The business’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.12) earnings per share. Equities research analysts forecast that Optimum Communications will post -0.24 EPS for the current year.

Insider Buying and Selling

In other Optimum Communications news, General Counsel Michael Olsen sold 20,000 shares of the stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $1.29, for a total value of $25,800.00. Following the completion of the sale, the general counsel owned 1,219,781 shares in the company, valued at $1,573,517.49. This trade represents a 1.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 290,000 shares of company stock valued at $453,800 in the last ninety days. Company insiders own 44.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Optimum Communications by 50.8% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 15,300 shares of the company’s stock valued at $39,000 after purchasing an additional 5,156 shares during the period. Man Group plc increased its position in Optimum Communications by 6.4% during the second quarter. Man Group plc now owns 101,736 shares of the company’s stock worth $218,000 after buying an additional 6,137 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Optimum Communications by 1.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 644,142 shares of the company’s stock worth $1,713,000 after buying an additional 7,470 shares during the last quarter. Lazard Asset Management LLC raised its stake in Optimum Communications by 41.6% in the second quarter. Lazard Asset Management LLC now owns 28,667 shares of the company’s stock valued at $61,000 after buying an additional 8,420 shares during the period. Finally, CANADA LIFE ASSURANCE Co increased its holdings in shares of Optimum Communications by 28.0% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 43,905 shares of the company’s stock worth $103,000 after acquiring an additional 9,598 shares during the last quarter. 54.85% of the stock is currently owned by institutional investors and hedge funds.

Optimum Communications Company Profile

Altice USA, Inc, together with its subsidiaries, provides broadband communications and video services in the United States, Canada, Puerto Rico, and the Virgin Islands. It offers broadband, video, telephony, and mobile services to approximately five million residential and business customers. The company’s video services include delivery of broadcast stations and cable networks; over the top services; video-on-demand, high-definition channels, digital video recorder, and pay-per-view services; and platforms for video programming through mobile applications.