Neil Subin Purchases 50,536 Shares of Optimum Communications (NYSE:OPTU) Stock

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin bought 50,536 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The stock was purchased at an average cost of $0.85 per share, for a total transaction of $42,955.60. Following the completion of the purchase, the insider owned 18,842,007 shares of the company’s stock, valued at $16,015,705.95. This trade represents a 0.27% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Optimum Communications Stock Down 0.5%

Shares of OPTU opened at $1.01 on Friday. The stock has a market capitalization of $276.66 million, a P/E ratio of -0.10 and a beta of 1.20. Optimum Communications, Inc. has a twelve month low of $0.58 and a twelve month high of $2.79. The firm has a fifty day simple moving average of $1.01 and a two-hundred day simple moving average of $1.20.

Optimum Communications (NYSE:OPTU) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.67) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.50). The business had revenue of $2.02 billion during the quarter. Sell-side analysts expect that Optimum Communications, Inc. will post -0.82 EPS for the current fiscal year.

Institutional Investors Weigh In On Optimum Communications

Several institutional investors have recently modified their holdings of OPTU. Man Group plc raised its position in shares of Optimum Communications by 6.4% during the 2nd quarter. Man Group plc now owns 101,736 shares of the company’s stock valued at $218,000 after purchasing an additional 6,137 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Optimum Communications by 1.2% in the 1st 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 in the last quarter. Lazard Asset Management LLC increased its stake in Optimum Communications by 41.6% in the 2nd quarter. Lazard Asset Management LLC now owns 28,667 shares of the company’s stock worth $61,000 after buying an additional 8,420 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its holdings in Optimum Communications by 28.0% during the third quarter. CANADA LIFE ASSURANCE Co now owns 43,905 shares of the company’s stock valued at $103,000 after acquiring an additional 9,598 shares during the period. Finally, Voleon Capital Management LP bought a new stake in Optimum Communications during the third quarter valued at about $31,000. 54.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

OPTU has been the topic of a number of recent research reports. BNP Paribas Exane upgraded shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 2nd. UBS Group cut their price target on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating on the stock in a research note on Thursday, May 14th. Evercore set a $1.25 target price on Optimum Communications in a report on Tuesday, May 12th. Weiss Ratings upgraded Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday. Finally, Barclays lowered their price target on Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating for the company in a research report on Friday, May 8th. Six analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, Optimum Communications has an average rating of “Reduce” and a consensus price target of $0.92.

More Optimum Communications News

Here are the key news stories impacting Optimum Communications this week:

• Positive Sentiment: Subin’s most significant purchase was 1.29 million shares at an average price of $0.84 on August 19. He also bought 535,191 shares on August 21 and 171,711 shares on August 24. His holdings increased to approximately 19.55 million shares, indicating continued willingness to commit capital as OPTU trades near the $1 level. SEC ownership filing
• Positive Sentiment: The buying continued with smaller purchases on August 25 and additional transactions in late July, including 732,279 shares on July 30. Repeated purchases by a major shareholder can be interpreted as a signal that the investor believes the stock is undervalued or expects an improved outlook.

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.