Vanguard Group Inc. Takes $46 Million Position in Optimum Communications, Inc. $OPTU

Vanguard Group Inc. acquired a new stake in Optimum Communications, Inc. (NYSE:OPTU) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 27,879,788 shares of the company’s stock, valued at approximately $46,002,000. Vanguard Group Inc. owned about 0.06% of Optimum Communications at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Swiss Life Asset Management Ltd acquired a new stake in shares of Optimum Communications in the 3rd quarter valued at approximately $26,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Optimum Communications in the 3rd quarter valued at approximately $27,000. Voleon Capital Management LP acquired a new stake in shares of Optimum Communications in the 3rd quarter valued at approximately $31,000. Wealth Enhancement Advisory Services LLC boosted 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 buying an additional 5,156 shares during the last quarter. Finally, Morningstar Investment Management LLC acquired a new stake in shares of Optimum Communications in the 3rd quarter valued at approximately $39,000. Institutional investors and hedge funds own 54.85% of the company’s stock.

Insider Buying and Selling

In other Optimum Communications news, General Counsel Michael Olsen sold 250,000 shares of Optimum Communications stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $1.60, for a total transaction of $400,000.00. Following the completion of the transaction, the general counsel directly owned 1,496,277 shares of the company’s stock, valued at $2,394,043.20. The trade was a 14.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold 310,000 shares of company stock worth $485,600 over the last three months. Insiders own 44.60% of the company’s stock.

Optimum Communications Price Performance

OPTU stock opened at $0.81 on Friday. The company has a fifty day moving average price of $1.38 and a two-hundred day moving average price of $1.63. Optimum Communications, Inc. has a one year low of $0.79 and a one year high of $2.98. The stock has a market cap of $387.61 million, a price-to-earnings ratio of -0.08 and a beta of 1.56.

Optimum Communications (NYSE:OPTU) last released its quarterly earnings data on Thursday, February 12th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.14). During the same period in the previous year, the company earned ($0.12) EPS. The firm’s revenue for the quarter was down 2.3% on a year-over-year basis. Research analysts anticipate that Optimum Communications, Inc. will post -0.5 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on OPTU shares. Zacks Research raised Optimum Communications from a “strong sell” rating to a “hold” rating in a report on Thursday, April 16th. Benchmark downgraded Optimum Communications from a “buy” rating to a “hold” rating in a report on Tuesday, February 10th. Wall Street Zen cut shares of Optimum Communications from a “sell” rating to a “strong sell” rating in a research report on Saturday. UBS Group reduced their price objective on shares of Optimum Communications from $2.00 to $1.00 and set a “neutral” rating for the company in a research report on Thursday. Finally, Weiss Ratings cut shares of Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday. Five research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Optimum Communications has a consensus rating of “Reduce” and a consensus price target of $0.95.

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.