Neil Subin Buys 1,291,471 Shares of Optimum Communications (NYSE:OPTU) Stock

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin acquired 1,291,471 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The shares were acquired at an average cost of $0.84 per share, for a total transaction of $1,084,835.64. Following the purchase, the insider directly owned 18,791,471 shares of the company’s stock, valued at $15,784,835.64. This represents a 7.38% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Optimum Communications Stock Performance

Shares of OPTU opened at $1.01 on Friday. The stock has a market cap of $276.66 million, a PE ratio of -0.10 and a beta of 1.20. Optimum Communications, Inc. has a fifty-two week low of $0.58 and a fifty-two week high of $2.79. The firm’s 50-day simple moving average is $1.01 and its two-hundred day simple moving average is $1.20.

Optimum Communications (NYSE:OPTU) last released its earnings results on Thursday, August 6th. The company reported ($0.67) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.50). The firm had revenue of $2.02 billion for the quarter. Equities research analysts predict that Optimum Communications, Inc. will post -0.82 EPS for the current year.

Analyst Upgrades and Downgrades

OPTU has been the topic of several recent analyst reports. Wall Street Zen downgraded shares of Optimum Communications from a “sell” rating to a “strong sell” rating in a research report on Sunday, July 26th. Evercore set a $1.25 target price on shares of Optimum Communications in a report on Tuesday, May 12th. Barclays dropped their target price on shares of Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating on the stock in a research note on Friday, May 8th. BNP Paribas Exane upgraded shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 2nd. Finally, The Goldman Sachs Group set a $1.00 price target on shares of Optimum Communications in a research report on Friday, May 8th. Six investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Optimum Communications has an average rating of “Reduce” and an average target price of $0.92.

Institutional Investors Weigh In On Optimum Communications

Several large investors have recently bought and sold shares of OPTU. Man Group plc grew its holdings in shares of Optimum Communications by 6.4% in the second quarter. Man Group plc now owns 101,736 shares of the company’s stock worth $218,000 after acquiring an additional 6,137 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Optimum Communications by 1.2% in 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 valued at $1,713,000 after acquiring an additional 7,470 shares during the period. Lazard Asset Management LLC boosted its position in Optimum Communications by 41.6% in the second quarter. Lazard Asset Management LLC now owns 28,667 shares of the company’s stock worth $61,000 after purchasing an additional 8,420 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its position in Optimum Communications by 28.0% in the third quarter. CANADA LIFE ASSURANCE Co now owns 43,905 shares of the company’s stock worth $103,000 after purchasing an additional 9,598 shares during the last quarter. Finally, Voleon Capital Management LP bought a new stake in shares of Optimum Communications during the 3rd quarter valued at about $31,000. 54.85% of the stock is currently owned by institutional investors.

Key Stories Impacting Optimum Communications

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.