Insider Buying: Optimum Communications (NYSE:OPTU) Major Shareholder Purchases $89,508.92 in Stock

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin bought 120,958 shares of the company’s stock in a transaction dated Friday, July 31st. The shares were acquired at an average cost of $0.74 per share, with a total value of $89,508.92. Following the acquisition, the insider directly owned 17,500,000 shares of the company’s stock, valued at approximately $12,950,000. This represents a 0.70% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Optimum Communications Trading Down 0.5%

NYSE:OPTU opened at $1.01 on Monday. The company has a market cap 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 company’s 50-day moving average price is $1.01 and its 200-day moving average price is $1.20.

Optimum Communications (NYSE:OPTU) last announced its quarterly earnings data 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 company had revenue of $2.02 billion for the quarter. On average, analysts expect that Optimum Communications, Inc. will post -0.82 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Corient Private Wealth LP increased its stake in Optimum Communications by 32.0% during the second quarter. Corient Private Wealth LP now owns 278,520 shares of the company’s stock worth $404,000 after acquiring an additional 67,506 shares during the last quarter. California State Teachers Retirement System lifted its stake in shares of Optimum Communications by 62.2% in the 2nd quarter. California State Teachers Retirement System now owns 367,832 shares of the company’s stock valued at $533,000 after purchasing an additional 141,080 shares during the last quarter. Segall Bryant & Hamill LLC purchased a new position in shares of Optimum Communications during the 1st quarter worth $54,000. Bank of America Corp DE increased its position in shares of Optimum Communications by 4.2% during the 1st quarter. Bank of America Corp DE now owns 1,082,376 shares of the company’s stock worth $1,407,000 after purchasing an additional 43,279 shares during the last quarter. Finally, Readystate Asset Management LP raised its holdings in Optimum Communications by 23.7% in the 1st quarter. Readystate Asset Management LP now owns 1,230,769 shares of the company’s stock valued at $1,600,000 after buying an additional 235,559 shares during the period. 54.85% of the stock is currently owned by hedge funds and other institutional investors.

Optimum Communications News Roundup

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.

Wall Street Analyst Weigh In

Several research firms recently commented on OPTU. Barclays cut their price target on Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating for the company in a report on Friday, May 8th. Citigroup cut Optimum Communications from a “neutral” rating to a “sell” rating and dropped their target price for the company from $1.50 to $0.50 in a report on Friday, May 15th. The Goldman Sachs Group set a $1.00 target price on Optimum Communications in a research note on Friday, May 8th. UBS Group reduced their price target on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. Finally, Evercore set a $1.25 price target on shares of Optimum Communications in a research report on Tuesday, May 12th. Six research analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $0.92.

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.