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

Zacks Research upgraded shares of Optimum Communications (NYSE:OPTU) from a strong sell rating to a hold rating in a report published on Tuesday morning,Zacks.com reports.

A number of other equities analysts have also issued reports on OPTU. Benchmark lowered Optimum Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, February 10th. Citigroup cut shares of Optimum Communications from a “buy” rating to a “neutral” rating in a research note on Sunday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Optimum Communications in a research report on Wednesday, January 21st. Barclays decreased their target price on Optimum Communications from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research report on Friday, November 7th. Finally, Evercore set a $2.00 price objective on shares of Optimum Communications in a research report on Friday, February 13th. Four analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $2.19.

Optimum Communications Stock Down 2.2%

Shares of NYSE:OPTU opened at $1.59 on Tuesday. The company has a market capitalization of $744.68 million, a price-to-earnings ratio of -0.40 and a beta of 1.51. The firm has a 50 day moving average of $1.74 and a 200 day moving average of $2.05. Optimum Communications has a 52 week low of $1.52 and a 52 week high of $3.04.

Optimum Communications (NYSE:OPTU) last issued its quarterly earnings results on Thursday, February 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.14). The firm had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.15 billion. During the same quarter in the previous year, the firm posted ($0.12) earnings per share. The company’s quarterly revenue was down 2.3% on a year-over-year basis. On average, sell-side analysts expect that Optimum Communications will post -0.24 EPS for the current year.

Institutional Trading of Optimum Communications

Hedge funds and other institutional investors have recently modified their holdings of the business. Royal Bank of Canada increased its position in shares of Optimum Communications by 365.8% during the first quarter. Royal Bank of Canada now owns 2,171,000 shares of the company’s stock valued at $5,775,000 after acquiring an additional 1,704,908 shares during the last quarter. AQR Capital Management LLC increased its holdings in Optimum Communications by 4.7% in the 1st quarter. AQR Capital Management LLC now owns 806,675 shares of the company’s stock valued at $2,146,000 after purchasing an additional 36,260 shares during the last quarter. Millennium Management LLC raised its position in Optimum Communications by 10.5% in the first quarter. Millennium Management LLC now owns 5,516,311 shares of the company’s stock valued at $14,673,000 after purchasing an additional 524,169 shares during the period. Goldman Sachs Group Inc. lifted its stake in Optimum Communications by 46.6% during the first quarter. Goldman Sachs Group Inc. now owns 6,397,047 shares of the company’s stock worth $17,016,000 after purchasing an additional 2,031,971 shares in the last quarter. Finally, Caxton Associates LLP purchased a new position in shares of Optimum Communications during the first quarter worth $88,000. 54.85% of the stock is 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.