Optimum Communications (NYSE:OPTU) Major Shareholder Acquires $42,955.60 in Stock

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

Optimum Communications Stock Down 0.5%

NYSE OPTU traded down $0.01 on Friday, hitting $1.01. The company’s stock had a trading volume of 1,474,975 shares, compared to its average volume of 2,295,386. The company’s 50-day moving average is $1.01 and its 200 day moving average is $1.20. The firm 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 1-year low of $0.58 and a 1-year high of $2.79.

Optimum Communications (NYSE:OPTU) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.67) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.50). The firm had revenue of $2.02 billion for the quarter. On average, equities analysts expect that Optimum Communications, Inc. will post -0.82 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on OPTU shares. Citigroup downgraded Optimum Communications from a “neutral” rating to a “sell” rating and cut their target price for the stock from $1.50 to $0.50 in a report on Friday, May 15th. Wall Street Zen cut Optimum Communications from a “sell” rating to a “strong sell” rating in a research note on Sunday, July 26th. BNP Paribas Exane upgraded Optimum Communications from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 2nd. Evercore set a $1.25 price objective on Optimum Communications in a research note on Tuesday, May 12th. Finally, Wells Fargo & Company reduced their target price on Optimum Communications from $1.00 to $0.75 and set an “underweight” rating on the stock in a report on Tuesday, August 11th. Six analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $0.92.

Hedge Funds Weigh In On Optimum Communications

Several hedge funds and other institutional investors have recently bought and sold shares of OPTU. Man Group plc lifted its stake in shares of Optimum Communications by 6.4% in 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 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 worth $1,713,000 after purchasing an additional 7,470 shares in the last quarter. Lazard Asset Management LLC lifted its stake in Optimum Communications by 41.6% in the second quarter. Lazard Asset Management LLC now owns 28,667 shares of the company’s stock valued at $61,000 after buying an additional 8,420 shares during the period. CANADA LIFE ASSURANCE Co lifted its stake in Optimum Communications by 28.0% in the third quarter. CANADA LIFE ASSURANCE Co now owns 43,905 shares of the company’s stock valued at $103,000 after buying an additional 9,598 shares during the period. Finally, Voleon Capital Management LP bought a new position in shares of Optimum Communications during the 3rd quarter worth approximately $31,000. Institutional investors and hedge funds own 54.85% of the company’s stock.

About Optimum Communications

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.