Optimum Communications (NYSE:OPTU) Major Shareholder Neil Subin Purchases 732,279 Shares

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin acquired 732,279 shares of the firm’s stock in a transaction dated Thursday, July 30th. The shares were purchased at an average price of $0.74 per share, for a total transaction of $541,886.46. Following the completion of the transaction, the insider directly owned 17,379,042 shares in the company, valued at approximately $12,860,491.08. This trade represents a 4.40% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Optimum Communications Trading Down 0.5%

Shares of OPTU traded down $0.01 during trading hours on Friday, reaching $1.01. 1,474,975 shares of the stock traded hands, compared to its average volume of 2,295,386. Optimum Communications, Inc. has a 52-week low of $0.58 and a 52-week high of $2.79. The company’s 50-day moving average price is $1.01 and its two-hundred day moving average price is $1.20. 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 (NYSE:OPTU) last issued its earnings results on Thursday, August 6th. The company reported ($0.67) earnings per share 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, research analysts forecast that Optimum Communications, Inc. will post -0.82 EPS for the current year.

Institutional Investors Weigh In On Optimum Communications

Several large investors have recently made changes to their positions in the company. Royal Bank of Canada boosted its stake in 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 buying an additional 1,704,908 shares during the last quarter. AQR Capital Management LLC increased its stake in Optimum Communications by 4.7% in the 1st quarter. AQR Capital Management LLC now owns 806,675 shares of the company’s stock worth $2,146,000 after acquiring an additional 36,260 shares during the last quarter. Millennium Management LLC increased its stake in Optimum Communications by 10.5% in the 1st quarter. Millennium Management LLC now owns 5,516,311 shares of the company’s stock worth $14,673,000 after acquiring an additional 524,169 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Optimum Communications by 46.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 6,397,047 shares of the company’s stock worth $17,016,000 after acquiring an additional 2,031,971 shares in the last quarter. Finally, Caxton Associates LLP bought a new position in shares of Optimum Communications during the 1st quarter valued at approximately $88,000. 54.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

OPTU has been the subject of several research analyst reports. Wells Fargo & Company cut their target price on Optimum Communications from $1.00 to $0.75 and set an “underweight” rating for the company in a research report on Tuesday, August 11th. The Goldman Sachs Group set a $1.00 price target on Optimum Communications in a report on Friday, May 8th. Citigroup downgraded Optimum Communications from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $1.50 to $0.50 in a research note on Friday, May 15th. Barclays cut their price objective on shares of Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating for the company in a report on Friday, May 8th. Finally, BNP Paribas Exane upgraded shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 2nd. Six investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, Optimum Communications currently has a consensus rating of “Reduce” and a consensus price target of $0.92.

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.