Altice USA, Inc. (NYSE:ATUS) Receives Average Rating of “Reduce” from Brokerages

Altice USA, Inc. (NYSE:ATUS) has received an average rating of “Reduce” from the six ratings firms that are currently covering the stock, Marketbeat.com reports. Three investment analysts have rated the stock with a sell recommendation, one has given a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $2.55.

ATUS has been the topic of several recent analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Altice USA in a research report on Wednesday, October 8th. The Goldman Sachs Group initiated coverage on shares of Altice USA in a research report on Tuesday, September 2nd. They issued a “sell” rating and a $2.00 price target for the company. Barclays lowered their price objective on shares of Altice USA from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research report on Friday, November 7th. Citigroup dropped their price objective on shares of Altice USA from $3.25 to $2.75 and set a “buy” rating on the stock in a research note on Wednesday, November 12th. Finally, Zacks Research downgraded shares of Altice USA from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 7th.

Altice USA Stock Up 1.1%

Shares of ATUS stock opened at $1.79 on Wednesday. The stock has a 50-day simple moving average of $1.96 and a 200 day simple moving average of $2.24. The stock has a market capitalization of $841.00 million, a P/E ratio of -0.45 and a beta of 1.63. Altice USA has a fifty-two week low of $1.74 and a fifty-two week high of $3.20.

Altice USA (NYSE:ATUS) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($3.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($3.43). The business had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same period last year, the firm earned ($0.09) earnings per share. The company’s revenue was down 5.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Altice USA will post -0.24 earnings per share for the current year.

Institutional Investors Weigh In On Altice USA

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Altice USA by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 27,403,757 shares of the company’s stock valued at $66,043,000 after purchasing an additional 650,087 shares during the last quarter. Empyrean Capital Partners LP raised its position in shares of Altice USA by 13.6% during the first quarter. Empyrean Capital Partners LP now owns 20,100,000 shares of the company’s stock valued at $53,466,000 after buying an additional 2,400,000 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Altice USA by 31.0% in the third quarter. Millennium Management LLC now owns 11,463,764 shares of the company’s stock valued at $27,628,000 after buying an additional 2,711,903 shares during the period. Bracebridge Capital LLC lifted its stake in shares of Altice USA by 6.0% in the first quarter. Bracebridge Capital LLC now owns 9,390,440 shares of the company’s stock valued at $24,979,000 after buying an additional 535,463 shares during the period. Finally, JPMorgan Chase & Co. grew its position in Altice USA by 11.1% during the third quarter. JPMorgan Chase & Co. now owns 8,803,557 shares of the company’s stock worth $21,217,000 after buying an additional 879,589 shares in the last quarter. Institutional investors and hedge funds own 54.85% of the company’s stock.

About Altice USA

Altice USA is a leading U.S. telecommunications and media provider offering a comprehensive suite of services that includes high-speed broadband internet, pay television, voice and mobile solutions. Formed in 2015 as a subsidiary of the European Altice Group following the acquisitions of Cablevision and Suddenlink Communications, Altice USA has invested in network upgrades and platform integration to deliver a unified customer experience under its consumer-branded Altice One set-top gateway.

On the residential side, Altice USA’s core offerings encompass multi-gigabit internet speeds, digital video packages, home telephone services and an MVNO-based mobile service that leverages partner networks.