Optimum Communications (NYSE:OPTU) Major Shareholder Neil Subin Buys 120,958 Shares

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin purchased 120,958 shares of the firm’s stock in a transaction dated Friday, July 31st. The shares were bought at an average cost of $0.74 per share, with a total value of $89,508.92. Following the purchase, 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 position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Optimum Communications Stock Performance

Shares of NYSE OPTU opened at $1.01 on Friday. Optimum Communications, Inc. has a 52-week low of $0.58 and a 52-week high of $2.79. The firm has a market capitalization of $276.66 million, a price-to-earnings ratio of -0.10 and a beta of 1.20. The stock has a 50 day moving average price of $1.01 and a 200 day moving average price 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 business had revenue of $2.02 billion during the quarter. Analysts forecast that Optimum Communications, Inc. will post -0.82 earnings per share for the current year.

Hedge Funds Weigh In On Optimum Communications

Large investors have recently made changes to their positions in the business. Cerberus Capital Management L.P. purchased a new stake in shares of Optimum Communications during the 4th quarter valued at $6,502,000. Vanguard Group Inc. purchased a new position in Optimum Communications during the 4th quarter worth $46,002,000. CastleKnight Management LP purchased a new position in Optimum Communications during the 4th quarter worth $8,422,000. Mount Capital Ltd acquired a new position in Optimum Communications during the 4th quarter valued at about $6,418,000. Finally, Empyrean Capital Partners LP acquired a new position in Optimum Communications during the 4th quarter valued at about $41,297,000. 54.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Citigroup downgraded shares of Optimum Communications from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $1.50 to $0.50 in a research note on Friday, May 15th. Wells Fargo & Company dropped their target price on Optimum Communications from $1.00 to $0.75 and set an “underweight” rating on the stock in a research report on Tuesday, August 11th. Evercore set a $1.25 price target on Optimum Communications in a report on Tuesday, May 12th. The Goldman Sachs Group set a $1.00 price objective on Optimum Communications in a research note on Friday, May 8th. Finally, BNP Paribas Exane raised Optimum Communications from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 2nd. Six research analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, Optimum Communications presently has an average rating of “Reduce” and an average target price of $0.92.

Optimum Communications News Summary

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.

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.