Wolverine Asset Management LLC Makes New Investment in Optimum Communications, Inc. $OPTU

Wolverine Asset Management LLC purchased a new stake in shares of Optimum Communications, Inc. (NYSE:OPTU) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 475,441 shares of the company’s stock, valued at approximately $784,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Swiss Life Asset Management Ltd purchased a new position in shares of Optimum Communications during the 3rd quarter valued at $26,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Optimum Communications during the 3rd quarter valued at $27,000. Voleon Capital Management LP purchased a new position in shares of Optimum Communications during the 3rd quarter valued at $31,000. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Optimum Communications by 50.8% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 15,300 shares of the company’s stock valued at $39,000 after acquiring an additional 5,156 shares in the last quarter. Finally, Morningstar Investment Management LLC purchased a new position in shares of Optimum Communications during the 3rd quarter valued at $39,000. 54.85% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, General Counsel Michael Olsen sold 250,000 shares of the business’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $1.60, for a total transaction of $400,000.00. Following the transaction, the general counsel owned 1,496,277 shares in the company, valued at approximately $2,394,043.20. The trade was a 14.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last three months, insiders have sold 310,000 shares of company stock worth $485,600. 44.60% of the stock is owned by insiders.

Optimum Communications Trading Down 1.8%

OPTU stock opened at $1.40 on Thursday. Optimum Communications, Inc. has a 1 year low of $1.20 and a 1 year high of $2.98. The company has a fifty day simple moving average of $1.44 and a 200 day simple moving average of $1.69. The firm has a market cap of $656.29 million, a PE ratio of -0.35 and a beta of 1.56.

Optimum Communications (NYSE:OPTU) last released its quarterly earnings data on Thursday, February 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.14). During the same quarter last year, the business earned ($0.12) EPS. The business’s revenue was down 2.3% on a year-over-year basis. As a group, analysts forecast that Optimum Communications, Inc. will post -0.4 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently commented on OPTU. Benchmark cut shares of Optimum Communications from a “buy” rating to a “hold” rating in a report on Tuesday, February 10th. Citigroup reduced their price objective on shares of Optimum Communications from $1.90 to $1.50 and set a “neutral” rating for the company in a research note on Wednesday, April 8th. Zacks Research raised shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 16th. Weiss Ratings raised shares of Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, April 29th. Finally, Raymond James Financial lowered shares of Optimum Communications from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 11th. Five investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $1.88.

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.