27,879,788 Shares in Optimum Communications, Inc. $OPTU Bought by Vanguard Group Inc.

Vanguard Group Inc. bought a new position in shares of Optimum Communications, Inc. (NYSE:OPTU) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 27,879,788 shares of the company’s stock, valued at approximately $46,002,000. Vanguard Group Inc. owned 5.93% of Optimum Communications at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Calamos Advisors LLC bought a new stake in Optimum Communications in the 4th quarter valued at $136,000. Arizona State Retirement System bought a new stake in Optimum Communications in the 4th quarter valued at $112,000. Eos Management L.P. bought a new stake in Optimum Communications in the 4th quarter valued at $97,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Optimum Communications in the 4th quarter valued at $196,000. Finally, CWM LLC bought a new stake in Optimum Communications in the 4th quarter valued at $48,000. Institutional investors own 54.85% of the company’s stock.

Analyst Upgrades and Downgrades

OPTU has been the topic of several analyst reports. Barclays lowered their target price on shares of Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating on the stock in a report on Friday, May 8th. Zacks Research raised shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a report on Thursday, April 16th. Wall Street Zen lowered shares of Optimum Communications from a “sell” rating to a “strong sell” rating in a report on Saturday. The Goldman Sachs Group set a $1.00 target price on shares of Optimum Communications in a report on Friday, May 8th. Finally, Evercore set a $1.25 target price on shares of Optimum Communications in a report on Tuesday. Five analysts have rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $0.95.

Optimum Communications Stock Performance

NYSE OPTU opened at $0.81 on Friday. The business has a 50 day simple moving average of $1.38 and a 200 day simple moving average of $1.63. Optimum Communications, Inc. has a 52-week low of $0.79 and a 52-week high of $2.98. The stock has a market cap of $387.61 million, a price-to-earnings ratio of -0.08 and a beta of 1.56.

Optimum Communications (NYSE:OPTU) last issued its quarterly earnings results on Thursday, February 12th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.14). The firm’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.12) EPS. On average, analysts predict that Optimum Communications, Inc. will post -0.5 EPS for the current year.

Insider Buying and Selling at Optimum Communications

In other news, General Counsel Michael Olsen sold 250,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $1.60, for a total transaction of $400,000.00. Following the completion of the transaction, the general counsel directly owned 1,496,277 shares of the company’s stock, valued at $2,394,043.20. This trade represents a 14.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 company insiders.

Optimum Communications 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.