Insider Buying: Optimum Communications (NYSE:OPTU) Major Shareholder Purchases $454,912.35 in Stock

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin acquired 535,191 shares of the company’s stock in a transaction dated Friday, August 21st. The shares were acquired at an average price of $0.85 per share, for a total transaction of $454,912.35. Following the completion of the purchase, the insider owned 19,377,198 shares of the company’s stock, valued at approximately $16,470,618.30. This represents a 2.84% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Optimum Communications Stock Down 0.5%

Shares of OPTU stock opened at $1.01 on Monday. The firm has a market cap of $276.66 million, a price-to-earnings ratio of -0.10 and a beta of 1.20. 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 is $1.01 and its 200 day moving average is $1.20.

Optimum Communications (NYSE:OPTU) last posted its earnings results on Thursday, August 6th. The company reported ($0.67) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.50). The business had revenue of $2.02 billion during the quarter. Analysts anticipate that Optimum Communications, Inc. will post -0.82 EPS for the current fiscal year.

Institutional Trading of Optimum Communications

A number of institutional investors have recently made changes to their positions in the business. Cibc World Markets Corp acquired a new position in Optimum Communications during the 4th quarter valued at about $29,000. Voleon Capital Management LP acquired a new stake in Optimum Communications in the third quarter worth about $31,000. Cidel Asset Management Inc. acquired a new stake in Optimum Communications in the first quarter worth about $32,000. Xponance LLC purchased a new stake in shares of Optimum Communications during the fourth quarter worth about $34,000. Finally, Morningstar Investment Management LLC purchased a new stake in shares of Optimum Communications during the third quarter worth about $39,000. Institutional investors and hedge funds own 54.85% of the company’s stock.

Trending Headlines about Optimum Communications

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.

Analyst Upgrades and Downgrades

OPTU has been the topic of a number of recent research reports. Wells Fargo & Company dropped their price objective 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. Wall Street Zen downgraded shares of Optimum Communications from a “sell” rating to a “strong sell” rating in a report on Sunday, July 26th. Weiss Ratings raised shares of Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday. The Goldman Sachs Group set a $1.00 price target on shares of Optimum Communications in a report on Friday, May 8th. Finally, Citigroup downgraded shares of Optimum Communications from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $1.50 to $0.50 in a research report on Friday, May 15th. Six analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, Optimum Communications presently has a consensus rating of “Reduce” and an average price target of $0.92.

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.