JPMorgan Chase & Co. Buys 879,589 Shares of Optimum Communications, Inc. $OPTU

JPMorgan Chase & Co. increased its stake in shares of Optimum Communications, Inc. (NYSE:OPTU) by 11.1% during the third quarter, HoldingsChannel reports. The fund owned 8,803,557 shares of the company’s stock after buying an additional 879,589 shares during the period. JPMorgan Chase & Co.’s holdings in Optimum Communications were worth $21,217,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Optimize Financial Inc bought a new position in Optimum Communications during the 3rd quarter worth about $1,595,000. 140 Summer Partners LP bought a new stake in shares of Optimum Communications in the third quarter valued at about $7,615,000. Carronade Capital Management LP lifted its holdings in shares of Optimum Communications by 42.3% in the third quarter. Carronade Capital Management LP now owns 5,768,682 shares of the company’s stock valued at $13,903,000 after purchasing an additional 1,715,073 shares in the last quarter. Intech Investment Management LLC acquired a new position in shares of Optimum Communications during the second quarter worth about $262,000. Finally, Geode Capital Management LLC boosted its position in shares of Optimum Communications by 114.7% during the second quarter. Geode Capital Management LLC now owns 6,052,090 shares of the company’s stock worth $12,953,000 after buying an additional 3,233,449 shares during the period. 54.85% of the stock is owned by institutional investors.

Insider Transactions at Optimum Communications

In other news, General Counsel Michael Olsen sold 20,000 shares of Optimum Communications stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $1.40, for a total value of $28,000.00. Following the completion of the transaction, the general counsel owned 1,239,781 shares of the company’s stock, valued at $1,735,693.40. This trade represents a 1.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 44.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on OPTU shares. Evercore set a $2.00 target price on Optimum Communications in a research report on Friday, February 13th. Zacks Research cut Optimum Communications from a “hold” rating to a “strong sell” rating in a research note on Wednesday, March 18th. Benchmark downgraded Optimum Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Citigroup cut shares of Optimum Communications from a “buy” rating to a “neutral” rating in a research note on Sunday, February 15th. Finally, Raymond James Financial downgraded shares of Optimum Communications from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 11th. Four research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $2.19.

Optimum Communications Stock Down 4.2%

NYSE:OPTU opened at $1.26 on Wednesday. Optimum Communications, Inc. has a twelve month low of $1.20 and a twelve month high of $2.98. The firm has a market capitalization of $590.43 million, a price-to-earnings ratio of -0.31 and a beta of 1.51. The stock’s 50 day moving average price is $1.57 and its two-hundred day moving average price is $1.90.

Optimum Communications (NYSE:OPTU) last released its quarterly earnings data on Thursday, February 12th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.14). During the same quarter in the prior year, the business earned ($0.12) earnings per share. The business’s revenue was down 2.3% on a year-over-year basis. As a group, analysts anticipate that Optimum Communications, Inc. will post -0.24 earnings per share for the current year.

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.