BW Gestao de Investimentos Ltda. Takes Position in Optimum Communications, Inc. $OPTU

BW Gestao de Investimentos Ltda. acquired a new stake in Optimum Communications, Inc. (NYSE:OPTU) during the 4th quarter, Holdings Channel reports. The firm acquired 980,797 shares of the company’s stock, valued at approximately $1,618,000.

Several other large investors have also made changes to their positions in the business. Optimize Financial Inc purchased a new stake in shares of Optimum Communications in the third quarter worth about $1,595,000. 140 Summer Partners LP purchased a new stake in shares of Optimum Communications in the third quarter worth about $7,615,000. JPMorgan Chase & Co. lifted its position in shares of Optimum Communications by 11.1% in the third quarter. JPMorgan Chase & Co. now owns 8,803,557 shares of the company’s stock worth $21,217,000 after buying an additional 879,589 shares in the last quarter. Carronade Capital Management LP lifted its position 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 worth $13,903,000 after buying an additional 1,715,073 shares in the last quarter. Finally, Vanguard Group Inc. purchased a new stake in shares of Optimum Communications in the fourth quarter worth about $46,002,000. 54.85% of the stock is currently owned by hedge funds and other institutional investors.

Optimum Communications Price Performance

Shares of NYSE OPTU opened at $1.18 on Wednesday. The business’s 50 day moving average is $1.22 and its two-hundred day moving average is $1.52. Optimum Communications, Inc. has a 1-year low of $0.58 and a 1-year high of $2.98. The stock has a market capitalization of $559.85 million, a P/E ratio of -0.12 and a beta of 1.36.

Insiders Place Their Bets

In other Optimum Communications news, General Counsel Michael Olsen sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $1.59, for a total transaction of $31,800.00. Following the sale, the general counsel directly owned 1,199,781 shares of the company’s stock, valued at $1,907,651.79. The trade was a 1.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 60,000 shares of company stock worth $80,000 over the last quarter. Insiders own 44.60% of the company’s stock.

Wall Street Analysts Forecast Growth

OPTU has been the topic of a number of research analyst reports. Barclays decreased their target price on Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating on the stock in a research report on Friday, May 8th. Citigroup downgraded Optimum Communications from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $1.50 to $0.50 in a research report on Friday, May 15th. Raymond James Financial downgraded Optimum Communications from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 11th. Zacks Research upgraded Optimum Communications from a “strong sell” rating to a “hold” rating in a research report on Thursday, April 16th. Finally, UBS Group decreased their target price on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating on the stock in a research report on Thursday, May 14th. Six research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Optimum Communications presently has a consensus rating of “Reduce” and a consensus target price of $0.95.

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.