Michael Olsen Sells 20,000 Shares of Optimum Communications (NYSE:OPTU) Stock

Optimum Communications, Inc. (NYSE:OPTU) General Counsel Michael Olsen sold 20,000 shares of the firm’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $1.29, for a total value of $25,800.00. Following the sale, the general counsel directly owned 1,219,781 shares of the company’s stock, valued at approximately $1,573,517.49. This represents a 1.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Michael Olsen also recently made the following trade(s):

• On Monday, March 2nd, Michael Olsen sold 20,000 shares of Optimum Communications stock. The shares were sold at an average price of $1.40, for a total transaction of $28,000.00.
• On Tuesday, February 17th, Michael Olsen sold 250,000 shares of Optimum Communications stock. The stock was sold at an average price of $1.60, for a total transaction of $400,000.00.

Optimum Communications Trading Down 0.4%

Optimum Communications stock opened at $1.37 on Friday. The business’s 50 day simple moving average is $1.49 and its 200 day simple moving average is $1.85. Optimum Communications, Inc. has a 12 month low of $1.20 and a 12 month high of $2.98. The company has a market cap of $642.18 million, a price-to-earnings ratio of -0.34 and a beta of 1.51.

Optimum Communications (NYSE:OPTU) last released its earnings results on Thursday, February 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 last year, the firm earned ($0.12) earnings per share. As a group, equities research analysts forecast that Optimum Communications, Inc. will post -0.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its position in shares of Optimum Communications by 50.8% in the third 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 during the period. Man Group plc grew its stake in shares of Optimum Communications by 6.4% in the second quarter. Man Group plc now owns 101,736 shares of the company’s stock worth $218,000 after purchasing an additional 6,137 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Optimum Communications by 1.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 644,142 shares of the company’s stock worth $1,713,000 after purchasing an additional 7,470 shares during the last quarter. Lazard Asset Management LLC increased its position in Optimum Communications by 41.6% during the 2nd quarter. Lazard Asset Management LLC now owns 28,667 shares of the company’s stock valued at $61,000 after purchasing an additional 8,420 shares during the period. Finally, CANADA LIFE ASSURANCE Co boosted its position in Optimum Communications by 28.0% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 43,905 shares of the company’s stock valued at $103,000 after acquiring an additional 9,598 shares in the last quarter. Institutional investors own 54.85% of the company’s stock.

Analysts Set New Price Targets

OPTU has been the topic of several recent research reports. Benchmark downgraded Optimum Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Optimum Communications in a report on Wednesday, January 21st. Zacks Research lowered shares of Optimum Communications from a “hold” rating to a “strong sell” rating in a research report on Wednesday, March 18th. Raymond James Financial cut shares of Optimum Communications from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 11th. Finally, Citigroup downgraded Optimum Communications from a “buy” rating to a “neutral” rating in a research report on Sunday, February 15th. Four analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $2.19.

About Optimum Communications

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.