Optimum Communications, Inc. (NYSE:OPTU) Receives Consensus Rating of “Reduce” from Analysts

Shares of Optimum Communications, Inc. (NYSE:OPTU) have earned an average recommendation of “Reduce” from the six research firms that are currently covering the stock, Marketbeat reports. Two analysts have rated the stock with a sell recommendation and four have assigned a hold recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $2.1875.

Several brokerages have commented on OPTU. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Optimum Communications in a report on Wednesday, January 21st. Evercore set a $2.00 target price on Optimum Communications in a report on Friday, February 13th. Barclays decreased their target price on shares of Optimum Communications from $3.00 to $2.00 and set an “equal weight” rating for the company in a research report on Friday, November 7th. Zacks Research upgraded shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 17th. Finally, Benchmark downgraded shares of Optimum Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, February 10th.

Optimum Communications Stock Down 4.9%

Optimum Communications stock opened at $1.37 on Monday. The stock has a market cap of $644.53 million, a PE ratio of -0.34 and a beta of 1.51. Optimum Communications has a 12-month low of $1.37 and a 12-month high of $2.98. The business’s 50-day moving average price is $1.70 and its two-hundred day moving average price is $2.01.

Optimum Communications (NYSE:OPTU) last issued its earnings results on Thursday, February 12th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.14). The business had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.15 billion. Optimum Communications’s quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.12) EPS. As a group, analysts expect that Optimum Communications will post -0.24 earnings per share for the current year.

Insider Activity

In related news, General Counsel Michael Olsen sold 250,000 shares of the company’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $1.60, for a total transaction of $400,000.00. Following the sale, the general counsel owned 1,496,277 shares in the company, valued at $2,394,043.20. This represents a 14.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 44.60% of the stock is owned by corporate insiders.

Institutional Trading of Optimum Communications

Several large investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC lifted its position in shares of Optimum Communications by 50.8% during the 3rd 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. Teacher Retirement System of Texas boosted its position in shares of Optimum Communications by 17.9% during the 2nd quarter. Teacher Retirement System of Texas now owns 35,815 shares of the company’s stock worth $77,000 after purchasing an additional 5,450 shares in the last quarter. Man Group plc grew its stake in shares of Optimum Communications by 6.4% in the 2nd quarter. Man Group plc now owns 101,736 shares of the company’s stock valued at $218,000 after buying an additional 6,137 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Optimum Communications by 1.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 644,142 shares of the company’s stock valued at $1,713,000 after buying an additional 7,470 shares in the last quarter. Finally, Lazard Asset Management LLC raised its stake in Optimum Communications by 41.6% during the 2nd quarter. Lazard Asset Management LLC now owns 28,667 shares of the company’s stock worth $61,000 after buying an additional 8,420 shares during the period. Institutional investors and hedge funds own 54.85% of the company’s stock.

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.