Carronade Capital Management LP Has $13.90 Million Stock Position in Optimum Communications, Inc. $OPTU

Carronade Capital Management LP lifted its stake in Optimum Communications, Inc. (NYSE:OPTU) by 42.3% during the 3rd quarter, Holdings Channel reports. The firm owned 5,768,682 shares of the company’s stock after acquiring an additional 1,715,073 shares during the period. Optimum Communications makes up 0.3% of Carronade Capital Management LP’s holdings, making the stock its 14th biggest holding. Carronade Capital Management LP’s holdings in Optimum Communications were worth $13,903,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in OPTU. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Optimum Communications in the third quarter valued at about $27,000. Wealth Enhancement Advisory Services LLC boosted its holdings in Optimum Communications by 50.8% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 15,300 shares of the company’s stock worth $39,000 after buying an additional 5,156 shares during the last quarter. Guardian Capital LP acquired a new position in shares of Optimum Communications during the 3rd quarter worth about $52,000. Ameritas Investment Partners Inc. bought a new stake in shares of Optimum Communications in the 2nd quarter valued at about $57,000. Finally, Savant Capital LLC bought a new stake in shares of Optimum Communications in the 2nd quarter valued at about $57,000. 54.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Evercore set a $2.00 price objective on shares of Optimum Communications in a research note on Friday, February 13th. Raymond James Financial downgraded shares of Optimum Communications from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Zacks Research upgraded shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Optimum Communications in a research report on Wednesday, January 21st. Finally, Benchmark cut shares of Optimum Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Five research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $2.19.

Optimum Communications Stock Performance

Shares of OPTU opened at $1.41 on Friday. The stock has a 50 day simple moving average of $1.63 and a 200 day simple moving average of $1.96. Optimum Communications, Inc. has a 52-week low of $1.35 and a 52-week high of $2.98. The firm has a market capitalization of $663.35 million, a PE ratio of -0.35 and a beta of 1.51.

Optimum Communications (NYSE:OPTU) last announced its earnings results 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 period in the previous year, the business posted ($0.12) EPS. Optimum Communications’s revenue for the quarter was down 2.3% compared to the same quarter last year. Equities research analysts predict that Optimum Communications, Inc. will post -0.24 EPS for the current fiscal year.

Insider Activity

In related news, General Counsel Michael Olsen sold 20,000 shares of the firm’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $1.40, for a total transaction of $28,000.00. Following the sale, the general counsel directly owned 1,239,781 shares in the company, valued at $1,735,693.40. This trade represents a 1.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 44.60% of the stock is owned by corporate insiders.

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.