JPMorgan Chase & Co. Boosts Altice USA (NYSE:ATUS) Price Target to $31.00

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Altice USA (NYSE:ATUS) had its price target raised by JPMorgan Chase & Co. from $28.00 to $31.00 in a report issued on Thursday, The Fly reports. They currently have an overweight rating on the stock.

A number of other brokerages also recently issued reports on ATUS. TD Securities boosted their price target on Altice USA from $27.00 to $29.00 and gave the company a buy rating in a report on Tuesday, May 7th. Zacks Investment Research downgraded Altice USA from a buy rating to a hold rating in a report on Tuesday, April 30th. Pivotal Research reaffirmed a buy rating and set a $40.00 target price on shares of Altice USA in a research note on Wednesday, July 31st. TheStreet raised Altice USA from a d+ rating to a c+ rating in a research note on Thursday, April 25th. Finally, Macquarie started coverage on Altice USA in a research note on Wednesday, June 19th. They set a buy rating and a $30.00 target price for the company. Two analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $29.42.

Shares of NYSE:ATUS opened at $26.98 on Thursday. Altice USA has a 12-month low of $14.49 and a 12-month high of $27.74. The firm has a market capitalization of $18.21 billion, a P/E ratio of 337.25 and a beta of 0.99. The firm has a 50 day moving average of $24.96. The company has a debt-to-equity ratio of 9.18, a current ratio of 0.29 and a quick ratio of 0.39.

Altice USA (NYSE:ATUS) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.13 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.08 by $0.05. Altice USA had a return on equity of 13.57% and a net margin of 3.16%. The company had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.45 billion. During the same period in the previous year, the company posted ($0.13) earnings per share. Altice USA’s revenue for the quarter was up 3.7% on a year-over-year basis. On average, equities research analysts anticipate that Altice USA will post 0.51 EPS for the current year.

In other news, Director Dennis Okhuijsen sold 551,724 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $24.67, for a total transaction of $13,611,031.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 45.00% of the company’s stock.

Several hedge funds have recently made changes to their positions in ATUS. Northern Trust Corp grew its position in Altice USA by 3.7% during the 4th quarter. Northern Trust Corp now owns 285,186 shares of the company’s stock valued at $4,711,000 after purchasing an additional 10,179 shares during the last quarter. Two Sigma Advisers LP bought a new position in Altice USA during the 4th quarter valued at about $2,346,000. Gotham Asset Management LLC bought a new position in Altice USA during the 4th quarter valued at about $272,000. Legal & General Group Plc lifted its stake in Altice USA by 2,100.4% during the 4th quarter. Legal & General Group Plc now owns 250,427 shares of the company’s stock valued at $4,137,000 after acquiring an additional 239,046 shares during the period. Finally, Macquarie Group Ltd. lifted its stake in Altice USA by 3,436.1% during the 4th quarter. Macquarie Group Ltd. now owns 50,000 shares of the company’s stock valued at $826,000 after acquiring an additional 48,586 shares during the period. 50.22% of the stock is owned by institutional investors and hedge funds.

Altice USA Company Profile

Altice USA, Inc, together with its subsidiaries, provides broadband communications and video services in the United States. The company operates in two segments, Cablevision and Cequel. It delivers broadband, pay television, telephony services, Wi-Fi hotspot access, proprietary content, and advertising services to approximately 4.9 million residential and business customers.

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