Alliancebernstein L.P. lifted its stake in shares of Altice USA, Inc. (NYSE:ATUS) by 372.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,539,519 shares of the company’s stock after acquiring an additional 1,213,777 shares during the period. Alliancebernstein L.P.’s holdings in Altice USA were worth $31,899,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA increased its position in shares of Altice USA by 3,101.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,899,300 shares of the company’s stock worth $39,354,000 after purchasing an additional 1,839,978 shares during the last quarter. Hudson Portfolio Management LLC purchased a new stake in Altice USA in the third quarter valued at approximately $227,000. South Dakota Investment Council purchased a new stake in shares of Altice USA during the third quarter worth approximately $255,000. Barclays PLC raised its stake in shares of Altice USA by 7.0% during the third quarter. Barclays PLC now owns 1,661,009 shares of the company’s stock worth $34,416,000 after purchasing an additional 108,740 shares during the last quarter. Finally, BlackRock Inc. grew its holdings in Altice USA by 23.6% during the third quarter. BlackRock Inc. now owns 14,226,099 shares of the company’s stock worth $294,765,000 after acquiring an additional 2,713,058 shares during the period. Institutional investors and hedge funds own 50.69% of the company’s stock.
In related news, Director Gerrit Jan Bakker bought 6,000 shares of the company’s stock in a transaction on Monday, November 8th. The shares were purchased at an average cost of $17.22 per share, for a total transaction of $103,320.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael Olsen sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, November 1st. The shares were sold at an average price of $16.36, for a total transaction of $49,080.00. The disclosure for this sale can be found here. In the last 90 days, insiders purchased 38,500 shares of company stock worth $609,545. 53.10% of the stock is owned by company insiders.
Several analysts have recently issued reports on ATUS shares. Benchmark reduced their price objective on Altice USA from $48.00 to $30.00 and set a “buy” rating on the stock in a research report on Wednesday, December 8th. BNP Paribas lowered Altice USA from a “neutral” rating to an “underperform” rating and set a $14.00 target price for the company. in a research note on Tuesday. JPMorgan Chase & Co. lowered Altice USA from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $25.00 to $20.00 in a research note on Thursday, December 9th. TD Securities lowered their price objective on Altice USA from $39.00 to $32.00 and set a “buy” rating for the company in a research note on Monday, November 8th. Finally, Citigroup decreased their target price on Altice USA from $34.00 to $21.00 and set a “neutral” rating for the company in a research report on Tuesday, October 19th. Five investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $25.25.
Shares of ATUS opened at $15.03 on Friday. The firm’s 50 day moving average is $16.14 and its 200-day moving average is $22.28. The stock has a market capitalization of $6.83 billion, a PE ratio of 6.86, a P/E/G ratio of 0.39 and a beta of 1.04. Altice USA, Inc. has a 12 month low of $14.33 and a 12 month high of $38.19.
Altice USA (NYSE:ATUS) last posted its earnings results on Thursday, November 4th. The company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.06. The firm had revenue of $2.57 billion for the quarter, compared to analysts’ expectations of $2.50 billion. Altice USA had a net margin of 10.58% and a negative return on equity of 87.53%. The company’s revenue was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.34 earnings per share. As a group, sell-side analysts forecast that Altice USA, Inc. will post 2.2 EPS for the current year.
About Altice USA
Altice USA, Inc engages in the provision of broadband, pay television, telephony services, proprietary content, and advertising services. Its brands include Optimum, Suddenlink, Lightpath, AMS, News 12 Networks, and News 12 Varsity. The firm operates through the Cablevision and Cequel business operations.
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