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

Carronade Capital Management LP grew its position in shares of Optimum Communications, Inc. (NYSE:OPTU) by 42.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,768,682 shares of the company’s stock after buying an additional 1,715,073 shares during the quarter. Optimum Communications makes up about 0.3% of Carronade Capital Management LP’s investment portfolio, making the stock its 14th biggest position. Carronade Capital Management LP owned 1.23% of Optimum Communications worth $13,903,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its position in Optimum Communications by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 27,403,757 shares of the company’s stock worth $66,043,000 after acquiring an additional 650,087 shares during the last quarter. JPMorgan Chase & Co. raised its position in Optimum Communications by 11.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,803,557 shares of the company’s stock valued at $21,217,000 after purchasing an additional 879,589 shares during the last quarter. Hudson Bay Capital Management LP boosted its stake in Optimum Communications by 7.5% in the second quarter. Hudson Bay Capital Management LP now owns 7,449,991 shares of the company’s stock worth $15,943,000 after purchasing an additional 521,287 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Optimum Communications by 46.6% during the first quarter. Goldman Sachs Group Inc. now owns 6,397,047 shares of the company’s stock worth $17,016,000 after purchasing an additional 2,031,971 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Optimum Communications by 114.7% during the second quarter. Geode Capital Management LLC now owns 6,052,090 shares of the company’s stock worth $12,953,000 after purchasing an additional 3,233,449 shares during the last quarter. Institutional investors own 54.85% of the company’s stock.

Optimum Communications Stock Down 2.1%

Optimum Communications stock opened at $1.41 on Friday. The business’s 50-day simple moving average is $1.63 and its 200 day simple moving average is $1.96. The stock has a market cap of $663.35 million, a price-to-earnings ratio of -0.35 and a beta of 1.51. Optimum Communications, Inc. has a 12-month low of $1.35 and a 12-month high of $2.98.

Optimum Communications (NYSE:OPTU) last announced its quarterly earnings data on Thursday, February 12th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.14). During the same period in the previous year, the company earned ($0.12) earnings per share. Optimum Communications’s quarterly revenue was down 2.3% compared to the same quarter last year. As a group, sell-side analysts expect that Optimum Communications, Inc. will post -0.24 EPS for the current year.

Insider Activity at Optimum Communications

In related news, General Counsel Michael Olsen sold 20,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the general counsel directly owned 1,239,781 shares of the company’s stock, valued at $1,735,693.40. The trade was a 1.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 44.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

OPTU has been the subject of a number of research analyst reports. Raymond James Financial cut Optimum Communications from an “outperform” rating to a “market perform” rating in a report on Wednesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Optimum Communications in a report on Wednesday, January 21st. Benchmark cut shares of Optimum Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Citigroup downgraded shares of Optimum Communications from a “buy” rating to a “neutral” rating in a research note on Sunday, February 15th. Finally, Zacks Research upgraded shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 17th. Five analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Optimum Communications has a consensus rating of “Reduce” and a consensus target price of $2.19.

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.