Senator Investment Group LP Invests $8.25 Million in Optimum Communications, Inc. $OPTU

Senator Investment Group LP bought a new position in shares of Optimum Communications, Inc. (NYSE:OPTU) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 5,000,000 shares of the company’s stock, valued at approximately $8,250,000.

Other institutional investors have also modified their holdings of the company. 140 Summer Partners LP purchased a new stake in shares of Optimum Communications during the 3rd quarter worth about $7,615,000. JPMorgan Chase & Co. grew its holdings in shares of Optimum Communications by 11.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 8,803,557 shares of the company’s stock worth $21,217,000 after purchasing an additional 879,589 shares during the period. Carronade Capital Management LP grew its holdings in shares of Optimum Communications by 42.3% during the 3rd quarter. Carronade Capital Management LP now owns 5,768,682 shares of the company’s stock worth $13,903,000 after purchasing an additional 1,715,073 shares during the period. Vanguard Group Inc. purchased a new position in Optimum Communications in the 4th quarter worth approximately $46,002,000. Finally, Shenkman Capital Management Inc. purchased a new position in Optimum Communications in the 4th quarter worth approximately $1,444,000. Hedge funds and other institutional investors own 54.85% of the company’s stock.

Insider Activity

In other Optimum Communications news, General Counsel Michael Olsen sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $1.59, for a total value of $31,800.00. Following the transaction, the general counsel directly owned 1,199,781 shares of the company’s stock, valued at $1,907,651.79. This represents a 1.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 60,000 shares of company stock valued at $80,000. Corporate insiders own 43.40% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on OPTU shares. UBS Group decreased their price target on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating for the company in a report on Thursday, May 14th. The Goldman Sachs Group set a $1.00 price target on Optimum Communications in a report on Friday, May 8th. Wall Street Zen cut Optimum Communications from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. Zacks Research upgraded Optimum Communications from a “strong sell” rating to a “hold” rating in a report on Thursday, April 16th. Finally, Raymond James Financial cut Optimum Communications from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 11th. Six equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $0.95.

Optimum Communications Stock Up 6.4%

Shares of OPTU opened at $1.37 on Tuesday. The business’s 50 day moving average is $1.19 and its two-hundred day moving average is $1.48. Optimum Communications, Inc. has a 52-week low of $0.58 and a 52-week high of $2.98. The firm has a market cap of $653.91 million, a price-to-earnings ratio of -0.14 and a beta of 1.37.

Optimum Communications Company 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.