Renaissance Technologies LLC Sells 746,500 Shares of Altice USA, Inc. (NYSE:ATUS)

Renaissance Technologies LLC lessened its stake in shares of Altice USA, Inc. (NYSE:ATUS) by 22.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,547,700 shares of the company’s stock after selling 746,500 shares during the period. Renaissance Technologies LLC owned approximately 0.55% of Altice USA worth $5,197,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Quadrature Capital Ltd bought a new position in shares of Altice USA during the fourth quarter valued at $47,000. Headlands Technologies LLC purchased a new stake in Altice USA during the 1st quarter valued at about $46,000. SG Americas Securities LLC increased its stake in Altice USA by 45.2% during the 1st quarter. SG Americas Securities LLC now owns 58,098 shares of the company’s stock valued at $152,000 after purchasing an additional 18,080 shares in the last quarter. Allianz Asset Management GmbH raised its holdings in Altice USA by 1.6% in the fourth quarter. Allianz Asset Management GmbH now owns 1,500,079 shares of the company’s stock worth $4,875,000 after buying an additional 23,557 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of Altice USA by 0.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 5,669,487 shares of the company’s stock worth $11,566,000 after buying an additional 24,501 shares in the last quarter. Hedge funds and other institutional investors own 54.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on ATUS shares. The Goldman Sachs Group began coverage on shares of Altice USA in a report on Monday, July 1st. They issued a “sell” rating and a $2.00 price objective for the company. UBS Group cut Altice USA from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $4.00 to $2.00 in a research note on Friday, August 2nd. Finally, Evercore ISI dropped their price objective on Altice USA from $3.00 to $2.00 and set an “in-line” rating on the stock in a research report on Tuesday, July 2nd. Six research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, Altice USA has an average rating of “Hold” and an average target price of $1.97.

Altice USA Price Performance

Altice USA stock opened at $2.46 on Friday. Altice USA, Inc. has a 52-week low of $1.52 and a 52-week high of $3.66. The company has a market cap of $1.13 billion, a P/E ratio of 246.00, a P/E/G ratio of 2.71 and a beta of 1.51. The business has a 50-day simple moving average of $1.89 and a two-hundred day simple moving average of $2.12.

Altice USA (NYSE:ATUS) last announced its earnings results on Thursday, August 1st. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.05). The business had revenue of $2.24 billion for the quarter, compared to analysts’ expectations of $2.25 billion. Altice USA had a negative net margin of 0.62% and a negative return on equity of 1.54%. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.17 earnings per share. Research analysts anticipate that Altice USA, Inc. will post 0.1 EPS for the current fiscal year.

Altice USA 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 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.