JPMorgan Chase & Co. Boosts Stock Position in Altice USA, Inc. (NYSE:ATUS)

JPMorgan Chase & Co. boosted its position in shares of Altice USA, Inc. (NYSE:ATUS) by 1,617.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,902,834 shares of the company’s stock after acquiring an additional 1,792,054 shares during the quarter. JPMorgan Chase & Co. owned 0.41% of Altice USA worth $4,681,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ATUS. 140 Summer Partners LP purchased a new stake in shares of Altice USA during the third quarter worth $9,004,000. King Street Capital Management L.P. acquired a new position in Altice USA during the 2nd quarter worth $5,100,000. LMR Partners LLP increased its holdings in Altice USA by 217.5% during the 3rd quarter. LMR Partners LLP now owns 3,000,000 shares of the company’s stock worth $7,380,000 after purchasing an additional 2,055,000 shares during the period. Empyrean Capital Partners LP acquired a new stake in Altice USA in the 2nd quarter valued at about $4,080,000. Finally, Paloma Partners Management Co boosted its stake in shares of Altice USA by 172.6% in the 3rd quarter. Paloma Partners Management Co now owns 2,210,941 shares of the company’s stock valued at $5,439,000 after buying an additional 1,400,000 shares during the period. 54.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Altice USA

In other Altice USA news, Director Alt S.A.R.L. Next sold 805,227 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $24.50, for a total transaction of $19,728,061.50. Following the transaction, the director now directly owns 38,055,771 shares of the company’s stock, valued at approximately $932,366,389.50. This trade represents a 2.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last quarter, insiders sold 15,299,331 shares of company stock worth $374,833,610. 52.90% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on ATUS shares. TD Cowen cut their target price on shares of Altice USA from $6.00 to $3.50 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Citigroup boosted their price target on shares of Altice USA from $2.50 to $3.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. Five research analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $2.30.

Altice USA Price Performance

Shares of ATUS opened at $2.76 on Friday. The firm has a fifty day moving average price of $2.53 and a 200 day moving average price of $2.25. The stock has a market cap of $1.27 billion, a PE ratio of -7.45 and a beta of 1.50. Altice USA, Inc. has a 1-year low of $1.52 and a 1-year high of $3.18.

Altice USA (NYSE:ATUS) last posted its earnings results on Monday, November 4th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.13). The firm had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.24 billion. The business’s revenue was down 3.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.15 earnings per share. As a group, equities analysts expect that Altice USA, Inc. will post -0.06 EPS for the current fiscal year.

Altice USA 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.