140 Summer Partners LP Acquires New Position in Altice USA, Inc. (NYSE:ATUS)

140 Summer Partners LP bought a new position in shares of Altice USA, Inc. (NYSE:ATUS) during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund bought 3,660,200 shares of the company’s stock, valued at approximately $9,004,000. Altice USA accounts for about 1.0% of 140 Summer Partners LP’s investment portfolio, making the stock its 17th largest position.

A number of other large investors have also modified their holdings of ATUS. 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 valued at $11,566,000 after purchasing an additional 24,501 shares during the period. LMR Partners LLP lifted its position in shares of Altice USA by 217.5% during the 3rd quarter. LMR Partners LLP now owns 3,000,000 shares of the company’s stock valued at $7,380,000 after acquiring an additional 2,055,000 shares during the period. King Street Capital Management L.P. acquired a new stake in shares of Altice USA in the 2nd quarter worth approximately $5,100,000. Empyrean Capital Partners LP purchased a new position in Altice USA in the 2nd quarter valued at approximately $4,080,000. Finally, Charles Schwab Investment Management Inc. boosted its position in Altice USA by 6.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,402,316 shares of the company’s stock worth $3,450,000 after purchasing an additional 85,936 shares in the last quarter. 54.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ATUS. TD Cowen cut their price target on Altice USA from $6.00 to $3.50 and set a “buy” rating for the company in a research note on Tuesday, November 5th. UBS Group lowered shares of Altice USA from a “buy” rating to a “neutral” rating and lowered their price target for the company from $4.00 to $2.00 in a research report on Friday, August 2nd. Five investment analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Altice USA presently has a consensus rating of “Hold” and an average target price of $2.22.

Insider Buying and Selling

In related news, Director Alt S.A.R.L. Next sold 805,227 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $24.50, for a total value of $19,728,061.50. Following the completion of the sale, the director now directly owns 38,055,771 shares in the company, valued at approximately $932,366,389.50. The trade was a 2.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders have sold 8,052,270 shares of company stock worth $197,280,615. 52.90% of the stock is owned by company insiders.

Altice USA Stock Performance

Shares of ATUS opened at $2.61 on Thursday. Altice USA, Inc. has a 1 year low of $1.52 and a 1 year high of $3.66. The company’s 50 day simple moving average is $2.47 and its 200 day simple moving average is $2.18. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of -7.04, a PEG ratio of 50.97 and a beta of 1.52.

Altice USA (NYSE:ATUS) last issued its quarterly earnings results on Monday, November 4th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.13). The business had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.24 billion. Altice USA had a negative return on equity of 1.54% and a negative net margin of 1.85%. The company’s revenue for the quarter was down 3.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.15 EPS. Equities analysts expect that Altice USA, Inc. will post 0.01 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.