Altice USA (NYSE:ATUS) Issues Earnings Results

Altice USA (NYSE:ATUS) issued its quarterly earnings results on Thursday. The company reported ($3.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($3.43), Briefing.com reports. The business had revenue of $2.11 billion during the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter last year, the firm posted ($0.09) earnings per share. The company’s revenue was down 5.4% compared to the same quarter last year.

Altice USA Trading Down 4.7%

Shares of Altice USA stock traded down $0.10 during trading hours on Thursday, reaching $2.05. The stock had a trading volume of 10,275,204 shares, compared to its average volume of 2,995,276. The firm has a market capitalization of $960.73 million, a price-to-earnings ratio of -3.53 and a beta of 1.63. Altice USA has a 1 year low of $1.88 and a 1 year high of $3.20. The firm has a 50 day simple moving average of $2.38 and a two-hundred day simple moving average of $2.38.

Institutional Investors Weigh In On Altice USA

Hedge funds have recently modified their holdings of the stock. Lazard Asset Management LLC raised its holdings in shares of Altice USA by 41.6% during the 2nd quarter. Lazard Asset Management LLC now owns 28,667 shares of the company’s stock valued at $61,000 after buying an additional 8,420 shares during the period. Sei Investments Co. purchased a new stake in shares of Altice USA during the 2nd quarter valued at about $67,000. Prudential Financial Inc. purchased a new stake in shares of Altice USA during the 2nd quarter valued at about $74,000. Caxton Associates LLP purchased a new stake in shares of Altice USA during the 1st quarter valued at about $88,000. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of Altice USA during the 2nd quarter valued at about $131,000. 54.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ATUS. The Goldman Sachs Group began coverage on Altice USA in a research note on Tuesday, September 2nd. They issued a “sell” rating and a $2.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Altice USA in a report on Wednesday, October 8th. Finally, Zacks Research downgraded Altice USA from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 7th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $2.88.

About Altice USA

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.