Mount Capital Ltd Makes New $6.42 Million Investment in Optimum Communications, Inc. $OPTU

Mount Capital Ltd acquired a new stake in Optimum Communications, Inc. (NYSE:OPTU) in the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 3,889,664 shares of the company’s stock, valued at approximately $6,418,000. Optimum Communications makes up approximately 2.6% of Mount Capital Ltd’s holdings, making the stock its 9th largest holding.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. acquired a new position in Optimum Communications in the fourth quarter valued at about $46,002,000. Goldman Sachs Group Inc. acquired a new stake in shares of Optimum Communications during the fourth quarter worth about $12,534,000. Geode Capital Management LLC bought a new position in shares of Optimum Communications during the 4th quarter valued at about $10,324,000. Norges Bank bought a new position in shares of Optimum Communications during the 4th quarter valued at about $7,628,000. Finally, 140 Summer Partners LP acquired a new position in shares of Optimum Communications in the 3rd quarter valued at approximately $7,615,000. Institutional investors and hedge funds own 54.85% of the company’s stock.

Insiders Place Their Bets

In other news, General Counsel Michael Olsen sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $1.59, for a total transaction of $31,800.00. Following the completion of the transaction, the general counsel directly owned 1,199,781 shares of the company’s stock, valued at $1,907,651.79. This trade represents a 1.64% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 60,000 shares of company stock worth $80,000. Corporate insiders own 44.60% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on OPTU. Evercore set a $1.25 target price on Optimum Communications in a research note on Tuesday, May 12th. BNP Paribas Exane raised shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a research note on Tuesday. Zacks Research upgraded shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a report on Thursday, April 16th. UBS Group lowered their price objective on shares of Optimum Communications from $2.00 to $1.00 and set a “neutral” rating for the company in a research report on Thursday, May 14th. Finally, Benchmark lowered shares of Optimum Communications from a “buy” rating to a “hold” rating in a report on Tuesday, February 10th. Six equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $0.95.

Optimum Communications Stock Performance

NYSE:OPTU opened at $1.10 on Friday. The stock has a 50-day simple moving average of $1.20 and a 200 day simple moving average of $1.50. Optimum Communications, Inc. has a 52-week low of $0.58 and a 52-week high of $2.98. The company has a market cap of $525.17 million, a PE ratio of -0.11 and a beta of 1.36.

About Optimum Communications

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.