Cerberus Capital Management L.P. Takes Position in Optimum Communications, Inc. $OPTU

Cerberus Capital Management L.P. purchased a new stake in shares of Optimum Communications, Inc. (NYSE:OPTU) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 3,940,785 shares of the company’s stock, valued at approximately $6,502,000. Optimum Communications accounts for about 0.2% of Cerberus Capital Management L.P.’s holdings, making the stock its 3rd biggest holding. Cerberus Capital Management L.P. owned 0.84% of Optimum Communications as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Man Group plc lifted its holdings in shares of Optimum Communications by 6.4% during the 2nd quarter. Man Group plc now owns 101,736 shares of the company’s stock valued at $218,000 after buying an additional 6,137 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Optimum Communications by 1.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 644,142 shares of the company’s stock valued at $1,713,000 after buying an additional 7,470 shares during the period. Lazard Asset Management LLC lifted its holdings in shares of Optimum Communications 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. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Optimum Communications by 28.0% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 43,905 shares of the company’s stock valued at $103,000 after buying an additional 9,598 shares during the period. Finally, Swiss Life Asset Management Ltd bought a new position in shares of Optimum Communications during the 3rd quarter valued at $26,000. 54.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on OPTU. Zacks Research raised Optimum Communications from a “strong sell” rating to a “hold” rating in a report on Thursday, April 16th. Evercore set a $1.25 target price on Optimum Communications in a report on Tuesday, May 12th. Weiss Ratings cut Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, June 12th. Barclays decreased their target price on Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating on the stock in a report on Friday, May 8th. Finally, UBS Group decreased their target price on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. Six investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Optimum Communications presently has an average rating of “Reduce” and an average price target of $0.95.

Optimum Communications Stock Performance

Shares of OPTU stock opened at $1.25 on Thursday. Optimum Communications, Inc. has a 52-week low of $0.58 and a 52-week high of $2.98. The firm has a market capitalization of $596.68 million, a PE ratio of -0.13 and a beta of 1.36. The stock has a fifty day simple moving average of $1.18 and a two-hundred day simple moving average of $1.47.

Insider Transactions at Optimum Communications

In other Optimum Communications news, General Counsel Michael Olsen sold 20,000 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $1.59, for a total value of $31,800.00. Following the completion of the sale, the general counsel owned 1,199,781 shares in the company, valued at approximately $1,907,651.79. This represents a 1.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 60,000 shares of company stock valued at $80,000. Corporate insiders own 43.40% of the company’s stock.

Optimum Communications 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 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.