Empyrean Capital Partners LP Makes New Investment in Optimum Communications, Inc. $OPTU

Empyrean Capital Partners LP purchased a new position in Optimum Communications, Inc. (NYSE:OPTU) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 25,028,407 shares of the company’s stock, valued at approximately $41,297,000. Optimum Communications accounts for approximately 1.4% of Empyrean Capital Partners LP’s portfolio, making the stock its 21st largest position. Empyrean Capital Partners LP owned approximately 5.33% of Optimum Communications at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. Swiss Life Asset Management Ltd purchased a new stake in Optimum Communications during the 3rd quarter worth about $26,000. Voleon Capital Management LP purchased a new position in Optimum Communications during the 3rd quarter valued at about $31,000. Morningstar Investment Management LLC bought a new stake in shares of Optimum Communications during the third quarter valued at about $39,000. Cibc World Markets Corp bought a new stake in shares of Optimum Communications during the fourth quarter valued at about $29,000. Finally, Xponance LLC purchased a new stake in shares of Optimum Communications in the fourth quarter worth about $34,000. 54.85% of the stock is currently owned by hedge funds and other institutional investors.

Optimum Communications Trading Down 2.9%

OPTU stock opened at $1.25 on Thursday. The company’s 50 day moving average is $1.18 and its 200 day moving average is $1.47. The stock has a market cap of $596.68 million, a price-to-earnings ratio of -0.13 and a beta of 1.36. Optimum Communications, Inc. has a 1-year low of $0.58 and a 1-year high of $2.98.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on OPTU shares. Zacks Research upgraded shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a research report on Thursday, April 16th. Barclays lowered their target price on shares of Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating on the stock in a research note on Friday, May 8th. UBS Group reduced their price target 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. Citigroup cut shares of Optimum Communications from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $1.50 to $0.50 in a report on Friday, May 15th. Finally, Evercore set a $1.25 price objective on Optimum Communications in a research report on Tuesday, May 12th. Six analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Optimum Communications has a consensus rating of “Reduce” and a consensus target price of $0.95.

Insider Activity

In related news, General Counsel Michael Olsen sold 20,000 shares of the company’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $1.59, for a total value of $31,800.00. Following the completion of the transaction, the general counsel directly owned 1,199,781 shares in the company, valued at approximately $1,907,651.79. The trade was a 1.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 60,000 shares of company stock worth $80,000. Insiders own 43.40% of the company’s stock.

Optimum Communications 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.