MHR Fund Management LLC Invests $1.77 Million in Optimum Communications, Inc. $OPTU

MHR Fund Management LLC bought a new position in Optimum Communications, Inc. (NYSE:OPTU) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 1,070,800 shares of the company’s stock, valued at approximately $1,767,000. Optimum Communications makes up approximately 0.2% of MHR Fund Management LLC’s portfolio, making the stock its 9th largest holding.

Several other institutional investors have also recently made changes to their positions in OPTU. Millennium Management LLC bought a new position in Optimum Communications during the 4th quarter valued at approximately $24,478,000. Janus Henderson Group PLC bought a new position in Optimum Communications during the 4th quarter valued at approximately $156,000. Empyrean Capital Partners LP bought a new position in Optimum Communications during the 4th quarter valued at approximately $41,297,000. CastleKnight Management LP bought a new position in Optimum Communications during the 4th quarter valued at approximately $8,422,000. Finally, Cerberus Capital Management L.P. bought a new position in Optimum Communications during the 4th quarter valued at approximately $6,502,000. Institutional investors own 54.85% of the company’s stock.

Optimum Communications Stock Down 2.9%

OPTU stock opened at $1.25 on Thursday. The business has a 50 day moving average of $1.18 and a 200 day moving average of $1.47. Optimum Communications, Inc. has a twelve month low of $0.58 and a twelve month high of $2.98. The firm has a market cap of $596.68 million, a PE ratio of -0.13 and a beta of 1.36.

Insider Buying and Selling

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 transaction of $31,800.00. Following the sale, the general counsel directly owned 1,199,781 shares in the company, valued at approximately $1,907,651.79. This trade represents a 1.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 60,000 shares of company stock worth $80,000. Company insiders own 43.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Wall Street Zen lowered Optimum Communications from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 16th. BNP Paribas Exane raised Optimum Communications from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 2nd. Zacks Research raised Optimum Communications from a “strong sell” rating to a “hold” rating in a research report on Thursday, April 16th. Barclays reduced their price objective on Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating for the company in a research report on Friday, May 8th. Finally, Evercore set a $1.25 price objective on Optimum Communications in a research report on Tuesday, May 12th. Six research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, Optimum Communications has an average rating of “Reduce” and a consensus target price of $0.95.

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.