State of Michigan Retirement System Acquires 405,385 Shares of Charter Communications, Inc. $CHTR

State of Michigan Retirement System raised its holdings in Charter Communications, Inc. (NASDAQ:CHTR) by 1,547.4% during the 1st quarter, HoldingsChannel.com reports. The fund owned 431,582 shares of the company’s stock after acquiring an additional 405,385 shares during the quarter. State of Michigan Retirement System’s holdings in Charter Communications were worth $93,170,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of CHTR. AQR Capital Management LLC lifted its position in Charter Communications by 129.1% during the first quarter. AQR Capital Management LLC now owns 11,875 shares of the company’s stock valued at $4,356,000 after purchasing an additional 6,691 shares during the last quarter. Integrated Wealth Concepts LLC increased its holdings in shares of Charter Communications by 16.3% in the 1st quarter. Integrated Wealth Concepts LLC now owns 913 shares of the company’s stock worth $336,000 after buying an additional 128 shares during the last quarter. Jones Financial Companies Lllp raised its position in shares of Charter Communications by 48.1% during the 1st quarter. Jones Financial Companies Lllp now owns 1,339 shares of the company’s stock valued at $493,000 after buying an additional 435 shares in the last quarter. Geneos Wealth Management Inc. raised its position in shares of Charter Communications by 141.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 94 shares of the company’s stock valued at $35,000 after buying an additional 55 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in shares of Charter Communications by 451.1% during the 1st quarter. Acadian Asset Management LLC now owns 733 shares of the company’s stock worth $270,000 after acquiring an additional 600 shares during the last quarter. 81.76% of the stock is currently owned by institutional investors.

Charter Communications Price Performance

CHTR stock opened at $131.37 on Tuesday. The firm has a market cap of $16.16 billion, a P/E ratio of 3.55, a P/E/G ratio of 0.23 and a beta of 0.71. The firm’s fifty day moving average is $139.97 and its 200 day moving average is $188.89. Charter Communications, Inc. has a 52 week low of $124.05 and a 52 week high of $402.15. The company has a debt-to-equity ratio of 4.56, a quick ratio of 0.40 and a current ratio of 0.40.

Charter Communications (NASDAQ:CHTR) last posted its quarterly earnings results on Friday, April 24th. The company reported $9.17 earnings per share for the quarter, missing the consensus estimate of $10.01 by ($0.84). Charter Communications had a return on equity of 24.20% and a net margin of 9.03%.The business had revenue of $13.60 billion during the quarter, compared to the consensus estimate of $13.56 billion. During the same period in the prior year, the firm earned $8.42 earnings per share. The business’s revenue for the quarter was down 1.0% on a year-over-year basis. Research analysts predict that Charter Communications, Inc. will post 42.06 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Mauricio Ramos purchased 9,929 shares of the firm’s stock in a transaction on Friday, May 15th. The shares were acquired at an average cost of $140.93 per share, with a total value of $1,399,293.97. Following the purchase, the director directly owned 19,309 shares of the company’s stock, valued at approximately $2,721,217.37. This trade represents a 105.85% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Thomas Rutledge sold 18,200 shares of the business’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $146.94, for a total value of $2,674,308.00. Following the completion of the sale, the director owned 3,968 shares of the company’s stock, valued at $583,057.92. The trade was a 82.10% decrease in their position. The SEC filing for this sale provides additional information. Insiders have purchased a total of 20,125 shares of company stock worth $3,167,116 in the last 90 days. 1.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CHTR has been the subject of several research reports. JPMorgan Chase & Co. initiated coverage on shares of Charter Communications in a research report on Wednesday, April 29th. They issued a “neutral” rating and a $215.00 target price for the company. Weiss Ratings restated a “sell (d+)” rating on shares of Charter Communications in a research report on Wednesday, June 24th. Wells Fargo & Company cut their price objective on Charter Communications from $170.00 to $160.00 and set an “underweight” rating for the company in a report on Tuesday, July 7th. Benchmark reduced their price objective on Charter Communications from $455.00 to $435.00 and set a “buy” rating on the stock in a research report on Thursday, April 23rd. Finally, Royal Bank Of Canada decreased their price objective on Charter Communications from $250.00 to $220.00 and set a “sector perform” rating on the stock in a report on Monday, April 27th. Five investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and six have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus target price of $255.69.

Charter Communications Company Profile

Charter Communications, Inc is a U.S.-based telecommunications and mass media company that provides broadband communications and video services to residential and business customers. Operating primarily under the Spectrum brand, the company offers high-speed internet, cable television, digital voice (phone) and wireless services, as well as managed and enterprise networking solutions for commercial customers. Charter’s service portfolio targets both consumer and business markets with bundled and standalone offerings designed to meet streaming, connectivity and communications needs.

The company’s consumer-facing products include Spectrum Internet, Spectrum TV and Spectrum Voice, while Spectrum Mobile provides wireless service through arrangements with national wireless carriers.