Senator Investment Group LP Buys New Position in Optimum Communications, Inc. $OPTU

Senator Investment Group LP bought a new stake in Optimum Communications, Inc. (NYSE:OPTU) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 5,000,000 shares of the company’s stock, valued at approximately $8,250,000. Senator Investment Group LP owned about 1.06% of Optimum Communications at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in OPTU. Royal Bank of Canada raised its stake in Optimum Communications by 365.8% in the 1st quarter. Royal Bank of Canada now owns 2,171,000 shares of the company’s stock valued at $5,775,000 after purchasing an additional 1,704,908 shares during the last quarter. AQR Capital Management LLC raised its stake in Optimum Communications by 4.7% in the 1st quarter. AQR Capital Management LLC now owns 806,675 shares of the company’s stock valued at $2,146,000 after purchasing an additional 36,260 shares during the last quarter. Millennium Management LLC raised its stake in Optimum Communications by 10.5% in the 1st quarter. Millennium Management LLC now owns 5,516,311 shares of the company’s stock valued at $14,673,000 after purchasing an additional 524,169 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Optimum Communications by 46.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 6,397,047 shares of the company’s stock valued at $17,016,000 after purchasing an additional 2,031,971 shares during the last quarter. Finally, Caxton Associates LLP acquired a new position in Optimum Communications in the 1st quarter valued at about $88,000. Institutional investors and hedge funds own 54.85% of the company’s stock.

Optimum Communications Price Performance

OPTU opened at $1.37 on Tuesday. The stock has a market capitalization of $653.91 million, a price-to-earnings ratio of -0.14 and a beta of 1.37. The business has a 50-day moving average of $1.19 and a two-hundred day moving average of $1.48. Optimum Communications, Inc. has a 12 month low of $0.58 and a 12 month high of $2.98.

Insider Buying and Selling

In other Optimum Communications news, General Counsel Michael Olsen sold 20,000 shares of Optimum Communications stock in a transaction dated 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 $1,907,651.79. The trade was a 1.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 60,000 shares of company stock valued at $80,000. 43.40% of the stock is owned by insiders.

Analysts Set New Price Targets

OPTU has been the subject of several analyst reports. UBS Group cut their target price on shares of Optimum Communications from $2.00 to $1.00 and set a “neutral” rating for the company in a research note on Thursday, May 14th. Citigroup downgraded shares of Optimum Communications from a “neutral” rating to a “sell” rating and cut their target price for the company from $1.50 to $0.50 in a research note on Friday, May 15th. Wall Street Zen cut Optimum Communications from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. Barclays lowered their price target on Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating for the company in a report on Friday, May 8th. Finally, Weiss Ratings cut Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday. Six investment analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $0.95.

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.