Foursixthree Capital LP Buys 478,180 Shares of Optimum Communications, Inc. $OPTU

Foursixthree Capital LP increased its stake in Optimum Communications, Inc. (NYSE:OPTU) by 13.4% during the third quarter, Holdings Channel reports. The firm owned 4,055,638 shares of the company’s stock after acquiring an additional 478,180 shares during the period. Optimum Communications makes up approximately 2.7% of Foursixthree Capital LP’s investment portfolio, making the stock its 8th biggest position. Foursixthree Capital LP’s holdings in Optimum Communications were worth $9,774,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of OPTU. Brevan Howard Capital Management LP acquired a new stake in Optimum Communications during the third quarter worth about $598,000. Carronade Capital Management LP increased its holdings in Optimum Communications by 42.3% in the 3rd quarter. Carronade Capital Management LP now owns 5,768,682 shares of the company’s stock valued at $13,903,000 after buying an additional 1,715,073 shares during the period. 140 Summer Partners LP acquired a new position in shares of Optimum Communications in the 3rd quarter valued at approximately $7,615,000. Virtu Financial LLC acquired a new position in shares of Optimum Communications in the 3rd quarter valued at approximately $81,000. Finally, California State Teachers Retirement System lifted its holdings in shares of Optimum Communications by 24.8% during the 3rd quarter. California State Teachers Retirement System now owns 243,553 shares of the company’s stock worth $587,000 after acquiring an additional 48,470 shares during the period. Institutional investors and hedge funds own 54.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Evercore set a $2.00 price target on shares of Optimum Communications in a research report on Friday, February 13th. Zacks Research upgraded shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Optimum Communications in a research note on Wednesday, January 21st. Benchmark downgraded Optimum Communications from a “buy” rating to a “hold” rating in a report on Tuesday, February 10th. Finally, Citigroup lowered Optimum Communications from a “buy” rating to a “neutral” rating in a research note on Sunday, February 15th. Five analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Optimum Communications has an average rating of “Reduce” and an average price target of $2.19.

Insider Activity at Optimum Communications

In related news, General Counsel Michael Olsen sold 250,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $1.60, for a total value of $400,000.00. Following the sale, the general counsel directly owned 1,496,277 shares in the company, valued at $2,394,043.20. This represents a 14.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 44.60% of the stock is currently owned by corporate insiders.

Optimum Communications Trading Down 2.1%

Shares of OPTU opened at $1.41 on Monday. The company has a market capitalization of $663.35 million, a PE ratio of -0.35 and a beta of 1.51. Optimum Communications, Inc. has a 12 month low of $1.35 and a 12 month high of $2.98. The stock’s 50-day moving average price is $1.63 and its two-hundred day moving average price is $1.95.

Optimum Communications (NYSE:OPTU) last released its quarterly earnings results on Thursday, February 12th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.14). The company’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.12) earnings per share. Equities research analysts predict that Optimum Communications, Inc. will post -0.24 EPS for the current fiscal year.

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.