Optimum Communications (NYSE:OPTU) Lowered to “Market Perform” Rating by Raymond James Financial

Optimum Communications (NYSE:OPTU) was downgraded by research analysts at Raymond James Financial from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Wednesday, Marketbeat.com reports.

A number of other equities research analysts have also weighed in on the company. Citigroup lowered Optimum Communications from a “buy” rating to a “neutral” rating in a research note on Sunday, February 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Optimum Communications in a research report on Wednesday, January 21st. Benchmark cut Optimum Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, February 10th. Zacks Research raised shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 17th. Finally, Evercore set a $2.00 price target on shares of Optimum Communications in a report on Friday, February 13th. Five equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Optimum Communications currently has a consensus rating of “Reduce” and a consensus price target of $2.19.

Optimum Communications Price Performance

Shares of OPTU stock opened at $1.49 on Wednesday. The company’s fifty day moving average price is $1.65 and its two-hundred day moving average price is $1.97. The firm has a market capitalization of $698.63 million, a P/E ratio of -0.37 and a beta of 1.51. Optimum Communications has a 12 month low of $1.38 and a 12 month high of $2.98.

Optimum Communications (NYSE:OPTU) last announced its earnings results on Thursday, February 12th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.14). During the same quarter in the prior year, the business posted ($0.12) earnings per share. The firm’s quarterly revenue was down 2.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Optimum Communications will post -0.24 EPS for the current year.

Insider Transactions at Optimum Communications

In other Optimum Communications news, General Counsel Michael Olsen sold 20,000 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $1.40, for a total transaction of $28,000.00. Following the transaction, the general counsel owned 1,239,781 shares of the company’s stock, valued at $1,735,693.40. This trade represents a 1.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 44.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in OPTU. Wealth Enhancement Advisory Services LLC lifted its stake in Optimum Communications by 50.8% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 15,300 shares of the company’s stock worth $39,000 after purchasing an additional 5,156 shares during the last quarter. Teacher Retirement System of Texas boosted its holdings in Optimum Communications by 17.9% in the second quarter. Teacher Retirement System of Texas now owns 35,815 shares of the company’s stock worth $77,000 after purchasing an additional 5,450 shares during the period. Man Group plc increased its stake in Optimum Communications by 6.4% during the second quarter. Man Group plc now owns 101,736 shares of the company’s stock valued at $218,000 after purchasing an additional 6,137 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Optimum Communications by 1.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 644,142 shares of the company’s stock worth $1,713,000 after purchasing an additional 7,470 shares during the period. Finally, Lazard Asset Management LLC raised its holdings in shares of Optimum Communications by 41.6% during the second quarter. Lazard Asset Management LLC now owns 28,667 shares of the company’s stock worth $61,000 after purchasing an additional 8,420 shares during the period. Institutional investors and hedge funds own 54.85% of the company’s stock.

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.