Insider Buying: Optimum Communications (NYSE:OPTU) Major Shareholder Acquires $541,886.46 in Stock

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin acquired 732,279 shares of the firm’s stock in a transaction that occurred on Thursday, July 30th. The shares were purchased at an average price of $0.74 per share, with a total value of $541,886.46. Following the acquisition, the insider owned 17,379,042 shares of the company’s stock, valued at approximately $12,860,491.08. This trade represents a 4.40% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Optimum Communications Stock Performance

OPTU opened at $1.01 on Monday. The firm’s fifty day moving average is $1.01 and its two-hundred day moving average is $1.20. The firm has a market cap of $276.66 million, a PE ratio of -0.10 and a beta of 1.20. Optimum Communications, Inc. has a twelve month low of $0.58 and a twelve month high of $2.79.

Optimum Communications (NYSE:OPTU) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.67) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.50). The firm had revenue of $2.02 billion for the quarter. Equities analysts forecast that Optimum Communications, Inc. will post -0.82 EPS for the current fiscal year.

Institutional Investors Weigh In On Optimum Communications

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Corient Private Wealth LP lifted its position in Optimum Communications by 32.0% during the 2nd quarter. Corient Private Wealth LP now owns 278,520 shares of the company’s stock worth $404,000 after buying an additional 67,506 shares in the last quarter. California State Teachers Retirement System increased its position in shares of Optimum Communications by 62.2% in the second quarter. California State Teachers Retirement System now owns 367,832 shares of the company’s stock valued at $533,000 after acquiring an additional 141,080 shares during the last quarter. Segall Bryant & Hamill LLC acquired a new stake in shares of Optimum Communications in the first quarter valued at about $54,000. Bank of America Corp DE raised its holdings in Optimum Communications by 4.2% during the first quarter. Bank of America Corp DE now owns 1,082,376 shares of the company’s stock worth $1,407,000 after acquiring an additional 43,279 shares in the last quarter. Finally, Readystate Asset Management LP raised its holdings in Optimum Communications by 23.7% during the first quarter. Readystate Asset Management LP now owns 1,230,769 shares of the company’s stock worth $1,600,000 after acquiring an additional 235,559 shares in the last quarter. 54.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

OPTU has been the subject of several recent analyst reports. UBS Group lowered their price target on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating for the company in a report on Thursday, May 14th. Wells Fargo & Company lowered their target price on Optimum Communications from $1.00 to $0.75 and set an “underweight” rating for the company in a research note on Tuesday, August 11th. Barclays dropped their price objective on shares of Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating on the stock in a report on Friday, May 8th. Evercore set a $1.25 price objective on shares of Optimum Communications in a research report on Tuesday, May 12th. Finally, The Goldman Sachs Group set a $1.00 target price on shares of Optimum Communications in a research note on Friday, May 8th. Six investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $0.92.

Optimum Communications News Summary

Here are the key news stories impacting Optimum Communications this week:

• Positive Sentiment: Subin’s most significant purchase was 1.29 million shares at an average price of $0.84 on August 19. He also bought 535,191 shares on August 21 and 171,711 shares on August 24. His holdings increased to approximately 19.55 million shares, indicating continued willingness to commit capital as OPTU trades near the $1 level. SEC ownership filing
• Positive Sentiment: The buying continued with smaller purchases on August 25 and additional transactions in late July, including 732,279 shares on July 30. Repeated purchases by a major shareholder can be interpreted as a signal that the investor believes the stock is undervalued or expects an improved outlook.

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.