Mount Capital Ltd Takes Position in Optimum Communications, Inc. $OPTU

by · The Markets Daily

Mount Capital Ltd bought a new stake in Optimum Communications, Inc. (NYSE:OPTU – Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 3,889,664 shares of the company’s stock, valued at approximately $6,418,000. Optimum Communications makes up about 2.6% of Mount Capital Ltd’s holdings, making the stock its 9th biggest holding. Mount Capital Ltd owned about 0.83% of Optimum Communications as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of OPTU. 140 Summer Partners LP bought a new stake in Optimum Communications during the third quarter worth about $7,615,000. JPMorgan Chase & Co. raised its stake in shares of Optimum Communications by 11.1% in the third quarter. JPMorgan Chase & Co. now owns 8,803,557 shares of the company’s stock valued at $21,217,000 after acquiring an additional 879,589 shares during the last quarter. Carronade Capital Management LP raised its stake in shares of Optimum Communications by 42.3% in the third quarter. Carronade Capital Management LP now owns 5,768,682 shares of the company’s stock valued at $13,903,000 after acquiring an additional 1,715,073 shares during the last quarter. Vanguard Group Inc. acquired a new position in shares of Optimum Communications in the 4th quarter worth approximately $46,002,000. Finally, Wolverine Asset Management LLC acquired a new position in shares of Optimum Communications in the 4th quarter worth approximately $784,000. Institutional investors and hedge funds own 54.85% of the company’s stock.

Analyst Upgrades and Downgrades

OPTU has been the subject of a number of recent analyst reports. UBS Group dropped 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. Wall Street Zen lowered Optimum Communications from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. Barclays decreased their target price on Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating on the stock in a report on Friday, May 8th. Zacks Research raised Optimum Communications from a “strong sell” rating to a “hold” rating in a report on Thursday, April 16th. Finally, The Goldman Sachs Group set a $1.00 price target on shares of Optimum Communications in a research report on Friday, May 8th. Six 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, the stock presently has an average rating of “Reduce” and an average target price of $0.95.

Read Our Latest Research Report on OPTU

Optimum Communications Price Performance

Shares of Optimum Communications stock opened at $1.10 on Friday. The firm has a 50 day simple moving average of $1.20 and a 200 day simple moving average of $1.50. Optimum Communications, Inc. has a fifty-two week low of $0.58 and a fifty-two week high of $2.98. The firm has a market cap of $525.17 million, a P/E ratio of -0.11 and a beta of 1.36.

Insider Buying and Selling at Optimum Communications

In other news, General Counsel Michael Olsen sold 20,000 shares of the company’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $1.59, for a total transaction of $31,800.00. Following the transaction, the general counsel owned 1,199,781 shares of the company’s stock, valued at $1,907,651.79. This represents a 1.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 60,000 shares of company stock worth $80,000 in the last ninety days. Insiders own 44.60% of the company’s stock.

Optimum Communications Company Profile

(Free Report)

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.

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