Paloma Partners Management Co Grows Holdings in Altice USA, Inc. (NYSE:ATUS)

Paloma Partners Management Co lifted its position in shares of Altice USA, Inc. (NYSE:ATUS) by 172.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,210,941 shares of the company’s stock after buying an additional 1,400,000 shares during the quarter. Paloma Partners Management Co owned approximately 0.48% of Altice USA worth $5,439,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Swedbank AB acquired a new stake in Altice USA during the first quarter worth approximately $66,000. Massachusetts Financial Services Co. MA lifted its stake in shares of Altice USA by 0.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,669,487 shares of the company’s stock worth $11,566,000 after purchasing an additional 24,501 shares during the period. Vanguard Personalized Indexing Management LLC purchased a new stake in shares of Altice USA in the second quarter valued at $25,000. XTX Topco Ltd grew its position in shares of Altice USA by 112.1% in the second quarter. XTX Topco Ltd now owns 81,314 shares of the company’s stock valued at $166,000 after purchasing an additional 42,975 shares during the period. Finally, King Street Capital Management L.P. acquired a new position in Altice USA in the second quarter valued at $5,100,000. Institutional investors and hedge funds own 54.85% of the company’s stock.

Altice USA Stock Performance

NYSE ATUS opened at $2.41 on Monday. Altice USA, Inc. has a one year low of $1.52 and a one year high of $3.66. The company’s 50 day moving average price is $2.48 and its 200 day moving average price is $2.19. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of -6.51 and a beta of 1.52.

Altice USA (NYSE:ATUS) last posted its earnings results on Monday, November 4th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.13). Altice USA had a negative net margin of 1.85% and a negative return on equity of 1.54%. The business had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.24 billion. During the same quarter in the previous year, the firm posted $0.15 EPS. The business’s revenue was down 3.9% compared to the same quarter last year. Sell-side analysts forecast that Altice USA, Inc. will post -0.01 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, TD Cowen lowered their price target on Altice USA from $6.00 to $3.50 and set a “buy” rating for the company in a report on Tuesday, November 5th. Five investment analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $2.22.

Insiders Place Their Bets

In other news, Director Alt S.A.R.L. Next sold 805,227 shares of the firm’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $24.50, for a total transaction of $19,728,061.50. Following the completion of the sale, the director now directly owns 38,055,771 shares in the company, valued at $932,366,389.50. This trade represents a 2.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 8,052,270 shares of company stock worth $197,280,615 over the last quarter. 52.90% of the stock is owned by corporate insiders.

Altice USA 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 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.