Optimum Communications (NYSE:OPTU) Cut to Market Perform at Raymond James Financial

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

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

Optimum Communications Stock Up 0.3%

Shares of OPTU stock opened at $1.49 on Wednesday. The business has a 50 day moving average of $1.65 and a two-hundred day moving average of $1.97. Optimum Communications has a 52 week low of $1.38 and a 52 week high of $2.98. The company has a market cap of $698.63 million, a P/E ratio of -0.37 and a beta of 1.51.

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

Insider Transactions at Optimum Communications

In other Optimum Communications news, General Counsel Michael Olsen sold 250,000 shares of the business’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $1.60, for a total transaction of $400,000.00. Following the completion of the transaction, the general counsel owned 1,496,277 shares in the company, valued at approximately $2,394,043.20. The trade was a 14.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 44.60% of the company’s stock.

Institutional Investors Weigh In On Optimum Communications

A number of hedge funds and other institutional investors have recently modified their holdings of OPTU. Optimize Financial Inc bought a new position in Optimum Communications in the 3rd quarter valued at about $1,595,000. JPMorgan Chase & Co. raised its position in shares of Optimum Communications by 11.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 8,803,557 shares of the company’s stock worth $21,217,000 after buying an additional 879,589 shares in the last quarter. Intech Investment Management LLC acquired a new stake in shares of Optimum Communications in the 2nd quarter worth approximately $262,000. Geode Capital Management LLC lifted its stake in shares of Optimum Communications by 114.7% in the 2nd quarter. Geode Capital Management LLC now owns 6,052,090 shares of the company’s stock worth $12,953,000 after acquiring an additional 3,233,449 shares during the period. Finally, ProShare Advisors LLC bought a new position in shares of Optimum Communications in the second quarter valued at approximately $115,000. 54.85% of the stock is currently owned by institutional investors.

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.