Charter Communications Inc. (CHTR) Sees Large Volume Increase Following Analyst Upgrade
Charter Communications Inc. (NASDAQ:CHTR) shares saw strong trading volume on Tuesday after Telsey Advisory Group raised their price target on the stock from $246.00 to $302.00. Telsey Advisory Group currently has an outperform rating on the stock. 1,824,554 shares changed hands during trading, an increase of 5% from the previous session’s volume of 1,745,817 shares.The stock last traded at $259.49 and had previously closed at $267.85.
CHTR has been the topic of a number of other reports. Pivotal Research lifted their price objective on shares of Charter Communications from $333.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, September 26th. Macquarie lifted their price objective on shares of Charter Communications from $286.00 to $289.00 and gave the company an “outperform” rating in a research note on Wednesday, September 28th. Citigroup Inc. lifted their price objective on shares of Charter Communications from $270.00 to $318.00 and gave the company a “buy” rating in a research note on Friday, September 30th. Morgan Stanley restated a “buy” rating and issued a $300.00 price objective on shares of Charter Communications in a research note on Monday, September 12th. Finally, Vetr upgraded shares of Charter Communications from a “buy” rating to a “strong-buy” rating and set a $300.54 price objective on the stock in a research note on Monday, September 12th. Five research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Charter Communications currently has a consensus rating of “Buy” and a consensus target price of $286.85.
In related news, EVP Jonathan Hargis sold 7,233 shares of the business’s stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $253.21, for a total transaction of $1,831,467.93. Following the sale, the executive vice president now owns 13,255 shares of the company’s stock, valued at $3,356,298.55. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Craig A. Jacobson sold 3,000 shares of the business’s stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $258.15, for a total transaction of $774,450.00. Following the sale, the director now directly owns 16,563 shares in the company, valued at approximately $4,275,738.45. The disclosure for this sale can be found here. Corporate insiders own 1.51% of the company’s stock.
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A number of hedge funds have recently added to or reduced their stakes in the company. CKW Financial Group bought a new stake in Charter Communications during the second quarter worth approximately $103,000. Brave Asset Management Inc acquired a new stake in shares of Charter Communications during the second quarter valued at about $104,000. Glenmede Trust Co. NA acquired a new stake in shares of Charter Communications during the second quarter valued at about $107,000. Daiwa SB Investments Ltd. acquired a new stake in shares of Charter Communications during the second quarter valued at about $110,000. Finally, Meeder Asset Management Inc. acquired a new stake in shares of Charter Communications during the second quarter valued at about $110,000. 77.10% of the stock is currently owned by hedge funds and other institutional investors.
The firm has a market cap of $70.25 billion, a P/E ratio of 11.58 and a beta of 0.67. The stock’s 50 day moving average is $266.05 and its 200 day moving average is $234.29.
Charter Communications (NASDAQ:CHTR) last released its earnings results on Tuesday, August 9th. The company reported $0.99 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.28. The firm had revenue of $9.99 billion for the quarter, compared to analysts’ expectations of $1.66 billion. Charter Communications had a net margin of 20.59% and a return on equity of 0.19%. Charter Communications’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter last year, the company earned ($1.09) EPS. On average, analysts expect that Charter Communications Inc. will post $0.60 EPS for the current fiscal year.
Charter Communications Company Profile
Charter Communications, Inc (Charter) is a provider of cable services, offering various entertainments, information and communications solutions to residential and commercial customers. The Company’s services include Video Services, Internet Services, Voice Services, Commercial Services and Advertising Services.
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