Carronade Capital Management LP Sells 1,585,250 Shares of Altice USA, Inc. $ATUS

Carronade Capital Management LP reduced its holdings in Altice USA, Inc. (NYSE:ATUS) by 28.1% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,053,609 shares of the company’s stock after selling 1,585,250 shares during the quarter. Altice USA accounts for about 0.6% of Carronade Capital Management LP’s investment portfolio, making the stock its 19th largest position. Carronade Capital Management LP’s holdings in Altice USA were worth $8,675,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its holdings in shares of Altice USA by 61.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,361,067 shares of the company’s stock worth $6,280,000 after purchasing an additional 898,095 shares in the last quarter. Invesco Ltd. grew its stake in Altice USA by 207.9% in the 1st quarter. Invesco Ltd. now owns 142,084 shares of the company’s stock worth $378,000 after buying an additional 95,938 shares in the last quarter. Nuveen LLC bought a new position in shares of Altice USA in the 1st quarter worth $200,000. Hsbc Holdings PLC raised its position in shares of Altice USA by 11.4% during the 1st quarter. Hsbc Holdings PLC now owns 99,025 shares of the company’s stock valued at $263,000 after buying an additional 10,139 shares in the last quarter. Finally, Shenkman Capital Management Inc. bought a new stake in shares of Altice USA during the 1st quarter worth $4,859,000. Hedge funds and other institutional investors own 54.85% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on ATUS shares. Barclays reduced their target price on Altice USA from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Friday, November 7th. Zacks Research cut Altice USA from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 7th. The Goldman Sachs Group started coverage on Altice USA in a report on Tuesday, September 2nd. They set a “sell” rating and a $2.00 price objective on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Altice USA in a research report on Wednesday, October 8th. Finally, Evercore ISI set a $2.50 price target on shares of Altice USA in a research report on Friday, November 7th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Altice USA currently has an average rating of “Reduce” and a consensus price target of $2.55.

Altice USA Stock Performance

The business has a 50 day moving average of $2.06 and a 200-day moving average of $2.26. The stock has a market capitalization of $841.00 million, a P/E ratio of -0.45 and a beta of 1.63. Altice USA, Inc. has a twelve month low of $1.74 and a twelve month high of $3.20.

Altice USA (NYSE:ATUS) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($3.47) EPS for the quarter, missing the consensus estimate of ($0.04) by ($3.43). The firm had revenue of $2.11 billion for the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter last year, the firm earned ($0.09) EPS. Altice USA’s revenue for the quarter was down 5.4% on a year-over-year basis. Analysts expect that Altice USA, Inc. will post -0.24 earnings per share for the current year.

Altice USA 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.