BW Gestao de Investimentos Ltda. Buys Shares of 980,797 Optimum Communications, Inc. $OPTU

BW Gestao de Investimentos Ltda. bought a new stake in shares of Optimum Communications, Inc. (NYSE:OPTU) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 980,797 shares of the company’s stock, valued at approximately $1,618,000. BW Gestao de Investimentos Ltda. owned about 0.21% of Optimum Communications at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Optimize Financial Inc purchased a new position in shares of Optimum Communications in the 3rd quarter worth $1,595,000. 140 Summer Partners LP purchased a new position in shares of Optimum Communications in the 3rd quarter worth $7,615,000. JPMorgan Chase & Co. boosted its stake in shares of Optimum Communications by 11.1% in 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 during the last quarter. Carronade Capital Management LP boosted its stake in shares of Optimum Communications by 42.3% in the 3rd quarter. Carronade Capital Management LP now owns 5,768,682 shares of the company’s stock worth $13,903,000 after buying an additional 1,715,073 shares during the last quarter. Finally, Vanguard Group Inc. purchased a new position in shares of Optimum Communications in the 4th quarter worth $46,002,000. 54.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Optimum Communications

In other news, General Counsel Michael Olsen sold 20,000 shares of the business’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $1.59, for a total value of $31,800.00. Following the transaction, the general counsel directly owned 1,199,781 shares in the company, valued at $1,907,651.79. The trade was a 1.64% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 60,000 shares of company stock valued at $80,000 in the last quarter. 44.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Zacks Research upgraded Optimum Communications from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 16th. Raymond James Financial downgraded Optimum Communications from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 11th. The Goldman Sachs Group set a $1.00 price target on Optimum Communications in a research note on Friday, May 8th. Evercore set a $1.25 price target on Optimum Communications in a research note on Tuesday, May 12th. Finally, Barclays dropped their price target on Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating on the stock in a research note on Friday, May 8th. Six investment analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $0.95.

Optimum Communications Stock Performance

NYSE OPTU opened at $1.18 on Wednesday. The company has a market capitalization of $559.85 million, a PE ratio of -0.12 and a beta of 1.36. The business’s fifty day moving average is $1.22 and its 200 day moving average is $1.52. Optimum Communications, Inc. has a fifty-two week low of $0.58 and a fifty-two week high of $2.98.

Optimum Communications 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.