Alta Fundamental Advisers LLC Invests $1.24 Million in Optimum Communications, Inc. $OPTU

Alta Fundamental Advisers LLC bought a new position in Optimum Communications, Inc. (NYSE:OPTU) in the fourth quarter, HoldingsChannel.com reports. The fund bought 750,000 shares of the company’s stock, valued at approximately $1,238,000. Optimum Communications makes up approximately 0.6% of Alta Fundamental Advisers LLC’s holdings, making the stock its 19th biggest holding.

Other hedge funds have also modified their holdings of the company. Swiss Life Asset Management Ltd acquired a new position in shares of Optimum Communications in the 3rd quarter worth approximately $26,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Optimum Communications in the 3rd quarter worth approximately $27,000. Voleon Capital Management LP acquired a new position in shares of Optimum Communications in the 3rd quarter worth approximately $31,000. Wealth Enhancement Advisory Services LLC increased its holdings in Optimum Communications by 50.8% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 15,300 shares of the company’s stock valued at $39,000 after purchasing an additional 5,156 shares in the last quarter. Finally, Morningstar Investment Management LLC acquired a new stake in Optimum Communications during the 3rd quarter valued at $39,000. 54.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, General Counsel Michael Olsen sold 20,000 shares of Optimum Communications stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $1.59, for a total transaction of $31,800.00. Following the completion of the transaction, the general counsel owned 1,199,781 shares in the company, valued at approximately $1,907,651.79. This trade represents a 1.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 60,000 shares of company stock valued at $80,000 over the last 90 days. 44.60% of the stock is currently owned by insiders.

Optimum Communications Stock Performance

NYSE:OPTU opened at $1.12 on Friday. The stock’s 50-day simple moving average is $1.21 and its 200 day simple moving average is $1.51. The company has a market cap of $531.26 million, a P/E ratio of -0.11 and a beta of 1.36. Optimum Communications, Inc. has a 52-week low of $0.58 and a 52-week high of $2.98.

Analyst Ratings Changes

A number of research analysts have commented on the company. Evercore set a $1.25 price objective on Optimum Communications in a research report on Tuesday, May 12th. Wall Street Zen lowered Optimum Communications from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 16th. BNP Paribas Exane upgraded Optimum Communications from an “underperform” rating to a “neutral” rating in a research report on Tuesday. UBS Group reduced their price target on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating on the stock in a research report on Thursday, May 14th. Finally, Zacks Research raised Optimum Communications from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 16th. Six equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $0.95.

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.