140 Summer Partners LP Purchases Shares of 3,095,473 Optimum Communications, Inc. $OPTU

140 Summer Partners LP bought a new position in Optimum Communications, Inc. (NYSE:OPTU) in the 4th quarter, Holdings Channel reports. The fund bought 3,095,473 shares of the company’s stock, valued at approximately $5,108,000. Optimum Communications comprises approximately 0.4% of 140 Summer Partners LP’s holdings, making the stock its 19th biggest position.

Several other hedge funds also recently bought and sold shares of the company. Swiss Life Asset Management Ltd bought a new stake in shares of Optimum Communications during the third quarter valued at approximately $26,000. Cibc World Markets Corp purchased a new stake in Optimum Communications during the 4th quarter valued at $29,000. Voleon Capital Management LP bought a new stake in shares of Optimum Communications in the 3rd quarter worth about $31,000. Xponance LLC purchased a new stake in shares of Optimum Communications in the fourth quarter worth approximately $34,000. Finally, Ritholtz Wealth Management purchased a new position in Optimum Communications in the 4th quarter worth about $38,000. Institutional investors own 54.85% of the company’s stock.

Optimum Communications Stock Performance

Shares of Optimum Communications stock opened at $1.32 on Wednesday. The firm has a market capitalization of $626.56 million, a price-to-earnings ratio of -0.13 and a beta of 1.36. Optimum Communications, Inc. has a fifty-two week low of $0.58 and a fifty-two week high of $2.98. The stock has a 50 day moving average of $1.19 and a 200 day moving average of $1.47.

Insider Activity at Optimum Communications

In related news, General Counsel Michael Olsen sold 20,000 shares of the stock in a transaction that occurred on Friday, May 1st. The shares were 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 of the company’s stock, valued at approximately $1,907,651.79. This trade represents a 1.64% decrease in their position. 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. In the last quarter, insiders have sold 60,000 shares of company stock valued at $80,000. Corporate insiders own 43.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Citigroup lowered shares of Optimum Communications from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $1.50 to $0.50 in a report on Friday, May 15th. UBS Group reduced their target price on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating for the company in a research note on Thursday, May 14th. Evercore set a $1.25 price target on shares of Optimum Communications in a report on Tuesday, May 12th. Weiss Ratings lowered shares of Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday. Finally, Barclays decreased their price objective on Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating on the stock in a report on Friday, May 8th. Six equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus target price of $0.95.

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.