Bank of New York Mellon Corp Reduces Stake in Charter Communications, Inc. $CHTR

Bank of New York Mellon Corp reduced its stake in shares of Charter Communications, Inc. (NASDAQ:CHTR) by 4.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 517,464 shares of the company’s stock after selling 21,685 shares during the period. Bank of New York Mellon Corp’s holdings in Charter Communications were worth $111,710,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of CHTR. Capital Research Global Investors raised its holdings in shares of Charter Communications by 304.9% in the 4th quarter. Capital Research Global Investors now owns 4,815,422 shares of the company’s stock worth $1,005,222,000 after purchasing an additional 3,626,135 shares during the period. Dodge & Cox grew its holdings in Charter Communications by 23.7% during the fourth quarter. Dodge & Cox now owns 14,609,220 shares of the company’s stock valued at $3,049,675,000 after purchasing an additional 2,801,671 shares during the period. Norges Bank bought a new position in Charter Communications during the fourth quarter valued at $555,383,000. Voyager Global Management LP increased its position in Charter Communications by 1,380.0% in the fourth quarter. Voyager Global Management LP now owns 1,850,000 shares of the company’s stock worth $386,188,000 after buying an additional 1,725,000 shares during the last quarter. Finally, First Eagle Investment Management LLC increased its position in Charter Communications by 119.6% in the fourth quarter. First Eagle Investment Management LLC now owns 2,969,507 shares of the company’s stock worth $619,885,000 after buying an additional 1,617,148 shares during the last quarter. Hedge funds and other institutional investors own 81.76% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on CHTR. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $210.00 price target on shares of Charter Communications in a research report on Tuesday, May 26th. Bank of America decreased their price objective on Charter Communications from $250.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, July 1st. BNP Paribas Exane lowered their price objective on Charter Communications from $150.00 to $120.00 and set an “underperform” rating on the stock in a research note on Tuesday, July 14th. Barclays dropped their price objective on shares of Charter Communications from $200.00 to $130.00 and set an “underweight” rating on the stock in a report on Wednesday, July 8th. Finally, JPMorgan Chase & Co. cut their target price on shares of Charter Communications from $215.00 to $200.00 and set a “neutral” rating for the company in a research report on Monday. Five investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and six have issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $249.12.

Charter Communications Trading Down 1.7%

NASDAQ:CHTR opened at $129.16 on Tuesday. The company has a market cap of $15.89 billion, a P/E ratio of 3.49, a P/E/G ratio of 0.24 and a beta of 0.71. The stock’s fifty day moving average price is $137.47 and its two-hundred day moving average price is $186.15. Charter Communications, Inc. has a 1 year low of $124.05 and a 1 year high of $402.15. The company has a debt-to-equity ratio of 4.56, a current ratio of 0.40 and a quick ratio of 0.40.

Charter Communications (NASDAQ:CHTR) last announced its quarterly earnings results on Friday, April 24th. The company reported $9.17 earnings per share for the quarter, missing the consensus estimate of $10.01 by ($0.84). Charter Communications had a net margin of 9.03% and a return on equity of 24.20%. The company had revenue of $13.60 billion during the quarter, compared to analysts’ expectations of $13.56 billion. During the same quarter last year, the firm posted $8.42 earnings per share. Charter Communications’s revenue for the quarter was down 1.0% compared to the same quarter last year. As a group, analysts expect that Charter Communications, Inc. will post 41.47 EPS for the current year.

Insider Buying and Selling at Charter Communications

In related news, Director Balan Nair bought 1,000 shares of Charter Communications stock in a transaction on Tuesday, April 28th. The stock was acquired at an average price of $175.46 per share, with a total value of $175,460.00. Following the acquisition, the director directly owned 12,029 shares of the company’s stock, valued at $2,110,608.34. This represents a 9.07% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mauricio Ramos purchased 9,929 shares of the firm’s stock in a transaction dated Friday, May 15th. The shares were bought at an average price of $140.93 per share, for a total transaction of $1,399,293.97. Following the completion of the transaction, the director owned 19,309 shares of the company’s stock, valued at approximately $2,721,217.37. This trade represents a 105.85% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have bought 20,125 shares of company stock worth $3,167,116. 1.10% of the stock is owned by corporate insiders.

About Charter Communications

Charter Communications, Inc is a U.S.-based telecommunications and mass media company that provides broadband communications and video services to residential and business customers. Operating primarily under the Spectrum brand, the company offers high-speed internet, cable television, digital voice (phone) and wireless services, as well as managed and enterprise networking solutions for commercial customers. Charter’s service portfolio targets both consumer and business markets with bundled and standalone offerings designed to meet streaming, connectivity and communications needs.

The company’s consumer-facing products include Spectrum Internet, Spectrum TV and Spectrum Voice, while Spectrum Mobile provides wireless service through arrangements with national wireless carriers.