Altice USA Inc (NYSE:ATUS) Sees Significant Decline in Short Interest

Altice USA Inc (NYSE:ATUS) was the target of a large decrease in short interest in October. As of October 31st, there was short interest totalling 13,740,000 shares, a decrease of 19.0% from the September 30th total of 16,960,000 shares. Based on an average daily volume of 5,030,000 shares, the days-to-cover ratio is currently 2.7 days. Currently, 3.7% of the company’s shares are sold short.

Shares of Altice USA stock traded up $0.32 during trading on Wednesday, hitting $26.83. The company’s stock had a trading volume of 5,646,018 shares, compared to its average volume of 5,250,167. The company has a debt-to-equity ratio of 11.57, a quick ratio of 0.44 and a current ratio of 0.44. The company has a fifty day simple moving average of $28.94 and a two-hundred day simple moving average of $26.57. The company has a market capitalization of $16.99 billion, a PE ratio of 335.38 and a beta of 0.92. Altice USA has a 52 week low of $15.15 and a 52 week high of $31.78.

Altice USA (NYSE:ATUS) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $0.12 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.12. The company had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.48 billion. Altice USA had a net margin of 3.61% and a return on equity of 17.04%. Altice USA’s quarterly revenue was up .9% compared to the same quarter last year. During the same period last year, the business earned $0.04 EPS. As a group, analysts predict that Altice USA will post 0.57 EPS for the current year.

In other Altice USA news, Director Alt S.A.R.L. Next sold 15,000,000 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $26.40, for a total value of $396,000,000.00. Following the completion of the transaction, the director now directly owns 47,369,305 shares in the company, valued at approximately $1,250,549,652. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 45.00% of the stock is currently owned by corporate insiders.

Several institutional investors have recently modified their holdings of the stock. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Altice USA by 1.0% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 39,103 shares of the company’s stock worth $952,000 after acquiring an additional 400 shares in the last quarter. Advisor Group Inc. increased its stake in shares of Altice USA by 26.6% in the 2nd quarter. Advisor Group Inc. now owns 4,503 shares of the company’s stock worth $111,000 after acquiring an additional 945 shares in the last quarter. Verde Servicos Internacionais S.A. increased its stake in shares of Altice USA by 0.8% in the 3rd quarter. Verde Servicos Internacionais S.A. now owns 154,672 shares of the company’s stock worth $4,435,000 after acquiring an additional 1,238 shares in the last quarter. Cerebellum GP LLC increased its stake in shares of Altice USA by 9.8% in the 3rd quarter. Cerebellum GP LLC now owns 15,412 shares of the company’s stock worth $442,000 after acquiring an additional 1,374 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in shares of Altice USA by 3.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 38,564 shares of the company’s stock worth $1,105,000 after acquiring an additional 1,380 shares in the last quarter. Institutional investors own 51.27% of the company’s stock.

Several research analysts have commented on the stock. ValuEngine upgraded shares of Altice USA from a “sell” rating to a “hold” rating in a report on Wednesday, November 6th. Barclays lowered shares of Altice USA from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $33.00 to $31.00 in a report on Wednesday, November 6th. TD Securities decreased their price objective on shares of Altice USA from $33.00 to $32.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. KeyCorp upped their price objective on shares of Altice USA from $25.00 to $31.00 and gave the stock an “overweight” rating in a report on Thursday, August 1st. Finally, Atlantic Securities lowered shares of Altice USA from an “overweight” rating to a “neutral” rating in a report on Wednesday, November 6th. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $32.00.

About Altice USA

Altice USA, Inc, together with its subsidiaries, provides broadband communications and video services in the United States. The company operates in two segments, Cablevision and Cequel. It delivers broadband, pay television, telephony services, Wi-Fi hotspot access, proprietary content, and advertising services to approximately 4.9 million residential and business customers.

Further Reading: Hedge Funds – Risk or Reward?

Receive News & Ratings for Altice USA Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Altice USA and related companies with MarketBeat.com's FREE daily email newsletter.