MHR Fund Management LLC Buys New Holdings in Optimum Communications, Inc. $OPTU

MHR Fund Management LLC bought a new stake in shares of Optimum Communications, Inc. (NYSE:OPTU) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,070,800 shares of the company’s stock, valued at approximately $1,767,000. Optimum Communications accounts for 0.2% of MHR Fund Management LLC’s portfolio, making the stock its 9th biggest holding. MHR Fund Management LLC owned 0.23% of Optimum Communications as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. 140 Summer Partners LP purchased a new stake in Optimum Communications in the 3rd quarter worth approximately $7,615,000. JPMorgan Chase & Co. lifted its holdings in 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 period. Carronade Capital Management LP lifted its holdings in 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 period. Vanguard Group Inc. purchased a new stake in Optimum Communications in the 4th quarter worth approximately $46,002,000. Finally, Shenkman Capital Management Inc. purchased a new stake in Optimum Communications in the 4th quarter worth approximately $1,444,000. 54.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, General Counsel Michael Olsen sold 20,000 shares of the stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $1.59, for a total value 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 represents a 1.64% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 60,000 shares of company stock valued at $80,000. 43.40% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Zacks Research upgraded Optimum Communications from a “strong sell” rating to a “hold” rating in a report on Thursday, April 16th. Weiss Ratings cut Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, June 12th. The Goldman Sachs Group set a $1.00 price objective on Optimum Communications in a report on Friday, May 8th. Citigroup cut Optimum Communications from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $1.50 to $0.50 in a report on Friday, May 15th. Finally, Wall Street Zen cut Optimum Communications from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. Six research analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Optimum Communications has a consensus rating of “Reduce” and a consensus price target of $0.95.

Optimum Communications Stock Performance

Shares of NYSE:OPTU opened at $1.25 on Thursday. Optimum Communications, Inc. has a 52-week low of $0.58 and a 52-week high of $2.98. The firm has a market capitalization of $596.68 million, a P/E ratio of -0.13 and a beta of 1.36. The stock has a 50 day moving average price of $1.18 and a 200-day moving average price of $1.47.

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.