Altice USA (NYSE:ATUS) Issues Quarterly Earnings Results, Misses Expectations By $0.15 EPS

Key Points

• Altice USA reported a quarterly loss of ($0.21) EPS, missing analysts' expectations by ($0.15) EPS, and experienced a 4.2% decline in revenue year-over-year with a total revenue of $2.15 billion.
• Institutional investors own 54.85% of Altice USA's stock, with significant increases in holdings reported by firms such as Royal Bank of Canada and Goldman Sachs Group.
• Analysts have set a consensus target price of $3.05 for Altice USA shares, with various ratings including one 'sell,' one 'hold,' and three 'buy' recommendations.

Altice USA (NYSE:ATUS - Get Free Report) issued its quarterly earnings results on Thursday. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.15), Zacks reports. The company had revenue of $2.15 billion during the quarter, compared to analyst estimates of $2.16 billion. Altice USA's quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.03 earnings per share.

Altice USA Stock Performance

ATUS traded up $0.15 during midday trading on Tuesday, reaching $2.20. 3,443,385 shares of the company were exchanged, compared to its average volume of 3,879,877. The stock's 50-day simple moving average is $2.36 and its 200 day simple moving average is $2.50. Altice USA has a one year low of $1.55 and a one year high of $3.20. The stock has a market capitalization of $1.03 billion, a P/E ratio of -3.78 and a beta of 1.55.

Analyst Ratings Changes

Several research firms have recently weighed in on ATUS. The Goldman Sachs Group upped their price target on shares of Altice USA from $2.00 to $2.25 and gave the stock a "sell" rating in a report on Friday, May 9th. Barclays upped their target price on shares of Altice USA from $2.00 to $3.00 and gave the stock an "equal weight" rating in a research note on Friday, May 9th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Altice USA currently has an average rating of "Hold" and a consensus target price of $3.05.

Hedge Funds Weigh In On Altice USA

Institutional investors and hedge funds have recently bought and sold shares of the company. Goldman Sachs Group Inc. grew its position in Altice USA by 46.6% during the first quarter. Goldman Sachs Group Inc. now owns 6,397,047 shares of the company's stock worth $17,016,000 after buying an additional 2,031,971 shares in the last quarter. Millennium Management LLC boosted its stake in Altice USA by 10.5% during the 1st quarter. Millennium Management LLC now owns 5,516,311 shares of the company's stock valued at $14,673,000 after purchasing an additional 524,169 shares during the last quarter. Royal Bank of Canada boosted its stake in shares of Altice USA by 365.8% in the 1st quarter. Royal Bank of Canada now owns 2,171,000 shares of the company's stock worth $5,775,000 after buying an additional 1,704,908 shares during the last quarter. AQR Capital Management LLC grew its holdings in Altice USA by 4.7% during the first quarter. AQR Capital Management LLC now owns 806,675 shares of the company's stock valued at $2,146,000 after purchasing an additional 36,260 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Altice USA by 1.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 644,142 shares of the company's stock valued at $1,713,000 after acquiring an additional 7,470 shares during the period. Institutional investors and hedge funds own 54.85% of the company's stock.

About Altice USA

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 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.