Carronade Capital Management LP Raises Stock Position in Altice USA, Inc. $ATUS

Key Points

• Carronade Capital Management LP increased its stake in Altice USA, Inc. by 58.5% during Q1, owning over 5.39 million shares as of their latest SEC filing.
• Altice USA reported an earnings miss with a loss of ($0.21) EPS for the last quarter, falling short of analysts' expectations by ($0.15).
• Wall Street analysts currently have an average rating of "Hold" on Altice USA's stock, with a consensus price target set at $3.05.

Carronade Capital Management LP raised its stake in Altice USA, Inc. (NYSE:ATUS - Free Report) by 58.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,396,030 shares of the company's stock after acquiring an additional 1,992,262 shares during the period. Altice USA accounts for approximately 0.8% of Carronade Capital Management LP's portfolio, making the stock its 14th largest position. Carronade Capital Management LP owned approximately 1.16% of Altice USA worth $14,353,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of ATUS. Raymond James Financial Inc. acquired a new position in Altice USA in the fourth quarter valued at $30,000. Dimensional Fund Advisors LP boosted its stake in Altice USA by 1.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,734,589 shares of the company's stock valued at $4,180,000 after acquiring an additional 24,375 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Altice USA by 605.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 49,301 shares of the company's stock worth $119,000 after buying an additional 42,316 shares during the period. Aquatic Capital Management LLC boosted its stake in shares of Altice USA by 2,245.0% during the fourth quarter. Aquatic Capital Management LLC now owns 128,973 shares of the company's stock worth $311,000 after buying an additional 123,473 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of Altice USA by 15.2% during the fourth quarter. Northern Trust Corp now owns 703,178 shares of the company's stock worth $1,695,000 after buying an additional 92,521 shares during the period. Institutional investors and hedge funds own 54.85% of the company's stock.

Altice USA Stock Down 2.7%

NYSE ATUS traded down $0.07 during trading hours on Thursday, hitting $2.34. 2,031,567 shares of the stock were exchanged, compared to its average volume of 3,758,313. The company has a market cap of $1.09 billion, a price-to-earnings ratio of -4.03 and a beta of 1.56. Altice USA, Inc. has a 12-month low of $1.88 and a 12-month high of $3.20. The stock has a 50-day moving average of $2.43 and a 200 day moving average of $2.44.

Altice USA (NYSE:ATUS - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.15). The business had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same period in the previous year, the business posted $0.03 earnings per share. The company's quarterly revenue was down 4.2% compared to the same quarter last year. On average, equities research analysts expect that Altice USA, Inc. will post -0.24 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. The Goldman Sachs Group assumed coverage on shares of Altice USA in a research note on Tuesday. They set a "sell" rating and a $2.00 target price for the company. Barclays increased their price target on shares of Altice USA from $2.00 to $3.00 and gave the stock an "equal weight" rating in a report on Friday, May 9th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $3.00.

Altice USA 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 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.