140 Summer Partners LP Sells 649,350 Shares of Altice USA, Inc. $ATUS

Key Points

• 140 Summer Partners LP reduced its stake in Altice USA by 19.8%, selling 649,350 shares, which now makes up 0.9% of their investment portfolio.
• Analysts have mixed opinions on Altice USA, with Goldman Sachs initiating coverage with a "sell" rating and a target price of $2.00, while Barclays raised its price target to $3.00 with an "equal weight" rating.
• The latest earnings report revealed that Altice USA missed earnings expectations with a reported ($0.21) earnings per share, compared to analysts' consensus of (0.06), and revenue decreased 4.2% year over year.

140 Summer Partners LP lessened its position in shares of Altice USA, Inc. (NYSE:ATUS - Free Report) by 19.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,622,550 shares of the company's stock after selling 649,350 shares during the period. Altice USA makes up about 0.9% of 140 Summer Partners LP's portfolio, making the stock its 15th largest holding. 140 Summer Partners LP owned approximately 0.57% of Altice USA worth $6,976,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Empyrean Capital Partners LP boosted its holdings in Altice USA by 13.6% in the 1st quarter. Empyrean Capital Partners LP now owns 20,100,000 shares of the company's stock valued at $53,466,000 after purchasing an additional 2,400,000 shares during the period. Carronade Capital Management LP raised its holdings in Altice USA by 58.5% during the first quarter. Carronade Capital Management LP now owns 5,396,030 shares of the company's stock valued at $14,353,000 after acquiring an additional 1,992,262 shares during the period. Royal Bank of Canada increased its stake in Altice USA by 365.8% during the first quarter. Royal Bank of Canada now owns 2,171,000 shares of the company's stock worth $5,775,000 after acquiring an additional 1,704,908 shares during the last quarter. Bracebridge Capital LLC lifted its holdings in shares of Altice USA by 6.0% in the 1st quarter. Bracebridge Capital LLC now owns 9,390,440 shares of the company's stock worth $24,979,000 after buying an additional 535,463 shares during the period. Finally, State of Wyoming boosted its stake in Altice USA by 99.3% in the 1st quarter. State of Wyoming now owns 47,068 shares of the company's stock worth $125,000 after purchasing an additional 23,456 shares in the last quarter. 54.85% of the stock is owned by institutional investors.

Altice USA Stock Performance

Shares of NYSE ATUS traded down $0.03 during mid-day trading on Monday, hitting $2.22. 1,329,128 shares of the stock were exchanged, compared to its average volume of 3,739,670. The company has a market cap of $1.04 billion, a P/E ratio of -3.84 and a beta of 1.57. Altice USA, Inc. has a twelve month low of $1.88 and a twelve month high of $3.20. The stock's fifty day simple moving average is $2.44 and its two-hundred day simple moving average is $2.43.

Altice USA (NYSE:ATUS - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.15). The business had revenue of $2.15 billion for the quarter, compared to analysts' expectations of $2.16 billion. During the same quarter in the prior year, the company posted $0.03 EPS. Altice USA's revenue was down 4.2% on a year-over-year basis. As a group, equities research analysts predict that Altice USA, Inc. will post -0.24 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, The Goldman Sachs Group started coverage on shares of Altice USA in a report on Tuesday, September 2nd. They set a "sell" rating and a $2.00 price target for the company. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $3.00.

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.