140 Summer Partners LP Lowers Stock Position in 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 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,622,550 shares of the company's stock after selling 649,350 shares during the quarter. Altice USA comprises 0.9% of 140 Summer Partners LP's portfolio, making the stock its 15th biggest 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 have also added to or reduced their stakes in ATUS. Empyrean Capital Partners LP grew its holdings in Altice USA by 785.0% during the 4th quarter. Empyrean Capital Partners LP now owns 17,700,000 shares of the company's stock valued at $42,657,000 after buying an additional 15,700,000 shares in the last quarter. Deutsche Bank AG raised its position in Altice USA by 33.9% during the first quarter. Deutsche Bank AG now owns 12,761,956 shares of the company's stock valued at $33,947,000 after purchasing an additional 3,231,838 shares during the period. Carronade Capital Management LP raised its position 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 purchasing an additional 1,992,262 shares during the period. Shenkman Capital Management Inc. purchased a new stake in Altice USA during the first quarter valued at approximately $4,859,000. Finally, Royal Bank of Canada raised its position 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 valued at $5,775,000 after purchasing an additional 1,704,908 shares during the period. Hedge funds and other institutional investors own 54.85% of the company's stock.

Analyst Ratings Changes

Separately, The Goldman Sachs Group initiated coverage on Altice USA in a research report on Tuesday, September 2nd. They set a "sell" rating and a $2.00 price objective on the stock. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $3.00.

Altice USA Stock Down 4.1%

ATUS traded down $0.10 during trading hours on Friday, reaching $2.24. 3,139,317 shares of the company's stock traded hands, compared to its average volume of 2,537,752. The firm has a 50-day moving average price of $2.44 and a 200 day moving average price of $2.44. Altice USA, Inc. has a 52-week low of $1.88 and a 52-week high of $3.20. The firm has a market capitalization of $1.05 billion, a PE ratio of -3.85 and a beta of 1.56.

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

Altice USA 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.