Charter Communications, Inc. $CHTR Shares Newly Purchased by Ashton Thomas Private Wealth LLC

Key Points

• Ashton Thomas Private Wealth LLC initiated a Charter Communications position in the third quarter, buying 21,743 shares valued at approximately $2.41 million.
• Several other institutional investors also increased their holdings, and institutions and hedge funds collectively owned 81.76% of Charter’s stock.
• Charter’s quarterly revenue of $14.92 billion beat estimates, but a $6.33 billion franchise impairment resulted in a reported loss of $20.50 per share; worsening broadband customer losses also weighed on sentiment. Analysts’ consensus rating was “Reduce.”

Ashton Thomas Private Wealth LLC acquired a new stake in Charter Communications, Inc. (NASDAQ:CHTR - Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 21,743 shares of the company's stock, valued at approximately $2,411,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. State of Michigan Retirement System lifted its position in shares of Charter Communications by 1,547.4% during the 1st quarter. State of Michigan Retirement System now owns 431,582 shares of the company's stock worth $93,170,000 after purchasing an additional 405,385 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Charter Communications by 443.8% during the third quarter. Assenagon Asset Management S.A. now owns 419,881 shares of the company's stock worth $46,565,000 after purchasing an additional 342,668 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its stake in shares of Charter Communications by 562.8% during the third quarter. Robeco Institutional Asset Management B.V. now owns 328,457 shares of the company's stock worth $36,426,000 after purchasing an additional 278,898 shares in the last quarter. Tidal Investments LLC increased its holdings in Charter Communications by 737.5% in the second quarter. Tidal Investments LLC now owns 241,503 shares of the company's stock valued at $34,344,000 after buying an additional 212,668 shares during the last quarter. Finally, Commonwealth Equity Services LLC increased its holdings in Charter Communications by 2,627.8% in the third quarter. Commonwealth Equity Services LLC now owns 209,715 shares of the company's stock valued at $23,257,000 after buying an additional 202,027 shares during the last quarter. 81.76% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Charter Communications

Here are the key news stories impacting Charter Communications this week:

• Positive Sentiment: Charter reported Q3 revenue of $14.92 billion, above estimates, and adjusted EPS of $21.70, also ahead of consensus. Revenue growth was aided by the Cox acquisition. Charter Communications tops Q3 earnings and revenue estimates
• Positive Sentiment: The company launched a new operating model aimed at returning to growth, improving its internet offerings, and using mobile and video services to attract customers. Management’s plan includes about $2 billion in cost cuts, which could help profitability if executed. Charter announces Q3 results and launches new operating model
• Negative Sentiment: Broadband customer losses worsened in Q3, overshadowing the earnings and revenue beats. Investors are concerned that competition is making it harder for Charter to stabilize its core internet business. Charter’s cost-cutting plan is overshadowed by subscriber losses
• Negative Sentiment: A $6.33 billion franchise impairment drove a reported GAAP loss of $20.50 per share, creating a sharp contrast with the adjusted earnings beat. The impairment and declining cash flow added to concerns about the quarter’s underlying performance. Charter Q3 earnings beat on debt gain amid franchise impairment

Charter Communications Stock Performance

Shares of Charter Communications stock opened at $118.07 on Monday. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.36 and a current ratio of 0.37. The company has a market capitalization of $14.08 billion, a P/E ratio of 12.21, a PEG ratio of 0.26 and a beta of 0.73. Charter Communications, Inc. has a 1 year low of $101.11 and a 1 year high of $254.11. The company's fifty day moving average is $120.93 and its two-hundred day moving average is $163.33.

Charter Communications (NASDAQ:CHTR - Get Free Report) last announced its earnings results on Friday, November 6th. The company reported ($20.50) EPS for the quarter, missing analysts' consensus estimates of $8.90 by ($29.40). Charter Communications had a net margin of 2.50% and a return on equity of 27.11%. The business had revenue of $14.92 billion during the quarter, compared to analysts' expectations of $13.50 billion. During the same period in the previous year, the company posted $8.34 earnings per share. Charter Communications's quarterly revenue was up 9.1% on a year-over-year basis. Analysts forecast that Charter Communications, Inc. will post 41.43 earnings per share for the current year.

Analyst Upgrades and Downgrades

CHTR has been the topic of a number of analyst reports. Morgan Stanley cut their price target on Charter Communications from $150.00 to $140.00 and set an "equal weight" rating on the stock in a research note on Friday, September 25th. BNP Paribas Exane lowered their price objective on Charter Communications from $150.00 to $120.00 and set an "underperform" rating for the company in a research report on Tuesday, July 14th. Bank of America reiterated a "buy" rating on shares of Charter Communications in a report on Monday, July 27th. UBS Group cut their target price on Charter Communications from $235.00 to $140.00 and set a "neutral" rating on the stock in a research report on Monday, July 27th. Finally, JPMorgan Chase & Co. decreased their target price on Charter Communications from $200.00 to $150.00 and set a "neutral" rating for the company in a research note on Wednesday, July 29th. Five equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and seven have assigned a Sell rating to the company. According to data from MarketBeat.com, Charter Communications currently has a consensus rating of "Reduce" and a consensus price target of $200.18.

Charter Communications Company Profile

Charter Communications, Inc provides broadband, video, voice and mobile services in the United States, primarily under its Spectrum brand. Its residential offerings include high-speed internet, television and home phone services, while its business services include connectivity, communications and managed solutions for organizations.

The company also offers Spectrum Mobile, a wireless service that complements its broadband business. Charter serves customers across a broad U.S. footprint, including communities where it provides services over its cable network.

Founded in 1993, Charter expanded significantly through its 2016 acquisitions of Time Warner Cable and Bright House Networks, bringing those operations under the Spectrum brand.

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