Charter Communications, Inc. $CHTR Shares Sold by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon reduced its Charter Communications stake by 5.4% in the fourth quarter, selling 31,064 shares and leaving it with 539,149 shares valued at about $112.5 million.
• Charter’s latest earnings missed Wall Street expectations on EPS, reporting $9.17 versus $10.01 expected, though revenue came in slightly above estimates at $13.60 billion.
• Sentiment is mixed: several institutions have increased holdings, insiders have been buying shares, but analysts remain cautious with an average rating of “Reduce” and a consensus price target of $290.38.

Bank of New York Mellon Corp lessened its holdings in Charter Communications, Inc. (NASDAQ:CHTR - Free Report) by 5.4% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 539,149 shares of the company's stock after selling 31,064 shares during the period. Bank of New York Mellon Corp owned approximately 0.43% of Charter Communications worth $112,547,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Dodge & Cox lifted its stake in Charter Communications by 6.1% in the third quarter. Dodge & Cox now owns 11,807,549 shares of the company's stock worth $3,248,316,000 after acquiring an additional 681,063 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Charter Communications by 9.5% during the 4th quarter. Vanguard Group Inc. now owns 10,248,287 shares of the company's stock worth $2,139,330,000 after purchasing an additional 885,935 shares during the last quarter. State Street Corp grew its stake in shares of Charter Communications by 22.7% during the third quarter. State Street Corp now owns 7,961,695 shares of the company's stock worth $2,190,302,000 after purchasing an additional 1,475,383 shares in the last quarter. First Eagle Investment Management LLC increased its holdings in Charter Communications by 119.6% in the fourth quarter. First Eagle Investment Management LLC now owns 2,969,507 shares of the company's stock valued at $619,885,000 after buying an additional 1,617,148 shares during the last quarter. Finally, Norges Bank purchased a new position in Charter Communications in the fourth quarter valued at $555,383,000. Hedge funds and other institutional investors own 81.76% of the company's stock.

Charter Communications Price Performance

Charter Communications stock opened at $132.12 on Monday. Charter Communications, Inc. has a 12 month low of $126.70 and a 12 month high of $422.29. The company has a debt-to-equity ratio of 4.56, a current ratio of 0.40 and a quick ratio of 0.40. The business has a 50 day simple moving average of $181.51 and a 200-day simple moving average of $201.33. The stock has a market capitalization of $16.25 billion, a PE ratio of 3.57, a price-to-earnings-growth ratio of 0.23 and a beta of 0.72.

Charter Communications (NASDAQ:CHTR - Get Free Report) last issued its quarterly earnings results on Friday, April 24th. The company reported $9.17 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $10.01 by ($0.84). The firm had revenue of $13.60 billion for the quarter, compared to analyst estimates of $13.56 billion. Charter Communications had a return on equity of 24.20% and a net margin of 9.03%.The company's revenue was down 1.0% compared to the same quarter last year. During the same quarter last year, the firm earned $8.42 earnings per share. Equities analysts predict that Charter Communications, Inc. will post 43 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently weighed in on CHTR. Deutsche Bank Aktiengesellschaft cut their target price on Charter Communications from $235.00 to $215.00 and set a "hold" rating on the stock in a research report on Monday, April 27th. Zacks Research upgraded shares of Charter Communications from a "strong sell" rating to a "hold" rating in a research note on Monday, February 16th. Sanford C. Bernstein reissued a "market perform" rating and set a $210.00 price objective on shares of Charter Communications in a report on Tuesday, May 26th. Citigroup reduced their price objective on shares of Charter Communications from $290.00 to $230.00 and set a "buy" rating for the company in a research report on Monday, April 27th. Finally, Weiss Ratings restated a "sell (d+)" rating on shares of Charter Communications in a report on Friday, March 27th. Five equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus price target of $290.38.

Insiders Place Their Bets

In related news, Director Wade Davis acquired 5,728 shares of Charter Communications stock in a transaction that occurred on Tuesday, April 28th. The stock was purchased at an average price of $173.72 per share, for a total transaction of $995,068.16. Following the completion of the purchase, the director directly owned 6,925 shares of the company's stock, valued at approximately $1,203,011. This trade represents a 478.53% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mauricio Ramos acquired 9,929 shares of the firm's stock in a transaction that occurred on Friday, May 15th. The shares were bought at an average cost of $140.93 per share, for a total transaction of $1,399,293.97. Following the acquisition, the director owned 19,309 shares of the company's stock, valued at $2,721,217.37. This represents a 105.85% increase in their position. The SEC filing for this purchase provides additional information. Over the last three months, insiders have bought 20,125 shares of company stock worth $3,167,116. Insiders own 1.10% of the company's stock.

Charter Communications Profile

Charter Communications, Inc is a U.S.-based telecommunications and mass media company that provides broadband communications and video services to residential and business customers. Operating primarily under the Spectrum brand, the company offers high-speed internet, cable television, digital voice (phone) and wireless services, as well as managed and enterprise networking solutions for commercial customers. Charter's service portfolio targets both consumer and business markets with bundled and standalone offerings designed to meet streaming, connectivity and communications needs.

The company's consumer-facing products include Spectrum Internet, Spectrum TV and Spectrum Voice, while Spectrum Mobile provides wireless service through arrangements with national wireless carriers.

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