Corebridge Financial Inc. Sells 1,254 Shares of Charter Communications, Inc. $CHTR

Key Points

• Corebridge Financial Inc. reduced its stake in Charter Communications by 3.6%, now holding shares valued at $12.54 million after selling 1,254 shares in the first quarter.
• Institutional investors own 81.76% of Charter Communications stock, with other firms significantly increasing their holdings in the first quarter, such as ST Germain D J Co., boosting its stake by 1,283.3%.
• Charter Communications missed earnings expectations with an EPS of $9.18, below the forecast of $10.06, despite reporting a slight year-over-year revenue increase of 0.6%.

Corebridge Financial Inc. trimmed its holdings in shares of Charter Communications, Inc. (NASDAQ:CHTR - Free Report) by 3.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 34,032 shares of the company's stock after selling 1,254 shares during the period. Corebridge Financial Inc.'s holdings in Charter Communications were worth $12,542,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Comerica Bank raised its stake in shares of Charter Communications by 9.7% during the 1st quarter. Comerica Bank now owns 16,612 shares of the company's stock worth $6,122,000 after purchasing an additional 1,465 shares during the period. Campbell & CO Investment Adviser LLC raised its stake in shares of Charter Communications by 165.7% during the 1st quarter. Campbell & CO Investment Adviser LLC now owns 12,340 shares of the company's stock worth $4,548,000 after purchasing an additional 7,696 shares during the period. Smartleaf Asset Management LLC increased its holdings in Charter Communications by 8.8% in the 1st quarter. Smartleaf Asset Management LLC now owns 410 shares of the company's stock worth $151,000 after acquiring an additional 33 shares during the last quarter. Greenstone Partners & Co. LLC increased its holdings in Charter Communications by 199.8% in the 1st quarter. Greenstone Partners & Co. LLC now owns 129,428 shares of the company's stock worth $47,698,000 after acquiring an additional 86,253 shares during the last quarter. Finally, AlphaQuest LLC increased its holdings in Charter Communications by 527.3% in the 1st quarter. AlphaQuest LLC now owns 828 shares of the company's stock worth $305,000 after acquiring an additional 696 shares during the last quarter. 81.76% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CHTR has been the subject of several recent research reports. Arete Research raised Charter Communications to a "strong sell" rating in a report on Tuesday, July 8th. Royal Bank Of Canada decreased their price objective on Charter Communications from $430.00 to $370.00 and set a "sector perform" rating for the company in a report on Monday, July 28th. Raymond James Financial raised Charter Communications from an "underperform" rating to a "market perform" rating in a report on Monday, May 19th. Wolfe Research raised Charter Communications from an "underperform" rating to a "peer perform" rating in a report on Friday, June 20th. Finally, Barclays reduced their target price on Charter Communications from $341.00 to $275.00 and set an "underweight" rating for the company in a report on Monday, July 28th. Eight investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Charter Communications currently has an average rating of "Hold" and an average price target of $404.71.

Insider Activity

In other Charter Communications news, Director Balan Nair acquired 360 shares of the business's stock in a transaction dated Thursday, July 31st. The stock was bought at an average price of $274.21 per share, with a total value of $98,715.60. Following the completion of the acquisition, the director owned 9,622 shares of the company's stock, valued at $2,638,448.62. This trade represents a 3.89% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Christopher L. Winfrey bought 3,670 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The stock was purchased at an average price of $273.10 per share, with a total value of $1,002,277.00. Following the transaction, the chief executive officer directly owned 70,243 shares in the company, valued at $19,183,363.30. The trade was a 5.51% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.83% of the stock is currently owned by insiders.

Charter Communications Price Performance

Shares of NASDAQ CHTR traded up $1.95 during midday trading on Friday, hitting $265.58. 1,707,578 shares of the company's stock were exchanged, compared to its average volume of 1,961,713. Charter Communications, Inc. has a 12-month low of $254.67 and a 12-month high of $437.06. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 4.57. The company has a market cap of $36.28 billion, a price-to-earnings ratio of 7.27, a PEG ratio of 0.59 and a beta of 1.02. The business's fifty day moving average price is $331.68 and its two-hundred day moving average price is $359.17.

Charter Communications (NASDAQ:CHTR - Get Free Report) last issued its quarterly earnings data on Friday, July 25th. The company reported $9.18 EPS for the quarter, missing the consensus estimate of $10.06 by ($0.88). Charter Communications had a return on equity of 26.77% and a net margin of 9.53%.The business had revenue of $13.77 billion for the quarter, compared to analysts' expectations of $13.76 billion. During the same period in the previous year, the firm posted $8.49 EPS. The firm's revenue for the quarter was up .6% compared to the same quarter last year. As a group, research analysts forecast that Charter Communications, Inc. will post 38.16 EPS for the current fiscal year.

Charter Communications Profile

Charter Communications, Inc operates as a broadband connectivity and cable operator company serving residential and commercial customers in the United States. The company offers subscription-based internet, video, and mobile and voice services; a suite of broadband connectivity services, including fixed internet, WiFi, and mobile; Advanced WiFi services; Spectrum Security Shield; in-home WiFi, which provides customers with high performance wireless routers and managed WiFi services to enhance their fixed wireless internet experience; out-of-home WiFi; and Spectrum WiFi services.