Engineers Gate Manager LP Grows Position in Charter Communications, Inc. $CHTR

Key Points

• Engineers Gate Manager LP increased its Charter Communications position by 569% in the second quarter, bringing its holdings to 13,407 shares valued at approximately $1.91 million.
• Other institutional investors also expanded their stakes, and hedge funds and institutions collectively own 81.76% of Charter’s stock.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating and an average price target of $216.56; Charter nevertheless beat quarterly earnings expectations with $10.66 in EPS versus the $9.98 consensus.

Engineers Gate Manager LP lifted its position in Charter Communications, Inc. (NASDAQ:CHTR - Free Report) by 569.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,407 shares of the company's stock after acquiring an additional 11,403 shares during the quarter. Engineers Gate Manager LP's holdings in Charter Communications were worth $1,907,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CHTR. Cidel Asset Management Inc. increased its holdings in Charter Communications by 36.3% during the second quarter. Cidel Asset Management Inc. now owns 5,076 shares of the company's stock worth $722,000 after buying an additional 1,351 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC purchased a new position in Charter Communications in the second quarter valued at about $239,000. Integrated Wealth Concepts LLC grew its position in shares of Charter Communications by 1,179.2% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 27,029 shares of the company's stock valued at $3,844,000 after acquiring an additional 24,916 shares during the period. NewEdge Advisors LLC grew its position in shares of Charter Communications by 211.9% during the 2nd quarter. NewEdge Advisors LLC now owns 5,496 shares of the company's stock valued at $782,000 after acquiring an additional 3,734 shares during the period. Finally, IFP Advisors Inc increased its stake in shares of Charter Communications by 105.3% during the 2nd quarter. IFP Advisors Inc now owns 2,739 shares of the company's stock worth $390,000 after purchasing an additional 1,405 shares during the last quarter. 81.76% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CHTR has been the subject of a number of recent research reports. UBS Group decreased their target price on Charter Communications from $235.00 to $140.00 and set a "neutral" rating for the company in a research report on Monday, July 27th. Weiss Ratings reiterated a "sell (d+)" rating on shares of Charter Communications in a research note on Wednesday, June 24th. Citigroup decreased their price objective on Charter Communications from $190.00 to $180.00 and set a "buy" rating for the company in a report on Tuesday, July 28th. Morgan Stanley restated an "equal weight" rating and issued a $150.00 price objective on shares of Charter Communications in a research note on Monday. Finally, Barclays dropped their price objective on shares of Charter Communications from $130.00 to $115.00 and set an "underweight" rating on the stock in a report on Monday, July 27th. Five research analysts have rated the stock with a Buy rating, ten have given a Hold rating and six have assigned a Sell rating to the stock. According to data from MarketBeat.com, Charter Communications has a consensus rating of "Reduce" and an average target price of $216.56.

Charter Communications Stock Performance

Charter Communications stock opened at $141.20 on Wednesday. Charter Communications, Inc. has a 1-year low of $111.55 and a 1-year high of $285.82. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 4.32. The firm has a market capitalization of $16.84 billion, a PE ratio of 3.67, a price-to-earnings-growth ratio of 0.30 and a beta of 0.69. The firm's 50 day simple moving average is $143.87 and its 200 day simple moving average is $166.93.

Charter Communications (NASDAQ:CHTR - Get Free Report) last announced its quarterly earnings results on Friday, July 24th. The company reported $10.66 EPS for the quarter, beating the consensus estimate of $9.98 by $0.68. The firm had revenue of $13.53 billion during the quarter, compared to the consensus estimate of $13.51 billion. Charter Communications had a net margin of 9.05% and a return on equity of 23.71%. The business's quarterly revenue was down 1.7% compared to the same quarter last year. During the same period last year, the firm earned $9.18 EPS. As a group, analysts expect that Charter Communications, Inc. will post 42.72 earnings per share for the current fiscal year.

Charter Communications Company Profile

Charter Communications, Inc is a telecommunications and media company that operates under the Spectrum brand. Its primary business is providing broadband internet, video, mobile, and voice services to residential customers across the United States. Charter also offers communications and managed services to businesses, including internet access, data networking, phone, video, and fiber-based connectivity solutions.

The company's consumer offerings include high-speed internet, traditional and streaming-enabled television services, mobile wireless plans, and home phone services.

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