Fernbridge Capital Management LP Makes New $25.28 Million Investment in Charter Communications, Inc. $CHTR

Key Points

• Fernbridge Capital Management LP opened a new position in Charter Communications (NASDAQ:CHTR) of 91,887 shares worth about $25.28 million, representing roughly 1.2% of Fernbridge’s portfolio and ~0.07% of Charter’s shares.
• Brokerage views are mixed but the MarketBeat consensus is a Hold with a target price of $335.11; analyst activity included both downgrades/target cuts and upgrades, leaving six Buy, ten Hold and six Sell ratings.
• Charter slightly missed the latest quarter (EPS $10.34 vs. $10.40; revenue $13.60B vs. $13.73B), with revenue down 2.3% year-over-year and high leverage (debt-to-equity ~4.65) despite a low reported P/E of ~6.01.

Fernbridge Capital Management LP bought a new position in shares of Charter Communications, Inc. (NASDAQ:CHTR - Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 91,887 shares of the company's stock, valued at approximately $25,279,000. Charter Communications makes up about 1.2% of Fernbridge Capital Management LP's investment portfolio, making the stock its 21st largest holding. Fernbridge Capital Management LP owned about 0.07% of Charter Communications at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Game Creek Capital LP acquired a new stake in shares of Charter Communications in the 3rd quarter valued at about $2,751,000. Jump Financial LLC increased its position in Charter Communications by 226.5% during the third quarter. Jump Financial LLC now owns 22,857 shares of the company's stock worth $6,288,000 after buying an additional 15,856 shares during the period. Limestone Investment Advisors LP purchased a new stake in Charter Communications in the third quarter valued at approximately $751,000. Meridiem Capital Partners LP purchased a new stake in Charter Communications in the third quarter valued at approximately $8,914,000. Finally, Quantitative Investment Management LLC acquired a new stake in shares of Charter Communications in the third quarter valued at approximately $754,000. 81.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on CHTR. Zacks Research raised shares of Charter Communications from a "strong sell" rating to a "hold" rating in a report on Monday, February 16th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Charter Communications from $275.00 to $235.00 and set a "hold" rating for the company in a research note on Tuesday, February 3rd. BNP Paribas Exane lowered their price objective on shares of Charter Communications from $160.00 to $150.00 and set an "underperform" rating on the stock in a research report on Tuesday, February 24th. Benchmark upped their target price on shares of Charter Communications from $425.00 to $455.00 and gave the company a "buy" rating in a report on Thursday, January 29th. Finally, The Goldman Sachs Group decreased their target price on shares of Charter Communications from $210.00 to $185.00 and set a "sell" rating for the company in a research note on Monday, February 2nd. Six equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and six have issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $335.11.

Charter Communications Price Performance

Shares of NASDAQ CHTR opened at $218.19 on Friday. The stock has a fifty day moving average price of $216.65 and a 200 day moving average price of $228.85. Charter Communications, Inc. has a 1-year low of $180.38 and a 1-year high of $437.06. The company has a debt-to-equity ratio of 4.65, a current ratio of 0.39 and a quick ratio of 0.39. The company has a market cap of $27.63 billion, a PE ratio of 6.01, a P/E/G ratio of 0.34 and a beta of 1.02.

Charter Communications (NASDAQ:CHTR - Get Free Report) last announced its quarterly earnings data on Friday, January 30th. The company reported $10.34 EPS for the quarter, missing analysts' consensus estimates of $10.40 by ($0.06). Charter Communications had a return on equity of 24.63% and a net margin of 9.10%.The firm had revenue of $13.60 billion for the quarter, compared to analysts' expectations of $13.73 billion. During the same quarter in the previous year, the company posted $10.10 EPS. The firm's quarterly revenue was down 2.3% compared to the same quarter last year. Sell-side analysts forecast that Charter Communications, Inc. will post 38.16 EPS for the current year.

About Charter Communications

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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