First Manhattan CO. LLC. Sells 9,714 Shares of Charter Communications, Inc. $CHTR

Key Points

• First Manhattan Co. LLC reduced its stake in Charter Communications, Inc. by 10.6%, selling 9,714 shares and owning approximately 0.06% of the company valued at $30.26 million.
• Charter Communications reported earnings per share of $9.18 for the last quarter, missing analysts' estimates of $10.06, while revenue slightly increased to $13.77 billion.
• Several brokerages have recently changed their price targets on Charter Communications, with Barclays lowering their target from $341.00 to $275.00, while Bank of America raised theirs from $450.00 to $500.00.

First Manhattan CO. LLC. trimmed its holdings in Charter Communications, Inc. (NASDAQ:CHTR - Free Report) by 10.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 82,115 shares of the company's stock after selling 9,714 shares during the quarter. First Manhattan CO. LLC. owned about 0.06% of Charter Communications worth $30,262,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CHTR. Integrated Wealth Concepts LLC acquired a new stake in Charter Communications in the fourth quarter worth about $269,000. Makaira Partners LLC increased its position in Charter Communications by 4.0% in the fourth quarter. Makaira Partners LLC now owns 373,191 shares of the company's stock worth $127,919,000 after purchasing an additional 14,510 shares during the period. Comerica Bank increased its position in Charter Communications by 1.3% in the fourth quarter. Comerica Bank now owns 15,147 shares of the company's stock worth $5,192,000 after purchasing an additional 189 shares during the period. Caisse DE Depot ET Placement DU Quebec acquired a new stake in Charter Communications in the fourth quarter worth about $2,022,000. Finally, Mercer Global Advisors Inc. ADV increased its position in Charter Communications by 144.1% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 9,074 shares of the company's stock worth $3,110,000 after purchasing an additional 5,357 shares during the period. 81.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. The Goldman Sachs Group assumed coverage on Charter Communications in a research report on Tuesday. They issued a "sell" rating and a $223.00 price objective for the company. Oppenheimer upgraded Charter Communications from a "market perform" rating to an "outperform" rating and set a $500.00 target price for the company in a research report on Friday, May 16th. Bank of America boosted their target price on Charter Communications from $450.00 to $500.00 and gave the stock a "buy" rating in a research report on Tuesday, July 1st. Wolfe Research upgraded Charter Communications from an "underperform" rating to a "peer perform" rating in a research report on Friday, June 20th. Finally, Loop Capital upgraded Charter Communications from a "hold" rating to a "buy" rating and boosted their target price for the stock from $430.00 to $510.00 in a research report on Monday, May 19th. Eight investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $394.61.

Charter Communications Stock Up 0.8%

Shares of NASDAQ:CHTR traded up $1.99 during trading on Friday, hitting $261.50. 2,245,925 shares of the company's stock traded hands, compared to its average volume of 1,724,361. Charter Communications, Inc. has a 52 week low of $254.67 and a 52 week 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 $35.72 billion, a price-to-earnings ratio of 7.16, a price-to-earnings-growth ratio of 0.58 and a beta of 1.02. The company has a 50-day moving average price of $318.13 and a 200-day moving average price of $355.83.

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

Insider Activity

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

Charter Communications Company 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.