Geode Capital Management LLC Reduces Stock Position in Charter Communications, Inc. $CHTR

Key Points

• Geode Capital Management cut its Charter Communications stake by 3.2% in the fourth quarter, selling 80,159 shares and ending with 2.43 million shares valued at about $506.1 million.
• Institutional ownership remains heavy, with hedge funds and other institutional investors holding 81.76% of Charter’s stock; several firms, including Vanguard and State Street, increased their positions.
• Charter’s recent results and outlook were mixed: quarterly EPS of $9.17 missed estimates, while revenue slightly beat expectations, and analysts currently have a consensus rating of “Reduce” with a $290.38 target price.

Geode Capital Management LLC lessened its position in shares of Charter Communications, Inc. (NASDAQ:CHTR - Free Report) by 3.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,432,662 shares of the company's stock after selling 80,159 shares during the quarter. Geode Capital Management LLC owned 1.92% of Charter Communications worth $506,090,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Dodge & Cox grew its stake in Charter Communications by 6.1% during the 3rd quarter. Dodge & Cox now owns 11,807,549 shares of the company's stock valued at $3,248,316,000 after purchasing an additional 681,063 shares during the last quarter. Vanguard Group Inc. grew its stake in Charter Communications by 9.5% during the 4th quarter. Vanguard Group Inc. now owns 10,248,287 shares of the company's stock valued at $2,139,330,000 after purchasing an additional 885,935 shares during the last quarter. State Street Corp grew its stake in Charter Communications by 22.7% during the 3rd quarter. State Street Corp now owns 7,961,695 shares of the company's stock valued at $2,190,302,000 after purchasing an additional 1,475,383 shares during the last quarter. First Eagle Investment Management LLC grew its stake in Charter Communications by 119.6% during the 4th quarter. First Eagle Investment Management LLC now owns 2,969,507 shares of the company's stock valued at $619,885,000 after purchasing an additional 1,617,148 shares during the last quarter. Finally, Invesco Ltd. grew its stake in Charter Communications by 30.3% during the 3rd quarter. Invesco Ltd. now owns 2,407,731 shares of the company's stock valued at $662,379,000 after purchasing an additional 559,361 shares during the last quarter. Hedge funds and other institutional investors own 81.76% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on the company. Sanford C. Bernstein reiterated a "market perform" rating and set a $210.00 price target on shares of Charter Communications in a research note on Tuesday, May 26th. Williams Trading set a $437.00 price target on Charter Communications in a research note on Monday, February 2nd. BNP Paribas Exane dropped their price target on Charter Communications from $160.00 to $150.00 and set an "underperform" rating on the stock in a research note on Tuesday, February 24th. Royal Bank Of Canada dropped their price target on Charter Communications from $250.00 to $220.00 and set a "sector perform" rating on the stock in a research note on Monday, April 27th. Finally, Wells Fargo & Company raised their target price on Charter Communications from $180.00 to $200.00 and gave the stock an "underweight" rating in a report on Monday, February 2nd. Five analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus target price of $290.38.

Charter Communications Stock Performance

Shares of NASDAQ:CHTR opened at $144.05 on Monday. Charter Communications, Inc. has a 12-month low of $136.63 and a 12-month high of $422.29. The company has a market capitalization of $17.72 billion, a PE ratio of 3.89, a PEG ratio of 0.25 and a beta of 0.72. The business has a 50 day moving average of $189.60 and a two-hundred day moving average of $203.86. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 4.56.

Charter Communications (NASDAQ:CHTR - Get Free Report) last announced 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). Charter Communications had a net margin of 9.03% and a return on equity of 24.20%. The company had revenue of $13.60 billion during the quarter, compared to analyst estimates of $13.56 billion. During the same period in the previous year, the firm posted $8.42 earnings per share. The company's revenue was down 1.0% compared to the same quarter last year. As a group, analysts forecast that Charter Communications, Inc. will post 43 EPS for the current year.

Insider Activity at Charter Communications

In other Charter Communications news, CEO Christopher L. Winfrey purchased 3,468 shares of the stock in a transaction on Tuesday, April 28th. The shares were bought at an average price of $172.23 per share, for a total transaction of $597,293.64. Following the completion of the transaction, the chief executive officer owned 74,409 shares of the company's stock, valued at $12,815,462.07. This trade represents a 4.89% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Wade Davis purchased 5,728 shares of the stock in a transaction on Tuesday, April 28th. The shares were acquired at an average price of $173.72 per share, for a total transaction of $995,068.16. Following the transaction, the director directly owned 6,925 shares of the company's stock, valued at $1,203,011. This represents a 478.53% increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought a total of 20,125 shares of company stock valued at $3,167,116 in the last ninety days. 1.10% of the stock is currently owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.