Hennessy Advisors Inc. Takes $10.75 Million Position in Charter Communications, Inc. $CHTR

Key Points

• Hennessy Advisors Inc. acquired a new stake in Charter Communications, purchasing 26,300 shares worth approximately $10.75 million during the second quarter.
• Charter's CEO, Christopher L. Winfrey, bought an additional 3,670 shares at an average cost of $273.10 per share, increasing his ownership by 5.51%.
• Analyst ratings for Charter Communications show a split opinion with eight analysts rating it a Buy, nine a Hold, and four a Sell, amidst a revised price target ranging from $223.00 to $385.76.

Hennessy Advisors Inc. acquired a new stake in shares of Charter Communications, Inc. (NASDAQ:CHTR - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 26,300 shares of the company's stock, valued at approximately $10,752,000.

A number of other hedge funds also recently made changes to their positions in the company. JPMorgan Chase & Co. increased its stake in shares of Charter Communications by 53.6% in the first quarter. JPMorgan Chase & Co. now owns 2,310,073 shares of the company's stock worth $851,331,000 after buying an additional 806,145 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Charter Communications by 22.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,099,293 shares of the company's stock worth $405,118,000 after buying an additional 198,444 shares during the last quarter. Nuveen LLC bought a new stake in shares of Charter Communications in the first quarter worth $71,956,000. Allianz Asset Management GmbH increased its stake in shares of Charter Communications by 42.2% in the first quarter. Allianz Asset Management GmbH now owns 500,947 shares of the company's stock worth $184,614,000 after buying an additional 148,569 shares during the last quarter. Finally, Invesco Ltd. increased its stake in shares of Charter Communications by 7.0% in the first quarter. Invesco Ltd. now owns 1,834,807 shares of the company's stock worth $676,181,000 after buying an additional 120,624 shares during the last quarter. Hedge funds and other institutional investors own 81.76% of the company's stock.

Insider Activity

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

Charter Communications Stock Performance

CHTR stock opened at $280.01 on Friday. The company has a market capitalization of $38.25 billion, a P/E ratio of 7.67, a PEG ratio of 0.60 and a beta of 1.05. The company has a 50-day simple moving average of $267.30 and a 200 day simple moving average of $342.71. Charter Communications, Inc. has a fifty-two week low of $251.80 and a fifty-two week high of $437.06. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 4.57.

Charter Communications (NASDAQ:CHTR - Get Free Report) last posted 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). The company had revenue of $13.77 billion during the quarter, compared to analyst estimates of $13.76 billion. Charter Communications had a return on equity of 26.77% and a net margin of 9.53%.The business's revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the previous year, the company earned $8.49 EPS. Sell-side analysts predict that Charter Communications, Inc. will post 38.16 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Barclays lowered their target price on shares of Charter Communications from $341.00 to $275.00 and set an "underweight" rating for the company in a research note on Monday, July 28th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Charter Communications in a research note on Saturday, September 27th. Wolfe Research upgraded shares of Charter Communications from an "underperform" rating to a "peer perform" rating in a research note on Friday, June 20th. The Goldman Sachs Group assumed coverage on shares of Charter Communications in a research note on Tuesday, September 2nd. They set a "sell" rating and a $223.00 target price for the company. Finally, Wells Fargo & Company assumed coverage on shares of Charter Communications in a report on Thursday, August 21st. They set an "equal weight" rating and a $300.00 price target for the company. Eight equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $385.76.

About Charter Communications

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.

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