4,700,000 Shares in Altice USA, Inc. $ATUS Acquired by HG Vora Capital Management LLC

Key Points

• HG Vora Capital Management LLC has acquired 4,700,000 shares of Altice USA, Inc. for approximately $12.5 million, becoming its 13th largest holding.
• Numerous institutional investors, including Empyrean Capital Partners LP and Royal Bank of Canada, have significantly increased their stakes in Altice USA during the first quarter.
• Analysts have set a consensus target price of $3.00 for Altice USA, with ratings ranging from "Buy" to "Sell" among different firms.

HG Vora Capital Management LLC acquired a new stake in Altice USA, Inc. (NYSE:ATUS - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The fund acquired 4,700,000 shares of the company's stock, valued at approximately $12,502,000. Altice USA accounts for 1.3% of HG Vora Capital Management LLC's portfolio, making the stock its 13th largest holding. HG Vora Capital Management LLC owned 1.01% of Altice USA as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. DoubleLine ETF Adviser LP bought a new stake in Altice USA in the 1st quarter valued at about $29,000. AQR Capital Management LLC raised its stake in Altice USA by 4.7% in the 1st quarter. AQR Capital Management LLC now owns 806,675 shares of the company's stock valued at $2,146,000 after acquiring an additional 36,260 shares during the period. Empyrean Capital Partners LP raised its stake in Altice USA by 13.6% in the 1st quarter. Empyrean Capital Partners LP now owns 20,100,000 shares of the company's stock valued at $53,466,000 after acquiring an additional 2,400,000 shares during the period. Carronade Capital Management LP raised its stake in Altice USA by 58.5% in the 1st quarter. Carronade Capital Management LP now owns 5,396,030 shares of the company's stock valued at $14,353,000 after acquiring an additional 1,992,262 shares during the period. Finally, Royal Bank of Canada raised its stake in Altice USA by 365.8% in the 1st quarter. Royal Bank of Canada now owns 2,171,000 shares of the company's stock valued at $5,775,000 after acquiring an additional 1,704,908 shares during the period. 54.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group initiated coverage on Altice USA in a research report on Tuesday, September 2nd. They set a "sell" rating and a $2.00 price target on the stock. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Altice USA presently has an average rating of "Hold" and an average target price of $3.00.

Altice USA Price Performance

Shares of ATUS traded up $0.01 during midday trading on Monday, hitting $2.25. 3,314,367 shares of the company traded hands, compared to its average volume of 3,752,096. The stock has a 50-day moving average of $2.44 and a 200-day moving average of $2.43. Altice USA, Inc. has a one year low of $1.88 and a one year high of $3.20. The firm has a market cap of $1.05 billion, a P/E ratio of -3.87 and a beta of 1.57.

Altice USA (NYSE:ATUS - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.15). The firm had revenue of $2.15 billion during the quarter, compared to analysts' expectations of $2.16 billion. During the same quarter in the previous year, the company posted $0.03 EPS. The firm's revenue for the quarter was down 4.2% on a year-over-year basis. Sell-side analysts forecast that Altice USA, Inc. will post -0.24 EPS for the current fiscal year.

Altice USA Profile

Altice USA, Inc, together with its subsidiaries, provides broadband communications and video services in the United States, Canada, Puerto Rico, and the Virgin Islands. It offers broadband, video, telephony, and mobile services to residential and business customers. The company's video services include delivery of broadcast stations and cable networks; over the top services; video-on-demand, high-definition channels, digital video recorder, and pay-per-view services; and platforms for video programming through mobile applications.