Honeycomb Asset Management LP Buys Shares of 59,000 Charter Communications, Inc. $CHTR

Key Points

• Honeycomb Asset Management initiated a 59,000-share Charter Communications position worth approximately $12.7 million, making the stock 65.5% of its portfolio. Institutional investors collectively own 81.76% of Charter.
• Charter beat quarterly earnings expectations, reporting $10.66 in EPS versus the $9.98 consensus and $13.53 billion in revenue, although revenue declined 1.7% year over year.
• Analyst sentiment remains cautious: the stock has a consensus “Reduce” rating and an average price target of $226.88, while recent analysts lowered several targets. Insider activity was mixed, with director Mauricio Ramos buying shares and Thomas Rutledge selling 69,633 shares.

Honeycomb Asset Management LP bought a new position in shares of Charter Communications, Inc. (NASDAQ:CHTR - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 59,000 shares of the company's stock, valued at approximately $12,737,000. Charter Communications comprises about 65.5% of Honeycomb Asset Management LP's holdings, making the stock its biggest position.

Several other institutional investors also recently modified their holdings of the stock. Cassaday & Co Wealth Management LLC bought a new stake in Charter Communications during the 1st quarter worth $25,000. Quarry LP raised its position in Charter Communications by 153.2% in the fourth quarter. Quarry LP now owns 119 shares of the company's stock valued at $25,000 after purchasing an additional 72 shares during the last quarter. Altshuler Shaham Ltd bought a new position in Charter Communications in the fourth quarter valued at about $25,000. DV Equities LLC acquired a new stake in shares of Charter Communications during the fourth quarter valued at about $25,000. Finally, Geneos Wealth Management Inc. boosted its stake in shares of Charter Communications by 141.0% during the first quarter. Geneos Wealth Management Inc. now owns 94 shares of the company's stock valued at $35,000 after purchasing an additional 55 shares in the last quarter. 81.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Charter Communications

In related news, Director Mauricio Ramos acquired 9,929 shares of the company's stock in a transaction dated Friday, May 15th. The shares were purchased at an average price of $140.93 per share, for a total transaction of $1,399,293.97. Following the completion of the acquisition, the director owned 19,309 shares of the company's stock, valued at approximately $2,721,217.37. This trade represents a 105.85% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas Rutledge sold 69,633 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $144.45, for a total transaction of $10,058,486.85. Following the transaction, the director directly owned 3,968 shares in the company, valued at $573,177.60. This trade represents a 94.61% decrease in their position. The SEC filing for this sale provides additional information. 1.10% of the stock is owned by corporate insiders.

Charter Communications Price Performance

Shares of CHTR opened at $144.98 on Friday. Charter Communications, Inc. has a 52-week low of $111.55 and a 52-week high of $285.82. The company has a debt-to-equity ratio of 4.32, a quick ratio of 0.40 and a current ratio of 0.36. The business's 50 day moving average price is $135.65 and its two-hundred day moving average price is $181.61. The firm has a market cap of $17.29 billion, a PE ratio of 3.76, a price-to-earnings-growth ratio of 0.24 and a beta of 0.71.

Charter Communications (NASDAQ:CHTR - Get Free Report) last announced its quarterly earnings data on Friday, July 24th. The company reported $10.66 EPS for the quarter, topping the consensus estimate of $9.98 by $0.68. The company had revenue of $13.53 billion during the quarter, compared to the consensus estimate of $13.51 billion. Charter Communications had a net margin of 9.05% and a return on equity of 23.71%. The company's quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the firm posted $9.18 EPS. On average, equities analysts anticipate that Charter Communications, Inc. will post 42.72 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Citigroup lowered their price objective on Charter Communications from $190.00 to $180.00 and set a "buy" rating for the company in a research note on Tuesday, July 28th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Charter Communications from $235.00 to $215.00 and set a "hold" rating on the stock in a research report on Monday, April 27th. New Street Research decreased their price target on shares of Charter Communications from $328.00 to $302.00 and set a "buy" rating for the company in a research report on Wednesday, May 20th. Sanford C. Bernstein reaffirmed a "market perform" rating and set a $150.00 price target on shares of Charter Communications in a research note on Monday, July 27th. Finally, Royal Bank Of Canada cut their price target on shares of Charter Communications from $160.00 to $150.00 and set a "sector perform" rating on the stock in a report on Monday, July 27th. Five equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus price target of $226.88.

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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