JPMorgan Chase & Co. Has $21.22 Million Stock Holdings in Optimum Communications, Inc. $OPTU

Key Points

• JPMorgan Chase & Co. increased its position in Optimum Communications by 11.1% in Q3 to 8,803,557 shares, representing 1.87% of the company and valued at about $21.22 million.
• Analyst sentiment has weakened—four Hold and three Sell ratings leave a MarketBeat consensus of Reduce with an average target price of $2.19.
• Optimum missed quarterly expectations, reporting EPS of ($0.15) versus consensus ($0.01) and revenue down 2.3% year-over-year, with the stock trading near $1.26.

JPMorgan Chase & Co. grew its position in Optimum Communications, Inc. (NYSE:OPTU - Free Report) by 11.1% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 8,803,557 shares of the company's stock after buying an additional 879,589 shares during the period. JPMorgan Chase & Co. owned 1.87% of Optimum Communications worth $21,217,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in OPTU. Swiss Life Asset Management Ltd acquired a new position in shares of Optimum Communications during the third quarter valued at $26,000. CIBC Bancorp USA Inc. acquired a new stake in Optimum Communications in the third quarter worth about $67,000. Morningstar Investment Management LLC acquired a new stake in Optimum Communications in the third quarter worth about $39,000. CANADA LIFE ASSURANCE Co raised its holdings in Optimum Communications by 28.0% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 43,905 shares of the company's stock worth $103,000 after purchasing an additional 9,598 shares during the last quarter. Finally, Dark Forest Capital Management LP raised its holdings in Optimum Communications by 8,279.9% during the 3rd quarter. Dark Forest Capital Management LP now owns 1,751,724 shares of the company's stock worth $4,222,000 after purchasing an additional 1,730,820 shares during the last quarter. Institutional investors own 54.85% of the company's stock.

Analyst Ratings Changes

OPTU has been the topic of several recent research reports. Citigroup lowered shares of Optimum Communications from a "buy" rating to a "neutral" rating in a research note on Sunday, February 15th. Evercore set a $2.00 price target on shares of Optimum Communications in a research note on Friday, February 13th. Benchmark lowered shares of Optimum Communications from a "buy" rating to a "hold" rating in a report on Tuesday, February 10th. Raymond James Financial cut shares of Optimum Communications from an "outperform" rating to a "market perform" rating in a research note on Wednesday, March 11th. Finally, Zacks Research lowered shares of Optimum Communications from a "hold" rating to a "strong sell" rating in a report on Wednesday, March 18th. Four investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, Optimum Communications presently has a consensus rating of "Reduce" and an average target price of $2.19.

Insider Activity

In related news, General Counsel Michael Olsen sold 250,000 shares of the stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $1.60, for a total transaction of $400,000.00. Following the completion of the sale, the general counsel directly owned 1,496,277 shares of the company's stock, valued at approximately $2,394,043.20. This represents a 14.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 44.60% of the company's stock.

Optimum Communications Trading Down 4.2%

OPTU stock opened at $1.26 on Wednesday. The business's 50-day moving average price is $1.57 and its two-hundred day moving average price is $1.90. The firm has a market cap of $590.43 million, a PE ratio of -0.31 and a beta of 1.51. Optimum Communications, Inc. has a 1-year low of $1.20 and a 1-year high of $2.98.

Optimum Communications (NYSE:OPTU - Get Free Report) last posted its earnings results on Thursday, February 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.14). The firm's revenue was down 2.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.12) earnings per share. On average, analysts forecast that Optimum Communications, Inc. will post -0.24 earnings per share for the current year.

Optimum Communications Company 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 approximately five million 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.

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