Norges Bank Buys Shares of 2,660,518 Charter Communications, Inc. $CHTR

Key Points

• Norges Bank disclosed a new stake in Charter Communications, buying 2,660,518 shares valued at about $555.4 million, which represented roughly 2.1% ownership of the company.
• Charter’s latest quarterly results were mixed: it posted $9.17 EPS, missing estimates, while revenue of $13.60 billion came in slightly above expectations and was down 1% year over year.
• Sentiment remains cautious, with analysts holding a consensus rating of “Reduce” despite some recent insider buying by CEO Christopher Winfrey and Director Wade Davis.

Norges Bank bought a new stake in Charter Communications, Inc. (NASDAQ:CHTR - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 2,660,518 shares of the company's stock, valued at approximately $555,383,000. Norges Bank owned approximately 2.10% of Charter Communications as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Geneos Wealth Management Inc. boosted its stake in Charter Communications by 141.0% in the first quarter. Geneos Wealth Management Inc. now owns 94 shares of the company's stock valued at $35,000 after acquiring an additional 55 shares in the last quarter. Rakuten Securities Inc. boosted its stake in Charter Communications by 535.0% in the second quarter. Rakuten Securities Inc. now owns 127 shares of the company's stock valued at $52,000 after acquiring an additional 107 shares in the last quarter. Caitlin John LLC acquired a new stake in Charter Communications in the third quarter valued at approximately $41,000. MUFG Securities EMEA plc acquired a new stake in Charter Communications in the second quarter valued at approximately $116,000. Finally, Brown Brothers Harriman & Co. grew its position in Charter Communications by 100.7% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 291 shares of the company's stock worth $80,000 after purchasing an additional 146 shares during the last quarter. 81.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have weighed in on CHTR. Citigroup dropped their target price on shares of Charter Communications from $290.00 to $230.00 and set a "buy" rating on the stock in a research report on Monday, April 27th. Royal Bank Of Canada dropped their target price on shares of Charter Communications from $250.00 to $220.00 and set a "sector perform" rating on the stock in a research report on Monday, April 27th. JPMorgan Chase & Co. began coverage on shares of Charter Communications in a research report on Wednesday, April 29th. They set a "neutral" rating and a $215.00 target price on the stock. TD Cowen boosted their target price on shares of Charter Communications from $428.00 to $437.00 and gave the stock a "buy" rating in a research report on Monday, February 2nd. Finally, Wells Fargo & Company boosted their target price on shares of Charter Communications from $180.00 to $200.00 and gave the stock an "underweight" rating in a research report on Monday, February 2nd. Five equities research 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, the stock has a consensus rating of "Reduce" and an average target price of $290.38.

Charter Communications Price Performance

NASDAQ:CHTR opened at $144.05 on Monday. The company's 50 day moving average is $189.60 and its two-hundred day moving average is $203.86. The company has a market cap of $17.72 billion, a PE ratio of 3.89, a P/E/G ratio of 0.25 and a beta of 0.72. 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, Inc. has a twelve month low of $136.63 and a twelve month high of $422.29.

Charter Communications (NASDAQ:CHTR - Get Free Report) last released its quarterly earnings data on Friday, April 24th. The company reported $9.17 EPS for the quarter, missing the consensus estimate of $10.01 by ($0.84). The business had revenue of $13.60 billion during the quarter, compared to analysts' expectations of $13.56 billion. Charter Communications had a net margin of 9.03% and a return on equity of 24.20%. The firm's revenue was down 1.0% on a year-over-year basis. During the same period last year, the company earned $8.42 earnings per share. Analysts anticipate that Charter Communications, Inc. will post 43 EPS for the current year.

Insiders Place Their Bets

In other Charter Communications news, CEO Christopher L. Winfrey acquired 3,468 shares of the company's stock in a transaction dated Tuesday, April 28th. The shares were acquired at an average cost of $172.23 per share, with a total value of $597,293.64. Following the acquisition, the chief executive officer directly owned 74,409 shares of the company's stock, valued at approximately $12,815,462.07. The trade was a 4.89% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Wade Davis acquired 5,728 shares of the company's stock in a transaction dated Tuesday, April 28th. The stock was acquired at an average cost of $173.72 per share, for a total transaction of $995,068.16. Following the completion of the acquisition, the director directly owned 6,925 shares in the company, valued at approximately $1,203,011. The trade was a 478.53% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders bought 20,125 shares of company stock worth $3,167,116. Company insiders own 1.10% of the company's stock.

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.

Want to see what other hedge funds are holding CHTR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Charter Communications, Inc. (NASDAQ:CHTR - Free Report).

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.