Paloma Partners Management Co Sells 204,307 Shares of Altice USA, Inc. $ATUS

Key Points

• Paloma Partners Management Co reduced its stake in Altice USA by 7.7%, selling 204,307 shares, and now holds approximately 2.44 million shares which constitutes 0.8% of its portfolio.
• Altice USA reported a loss of $0.21 EPS for the most recent quarter, missing analysts' expectations and showing a 4.2% decline in revenue year-over-year.
• The stock has experienced fluctuations in price, with a 1-year low of $1.70 and a high of $3.20, and currently holds a market capitalization of $1.09 billion.

Paloma Partners Management Co lessened its stake in shares of Altice USA, Inc. (NYSE:ATUS - Free Report) by 7.7% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 2,443,634 shares of the company's stock after selling 204,307 shares during the quarter. Altice USA comprises about 0.8% of Paloma Partners Management Co's portfolio, making the stock its 26th largest holding. Paloma Partners Management Co owned approximately 0.53% of Altice USA worth $6,500,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. Carronade Capital Management LP lifted its stake in shares of Altice USA by 58.5% during the 1st quarter. Carronade Capital Management LP now owns 5,396,030 shares of the company's stock worth $14,353,000 after buying an additional 1,992,262 shares during the last quarter. 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 worth $5,775,000 after purchasing an additional 1,704,908 shares in the last quarter. Bracebridge Capital LLC raised its stake in Altice USA by 6.0% in the 1st quarter. Bracebridge Capital LLC now owns 9,390,440 shares of the company's stock worth $24,979,000 after purchasing an additional 535,463 shares in the last quarter. State of Wyoming raised its stake in Altice USA by 99.3% in the 1st quarter. State of Wyoming now owns 47,068 shares of the company's stock worth $125,000 after purchasing an additional 23,456 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in Altice USA by 7.7% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 56,440 shares of the company's stock worth $150,000 after purchasing an additional 4,030 shares in the last quarter. Institutional investors and hedge funds own 54.85% of the company's stock.

Altice USA Stock Performance

Shares of Altice USA stock traded down $0.10 during midday trading on Friday, hitting $2.24. 3,139,317 shares of the company traded hands, compared to its average volume of 2,537,752. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of -3.85 and a beta of 1.56. The firm's fifty day moving average price is $2.44 and its 200-day moving average price is $2.44. Altice USA, Inc. has a 12 month low of $1.88 and a 12 month high of $3.20.

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

Wall Street Analysts Forecast Growth

ATUS has been the subject of several analyst reports. The Goldman Sachs Group initiated coverage on shares of Altice USA in a research note on Tuesday. They issued a "sell" rating and a $2.00 price objective for the company. Barclays raised their target price on shares of Altice USA from $2.00 to $3.00 and gave the company an "equal weight" rating in a report on Friday, May 9th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Altice USA has a consensus rating of "Hold" and a consensus target price of $3.00.

Altice USA 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 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.