State of Michigan Retirement System Grows Holdings in Charter Communications, Inc. $CHTR

Key Points

• State of Michigan Retirement System sharply increased its Charter Communications stake, boosting holdings by 1,547.4% in the first quarter to 431,582 shares worth about $93.17 million.
• Charter Communications reported quarterly earnings of $9.17 per share, missing analyst expectations, while revenue of $13.60 billion came in slightly above forecasts but still declined 1.0% year over year.
• Analyst sentiment remains cautious: several firms cut price targets or ratings, and the stock now carries a consensus “Reduce” rating with an average target price of $255.69.

State of Michigan Retirement System boosted its position in Charter Communications, Inc. (NASDAQ:CHTR - Free Report) by 1,547.4% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 431,582 shares of the company's stock after purchasing an additional 405,385 shares during the period. State of Michigan Retirement System owned about 0.35% of Charter Communications worth $93,170,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. J. Safra Sarasin Holding AG lifted its holdings in Charter Communications by 81.0% during the first quarter. J. Safra Sarasin Holding AG now owns 6,756 shares of the company's stock worth $1,458,000 after acquiring an additional 3,024 shares during the period. Fifth Third Bancorp grew its stake in Charter Communications by 493.5% in the 1st quarter. Fifth Third Bancorp now owns 17,335 shares of the company's stock valued at $3,742,000 after purchasing an additional 14,414 shares during the period. Banyan Capital Management Inc. increased its position in shares of Charter Communications by 8.8% during the 1st quarter. Banyan Capital Management Inc. now owns 24,781 shares of the company's stock valued at $5,350,000 after purchasing an additional 2,009 shares during the last quarter. Sovran Advisors LLC raised its stake in shares of Charter Communications by 50.2% during the 1st quarter. Sovran Advisors LLC now owns 1,616 shares of the company's stock worth $349,000 after purchasing an additional 540 shares during the period. Finally, Candriam S.C.A. raised its stake in shares of Charter Communications by 14.6% during the 1st quarter. Candriam S.C.A. now owns 4,474 shares of the company's stock worth $966,000 after purchasing an additional 570 shares during the period. Hedge funds and other institutional investors own 81.76% of the company's stock.

Charter Communications Trading Up 0.5%

Shares of CHTR opened at $131.37 on Tuesday. Charter Communications, Inc. has a fifty-two week low of $124.05 and a fifty-two week high of $402.15. The business has a 50-day moving average of $139.97 and a 200 day moving average of $188.89. The firm has a market cap of $16.16 billion, a P/E ratio of 3.55, a price-to-earnings-growth ratio of 0.23 and a beta of 0.71. The company has a debt-to-equity ratio of 4.56, a quick ratio of 0.40 and a current ratio of 0.40.

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 for 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%. Charter Communications's revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period last year, the company earned $8.42 earnings per share. As a group, research analysts forecast that Charter Communications, Inc. will post 42.06 EPS for the current year.

Insider Buying and Selling

In other Charter Communications news, Director Balan Nair bought 1,000 shares of the stock in a transaction on Tuesday, April 28th. The shares were acquired at an average price of $175.46 per share, with a total value of $175,460.00. Following the acquisition, the director directly owned 12,029 shares of the company's stock, valued at $2,110,608.34. The trade was a 9.07% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Christopher L. Winfrey purchased 3,468 shares of Charter Communications stock in a transaction dated Tuesday, April 28th. The stock was bought at an average price of $172.23 per share, with a total value of $597,293.64. Following the completion of the transaction, the chief executive officer owned 74,409 shares of the company's stock, valued at $12,815,462.07. This represents a 4.89% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased 20,125 shares of company stock worth $3,167,116 in the last 90 days. 1.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Zacks Research lowered shares of Charter Communications from a "hold" rating to a "strong sell" rating in a research report on Monday, July 6th. Benchmark lowered their price objective on shares of Charter Communications from $455.00 to $435.00 and set a "buy" rating on the stock in a research report on Thursday, April 23rd. Wells Fargo & Company dropped their target price on shares of Charter Communications from $170.00 to $160.00 and set an "underweight" rating on the stock in a research note on Tuesday, July 7th. Barclays reduced their target price on shares of Charter Communications from $200.00 to $130.00 and set an "underweight" rating for the company in a research report on Wednesday, July 8th. Finally, Bank of America decreased their price target on shares of Charter Communications from $250.00 to $200.00 and set a "buy" rating for the company in a research note on Wednesday, July 1st. Five analysts have rated the stock with a Buy rating, eight have given a Hold rating and six have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and an average target price of $255.69.

Charter Communications Profile

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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