Altice USA (NYSE:ATUS) Shares Gap Down to $26.90

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Altice USA Inc (NYSE:ATUS) gapped down prior to trading on Friday . The stock had previously closed at $27.51, but opened at $26.90. Altice USA shares last traded at $26.55, with a volume of 7,229,203 shares changing hands.

Several brokerages recently commented on ATUS. Pivotal Research reissued a “buy” rating and issued a $40.00 price target on shares of Altice USA in a research note on Wednesday, July 31st. JPMorgan Chase & Co. upped their target price on Altice USA from $28.00 to $31.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. Macquarie started coverage on Altice USA in a research report on Wednesday, June 19th. They set a “buy” rating and a $30.00 target price for the company. Nomura upped their target price on Altice USA from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, UBS Group upped their target price on Altice USA from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $29.82.

The company has a market capitalization of $17.42 billion, a price-to-earnings ratio of 331.88 and a beta of 0.99. The business has a fifty day moving average price of $25.84 and a 200 day moving average price of $23.52. The company has a debt-to-equity ratio of 9.18, a current ratio of 0.29 and a quick ratio of 0.29.

Altice USA (NYSE:ATUS) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.05. Altice USA had a return on equity of 13.57% and a net margin of 3.16%. The company had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.45 billion. During the same period in the previous year, the company earned ($0.13) earnings per share. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. As a group, sell-side analysts predict that Altice USA Inc will post 0.56 earnings per share for the current fiscal year.

In other news, insider Michael Olsen sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $27.03, for a total transaction of $810,900.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dennis Okhuijsen sold 551,724 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $24.67, for a total value of $13,611,031.08. The disclosure for this sale can be found here. 45.00% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of ATUS. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Altice USA by 1.0% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 39,103 shares of the company’s stock valued at $952,000 after purchasing an additional 400 shares in the last quarter. Cerebellum GP LLC raised its stake in shares of Altice USA by 6.5% in the first quarter. Cerebellum GP LLC now owns 15,114 shares of the company’s stock valued at $325,000 after purchasing an additional 924 shares in the last quarter. Advisor Group Inc. raised its stake in shares of Altice USA by 26.6% in the second quarter. Advisor Group Inc. now owns 4,503 shares of the company’s stock valued at $111,000 after purchasing an additional 945 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Altice USA by 33.3% in the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 6,000 shares of the company’s stock valued at $146,000 after purchasing an additional 1,500 shares in the last quarter. Finally, TD Asset Management Inc. raised its stake in shares of Altice USA by 0.7% in the second quarter. TD Asset Management Inc. now owns 206,409 shares of the company’s stock valued at $5,026,000 after purchasing an additional 1,527 shares in the last quarter. Institutional investors own 50.13% of the company’s stock.

About Altice USA (NYSE:ATUS)

Altice USA, Inc, together with its subsidiaries, provides broadband communications and video services in the United States. The company operates in two segments, Cablevision and Cequel. It delivers broadband, pay television, telephony services, Wi-Fi hotspot access, proprietary content, and advertising services to approximately 4.9 million residential and business customers.

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