Altice USA Inc (NYSE:ATUS)’s share price rose 7.7% during trading on Friday following a stronger than expected earnings report. The stock traded as high as $27.43 and last traded at $26.99, approximately 17,713,418 shares were traded during mid-day trading. An increase of 170% from the average daily volume of 6,571,142 shares. The stock had previously closed at $25.05.
The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.14 by $0.05. Altice USA had a net margin of 1.91% and a return on equity of 12.81%. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.42 billion.
A number of research firms have weighed in on ATUS. HSBC raised shares of Altice USA from a “hold” rating to a “buy” rating and set a $28.00 target price on the stock in a research note on Wednesday, July 15th. Morgan Stanley decreased their target price on shares of Altice USA from $30.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Tuesday, May 26th. Royal Bank of Canada reaffirmed a “buy” rating and set a $33.00 target price on shares of Altice USA in a research note on Sunday, May 3rd. Sanford C. Bernstein cut shares of Altice USA from an “outperform” rating to a “market perform” rating and set a $27.00 target price on the stock. in a research note on Tuesday, May 5th. Finally, TD Securities reaffirmed a “hold” rating and set a $28.00 target price on shares of Altice USA in a research note on Tuesday, April 28th. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Altice USA has an average rating of “Buy” and a consensus target price of $31.65.
In related news, Director Alt S.A.R.L. Next sold 21,760 shares of the business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $26.00, for a total value of $565,760.00. Following the sale, the director now owns 41,369,305 shares of the company’s stock, valued at $1,075,601,930. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last three months, insiders sold 4,138,846 shares of company stock worth $101,250,568. 45.00% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of ATUS. Veritas Asset Management LLP boosted its position in Altice USA by 47.1% during the first quarter. Veritas Asset Management LLP now owns 29,458,575 shares of the company’s stock valued at $656,632,000 after acquiring an additional 9,428,458 shares during the last quarter. Sylebra Capital Ltd bought a new stake in Altice USA during the first quarter valued at $90,722,000. Samlyn Capital LLC boosted its position in Altice USA by 271.6% during the first quarter. Samlyn Capital LLC now owns 5,151,711 shares of the company’s stock valued at $114,832,000 after acquiring an additional 3,765,206 shares during the last quarter. Norges Bank bought a new stake in Altice USA during the fourth quarter valued at $65,105,000. Finally, Zimmer Partners LP boosted its position in Altice USA by 16.7% during the first quarter. Zimmer Partners LP now owns 9,838,437 shares of the company’s stock valued at $219,299,000 after acquiring an additional 1,409,120 shares during the last quarter. 57.31% of the stock is currently owned by institutional investors and hedge funds.
The firm’s fifty day moving average price is $23.92 and its two-hundred day moving average price is $25.02. The stock has a market cap of $16.02 billion, a price-to-earnings ratio of 87.06 and a beta of 0.90. The company has a debt-to-equity ratio of 15.43, a current ratio of 0.49 and a quick ratio of 0.49.
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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