Charter Communications (NASDAQ:CHTR) Given New $355.00 Price Target at Bank of America

Charter Communications (NASDAQ:CHTR) had its price target reduced by Bank of America from $440.00 to $355.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Bank of America currently has a buy rating on the stock.

CHTR has been the subject of a number of other reports. The Goldman Sachs Group assumed coverage on shares of Charter Communications in a research note on Tuesday, September 2nd. They set a “sell” rating and a $223.00 price target for the company. Arete Research upgraded shares of Charter Communications to a “strong sell” rating in a research report on Tuesday, July 8th. Wolfe Research upgraded Charter Communications from an “underperform” rating to a “peer perform” rating in a research report on Friday, June 20th. Wells Fargo & Company initiated coverage on Charter Communications in a research note on Thursday, August 21st. They set an “equal weight” rating and a $300.00 price objective for the company. Finally, UBS Group dropped their price objective on Charter Communications from $425.00 to $355.00 and set a “neutral” rating for the company in a report on Monday, July 28th. Eight investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $384.89.

Charter Communications Trading Down 1.4%

Shares of CHTR opened at $263.39 on Wednesday. The stock’s fifty day simple moving average is $281.67 and its 200-day simple moving average is $346.60. The firm has a market capitalization of $35.98 billion, a PE ratio of 7.21, a price-to-earnings-growth ratio of 0.60 and a beta of 1.02. Charter Communications has a 12-month low of $251.80 and a 12-month high of $437.06. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 4.57.

Charter Communications (NASDAQ:CHTR) last announced its quarterly earnings data on Friday, July 25th. The company reported $9.18 EPS for the quarter, missing analysts’ consensus estimates of $10.06 by ($0.88). Charter Communications had a return on equity of 26.77% and a net margin of 9.53%.The firm had revenue of $13.77 billion during the quarter, compared to analyst estimates of $13.76 billion. During the same quarter in the previous year, the business earned $8.49 earnings per share. Charter Communications’s revenue for the quarter was up .6% compared to the same quarter last year. As a group, research analysts predict that Charter Communications will post 38.16 earnings per share for the current year.

Insider Activity

In other Charter Communications news, Director Balan Nair bought 360 shares of Charter Communications stock in a transaction on Thursday, July 31st. The shares were purchased at an average cost of $274.21 per share, for a total transaction of $98,715.60. Following the completion of the acquisition, the director owned 9,622 shares in the company, valued at approximately $2,638,448.62. The trade was a 3.89% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Christopher L. Winfrey purchased 3,670 shares of the stock in a transaction on Thursday, July 31st. The stock was acquired at an average price of $273.10 per share, with a total value of $1,002,277.00. Following the completion of the acquisition, the chief executive officer directly owned 70,243 shares of the company’s stock, valued at approximately $19,183,363.30. This represents a 5.51% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.83% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. SouthState Corp acquired a new stake in shares of Charter Communications during the first quarter worth $25,000. Atlantic Union Bankshares Corp bought a new position in Charter Communications during the 2nd quarter worth about $25,000. Salem Investment Counselors Inc. increased its holdings in Charter Communications by 2,033.3% during the 2nd quarter. Salem Investment Counselors Inc. now owns 64 shares of the company’s stock worth $26,000 after purchasing an additional 61 shares in the last quarter. Ameritas Advisory Services LLC acquired a new stake in shares of Charter Communications in the 2nd quarter valued at about $28,000. Finally, Heritage Wealth Advisors bought a new stake in shares of Charter Communications in the second quarter valued at about $29,000. Institutional investors own 81.76% of the company’s stock.

Charter Communications Company Profile

Charter Communications, Inc operates as a broadband connectivity and cable operator company serving residential and commercial customers in the United States. The company offers subscription-based internet, video, and mobile and voice services; a suite of broadband connectivity services, including fixed internet, WiFi, and mobile; Advanced WiFi services; Spectrum Security Shield; in-home WiFi, which provides customers with high performance wireless routers and managed WiFi services to enhance their fixed wireless internet experience; out-of-home WiFi; and Spectrum WiFi services.