Optimum Communications (NYSE:OPTU) Downgraded by Raymond James Financial to Market Perform

Raymond James Financial lowered shares of Optimum Communications (NYSE:OPTU) from an outperform rating to a market perform rating in a research report sent to investors on Wednesday, MarketBeat Ratings reports.

A number of other research analysts have also issued reports on OPTU. Zacks Research raised Optimum Communications from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Optimum Communications in a report on Wednesday, January 21st. Citigroup lowered shares of Optimum Communications from a “buy” rating to a “neutral” rating in a research report on Sunday, February 15th. Benchmark cut shares of Optimum Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, February 10th. Finally, Evercore set a $2.00 target price on shares of Optimum Communications in a report on Friday, February 13th. Five equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus price target of $2.19.

Optimum Communications Stock Performance

Shares of NYSE OPTU opened at $1.50 on Wednesday. Optimum Communications has a 1 year low of $1.37 and a 1 year high of $2.98. The firm has a market cap of $703.34 million, a P/E ratio of -0.37 and a beta of 1.51. The stock has a fifty day moving average price of $1.65 and a two-hundred day moving average price of $1.97.

Optimum Communications (NYSE:OPTU) last posted its quarterly earnings data on Thursday, February 12th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.14). The business’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.12) earnings per share. On average, research analysts predict that Optimum Communications will post -0.24 earnings per share for the current fiscal year.

Insider Activity at Optimum Communications

In related news, General Counsel Michael Olsen sold 20,000 shares of the stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $1.40, for a total value of $28,000.00. Following the completion of the transaction, the general counsel owned 1,239,781 shares in the company, valued at $1,735,693.40. This trade represents a 1.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 44.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Optimum Communications

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. purchased a new stake in Optimum Communications during the fourth quarter valued at about $46,002,000. Empyrean Capital Partners LP purchased a new position in shares of Optimum Communications in the fourth quarter worth approximately $41,297,000. Deutsche Bank AG acquired a new stake in shares of Optimum Communications during the fourth quarter valued at approximately $27,135,000. Millennium Management LLC acquired a new stake in shares of Optimum Communications during the fourth quarter valued at approximately $24,478,000. Finally, Redwood Capital Management LLC purchased a new stake in shares of Optimum Communications in the 4th quarter valued at approximately $13,512,000. Institutional investors and hedge funds own 54.85% of the company’s stock.

Optimum Communications 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 approximately five million 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.