Cerberus Capital Management L.P. Increases Stock Position in Altice USA, Inc. (NYSE:ATUS)

Cerberus Capital Management L.P. lifted its stake in Altice USA, Inc. (NYSE:ATUS) by 6.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,940,785 shares of the company’s stock after buying an additional 250,000 shares during the period. Altice USA makes up approximately 0.3% of Cerberus Capital Management L.P.’s investment portfolio, making the stock its 3rd biggest position. Cerberus Capital Management L.P. owned about 0.86% of Altice USA worth $9,694,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Vanguard Personalized Indexing Management LLC bought a new position in Altice USA in the 2nd quarter valued at about $25,000. D.A. Davidson & CO. acquired a new stake in shares of Altice USA during the 3rd quarter worth approximately $32,000. US Bancorp DE increased its stake in Altice USA by 30.2% in the third quarter. US Bancorp DE now owns 21,530 shares of the company’s stock valued at $53,000 after acquiring an additional 5,000 shares during the last quarter. Swedbank AB acquired a new position in Altice USA during the first quarter valued at approximately $66,000. Finally, nVerses Capital LLC acquired a new position in Altice USA during the third quarter valued at approximately $74,000. Institutional investors and hedge funds own 54.85% of the company’s stock.

Wall Street Analyst Weigh In

Separately, TD Cowen decreased their price target on Altice USA from $6.00 to $3.50 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Five analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $2.22.

Insider Activity

In other news, Director Alt S.A.R.L. Next sold 805,227 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $24.50, for a total transaction of $19,728,061.50. Following the completion of the transaction, the director now directly owns 21,146,004 shares in the company, valued at $518,077,098. This trade represents a 3.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders sold 8,052,270 shares of company stock valued at $197,280,615. Insiders own 52.90% of the company’s stock.

Altice USA Stock Down 7.3 %

Shares of ATUS opened at $2.41 on Monday. The stock has a market cap of $1.11 billion, a PE ratio of -6.51 and a beta of 1.52. Altice USA, Inc. has a 12-month low of $1.52 and a 12-month high of $3.66. The business has a 50-day simple moving average of $2.48 and a two-hundred day simple moving average of $2.19.

Altice USA (NYSE:ATUS) last released its quarterly earnings data on Monday, November 4th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.13). Altice USA had a negative net margin of 1.85% and a negative return on equity of 1.54%. The firm had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.24 billion. During the same period in the prior year, the company earned $0.15 EPS. The business’s quarterly revenue was down 3.9% compared to the same quarter last year. On average, equities research analysts expect that Altice USA, Inc. will post -0.01 EPS for the current year.

About Altice USA

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 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.