Jennison Associates LLC Sells 67,729 Shares of Altice USA, Inc. (NYSE:ATUS)

Jennison Associates LLC reduced its position in Altice USA, Inc. (NYSE:ATUS) by 60.6% in the third quarter, Holdings Channel.com reports. The fund owned 44,032 shares of the company’s stock after selling 67,729 shares during the quarter. Jennison Associates LLC’s holdings in Altice USA were worth $912,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in ATUS. Amundi Pioneer Asset Management Inc. bought a new position in shares of Altice USA in the first quarter valued at approximately $2,255,000. HighTower Advisors LLC boosted its position in shares of Altice USA by 28.2% in the second quarter. HighTower Advisors LLC now owns 9,667 shares of the company’s stock valued at $330,000 after acquiring an additional 2,124 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of Altice USA by 12.9% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 42,910 shares of the company’s stock valued at $1,465,000 after acquiring an additional 4,916 shares during the period. Citigroup Inc. boosted its position in shares of Altice USA by 4.9% in the second quarter. Citigroup Inc. now owns 223,556 shares of the company’s stock valued at $7,632,000 after acquiring an additional 10,480 shares during the period. Finally, Mercer Global Advisors Inc. ADV boosted its position in shares of Altice USA by 179.6% in the second quarter. Mercer Global Advisors Inc. ADV now owns 121,178 shares of the company’s stock valued at $4,137,000 after acquiring an additional 77,844 shares during the period. Institutional investors own 50.69% of the company’s stock.

Shares of ATUS opened at $15.69 on Friday. The firm has a market cap of $7.13 billion, a price-to-earnings ratio of 7.16, a PEG ratio of 0.32 and a beta of 1.04. Altice USA, Inc. has a fifty-two week low of $14.33 and a fifty-two week high of $38.19. The firm has a 50 day moving average price of $16.36 and a 200-day moving average price of $22.95.

Altice USA (NYSE:ATUS) last issued its earnings results on Thursday, November 4th. The company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.52 by $0.06. Altice USA had a net margin of 10.58% and a negative return on equity of 87.53%. The company had revenue of $2.57 billion for the quarter, compared to the consensus estimate of $2.50 billion. During the same period in the previous year, the firm earned $0.34 earnings per share. The firm’s revenue for the quarter was up 5.8% on a year-over-year basis. Equities research analysts forecast that Altice USA, Inc. will post 2.2 EPS for the current year.

A number of research firms have recently commented on ATUS. TD Securities cut their price objective on shares of Altice USA from $39.00 to $32.00 and set a “buy” rating for the company in a research report on Monday, November 8th. Morgan Stanley dropped their target price on shares of Altice USA from $35.00 to $22.00 and set an “equal weight” rating for the company in a research report on Monday, October 11th. Barclays dropped their target price on shares of Altice USA from $24.00 to $20.00 and set an “equal weight” rating for the company in a research report on Friday, November 5th. Loop Capital began coverage on shares of Altice USA in a research report on Tuesday, November 23rd. They set a “hold” rating and a $19.00 target price for the company. Finally, Raymond James lowered shares of Altice USA from an “outperform” rating to a “market perform” rating in a research report on Monday, September 27th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $25.83.

In other news, Director Susan C. Schnabel bought 10,000 shares of the firm’s stock in a transaction that occurred on Monday, December 13th. The shares were bought at an average cost of $14.59 per share, with a total value of $145,900.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Olsen sold 3,000 shares of Altice USA stock in a transaction on Monday, November 1st. The stock was sold at an average price of $16.36, for a total transaction of $49,080.00. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 38,500 shares of company stock worth $609,545. 53.10% of the stock is owned by insiders.

Altice USA Company Profile

Altice USA, Inc engages in the provision of broadband, pay television, telephony services, proprietary content, and advertising services. Its brands include Optimum, Suddenlink, Lightpath, AMS, News 12 Networks, and News 12 Varsity. The firm operates through the Cablevision and Cequel business operations.

Read More: Stock Ratings and Recommendations: Understanding Analyst Upgrades and Downgrades

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Institutional Ownership by Quarter for Altice USA (NYSE:ATUS)

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