Fmr LLC Sells 11,028,164 Shares of Altice USA, Inc. (NYSE:ATUS)

FMR LLC lowered its stake in Altice USA, Inc. (NYSE:ATUS - Free Report) by 34.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,876,756 shares of the company's stock after selling 11,028,164 shares during the period. FMR LLC owned approximately 4.53% of Altice USA worth $51,357,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Vanguard Personalized Indexing Management LLC purchased a new position in Altice USA during the second quarter worth about $25,000. US Bancorp DE increased its stake in Altice USA by 30.2% during the third quarter. US Bancorp DE now owns 21,530 shares of the company's stock worth $53,000 after acquiring an additional 5,000 shares during the last quarter. nVerses Capital LLC acquired a new stake in shares of Altice USA in the third quarter valued at about $74,000. Handelsbanken Fonder AB grew its stake in shares of Altice USA by 102.2% in the third quarter. Handelsbanken Fonder AB now owns 36,000 shares of the company's stock valued at $89,000 after buying an additional 18,200 shares in the last quarter. Finally, Mackenzie Financial Corp purchased a new position in Altice USA in the second quarter valued at about $81,000. Institutional investors and hedge funds own 54.85% of the company's stock.

Altice USA Price Performance

Shares of ATUS traded up $0.02 on Friday, reaching $2.58. 4,866,752 shares of the stock traded hands, compared to its average volume of 3,388,103. The firm has a market cap of $1.19 billion, a price-to-earnings ratio of -6.97 and a beta of 1.53. Altice USA, Inc. has a 12 month low of $1.52 and a 12 month high of $3.66. The stock's 50-day moving average price is $2.50 and its 200-day moving average price is $2.20.

Altice USA (NYSE:ATUS - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The company reported ($0.09) EPS for the quarter, missing analysts' consensus estimates of $0.04 by ($0.13). The business had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.24 billion. Altice USA had a negative return on equity of 1.54% and a negative net margin of 1.85%. Altice USA's revenue was down 3.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.15 earnings per share. As a group, equities research analysts forecast that Altice USA, Inc. will post -0.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, TD Cowen reduced their target price on Altice USA from $6.00 to $3.50 and set a "buy" rating on the stock in a report on Tuesday, November 5th. Five investment analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $2.22.

Insider Transactions at Altice USA

In related news, Director Alt S.A.R.L. Next sold 805,227 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $24.50, for a total transaction of $19,728,061.50. Following the sale, the director now directly owns 38,055,771 shares in the company, valued at $932,366,389.50. This represents a 2.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last ninety days, insiders sold 10,467,951 shares of company stock valued at $256,464,800. Corporate insiders own 52.90% of the company's stock.

Altice USA 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 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.