Altice USA, Inc. (NYSE:ATUS – Get Rating) – Zacks Research reduced their FY2022 earnings per share (EPS) estimates for Altice USA in a note issued to investors on Wednesday, November 16th. Zacks Research analyst S. Bose now expects that the company will post earnings of $1.07 per share for the year, down from their prior forecast of $1.40. The consensus estimate for Altice USA’s current full-year earnings is $1.20 per share. Zacks Research also issued estimates for Altice USA’s Q4 2022 earnings at $0.22 EPS, Q1 2023 earnings at $0.21 EPS, Q2 2023 earnings at $0.15 EPS, FY2023 earnings at $0.84 EPS, Q2 2024 earnings at $0.22 EPS, Q3 2024 earnings at $0.12 EPS and FY2024 earnings at $0.68 EPS.
A number of other research firms also recently issued reports on ATUS. Citigroup upgraded shares of Altice USA from a “neutral” rating to a “buy” rating and cut their target price for the company from $12.00 to $8.00 in a research report on Thursday, October 13th. The Goldman Sachs Group dropped their target price on shares of Altice USA from $10.00 to $7.00 and set a “buy” rating for the company in a research report on Friday, November 4th. Credit Suisse Group decreased their price target on shares of Altice USA from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Thursday, November 3rd. JPMorgan Chase & Co. reduced their target price on shares of Altice USA from $12.00 to $7.00 and set a “neutral” rating on the stock in a report on Thursday, November 3rd. Finally, Wells Fargo & Company boosted their target price on shares of Altice USA from $10.00 to $11.00 and gave the company an “equal weight” rating in a research report on Thursday, August 4th. Fourteen equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $12.26.
Altice USA Price Performance
Altice USA (NYSE:ATUS – Get Rating) last announced its earnings results on Wednesday, November 2nd. The company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.15). The firm had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.45 billion. Altice USA had a negative return on equity of 119.88% and a net margin of 6.52%. The firm’s revenue was down 7.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.58 EPS.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently bought and sold shares of ATUS. Clarkston Capital Partners LLC raised its position in Altice USA by 35.0% in the first quarter. Clarkston Capital Partners LLC now owns 27,554,566 shares of the company’s stock worth $343,881,000 after purchasing an additional 7,146,366 shares in the last quarter. Laurion Capital Management LP bought a new stake in Altice USA during the third quarter worth about $27,723,000. Federated Hermes Inc. grew its stake in shares of Altice USA by 970.4% during the second quarter. Federated Hermes Inc. now owns 3,522,770 shares of the company’s stock valued at $32,586,000 after purchasing an additional 3,193,677 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Altice USA by 11.7% during the first quarter. Vanguard Group Inc. now owns 22,253,606 shares of the company’s stock valued at $277,725,000 after purchasing an additional 2,324,303 shares during the last quarter. Finally, Canyon Capital Advisors LLC bought a new stake in shares of Altice USA during the first quarter valued at approximately $27,924,000. Institutional investors and hedge funds own 56.28% of the company’s stock.
In related news, Director Charles Stewart sold 31,560 shares of the company’s stock in a transaction on Tuesday, September 13th. The shares were sold at an average price of $9.99, for a total value of $315,284.40. Following the completion of the sale, the director now directly owns 1,323,925 shares in the company, valued at $13,226,010.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 52.60% of the stock is currently owned by corporate insiders.
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 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.
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