Clarkston Capital Partners LLC Sells 30,353,434 Shares of Altice USA, Inc. (NYSE:ATUS)

Clarkston Capital Partners LLC decreased its stake in shares of Altice USA, Inc. (NYSE:ATUS) by 97.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 890,000 shares of the company’s stock after selling 30,353,434 shares during the quarter. Clarkston Capital Partners LLC owned approximately 0.19% of Altice USA worth $2,189,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA grew its holdings in Altice USA by 0.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,669,487 shares of the company’s stock worth $11,566,000 after acquiring an additional 24,501 shares in the last quarter. King Street Capital Management L.P. bought a new position in shares of Altice USA during the second quarter valued at approximately $5,100,000. Apollo Management Holdings L.P. increased its holdings in Altice USA by 4.6% during the first quarter. Apollo Management Holdings L.P. now owns 2,281,533 shares of the company’s stock valued at $5,955,000 after buying an additional 100,000 shares during the period. Empyrean Capital Partners LP bought a new position in Altice USA in the second quarter worth approximately $4,080,000. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its holdings in Altice USA by 13.0% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 460,585 shares of the company’s stock worth $1,193,000 after buying an additional 53,158 shares during the period. 54.85% of the stock is owned by hedge funds and other institutional investors.

Altice USA Stock Performance

Shares of ATUS opened at $2.47 on Monday. The stock has a 50 day moving average price of $2.41 and a 200 day moving average price of $2.16. The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of -6.68, a PEG ratio of 49.18 and a beta of 1.52. Altice USA, Inc. has a one year low of $1.52 and a one year high of $3.66.

Altice USA (NYSE:ATUS) last issued its earnings results 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 during the quarter, compared to analyst estimates of $2.24 billion. Altice USA had a negative net margin of 1.85% and a negative return on equity of 1.54%. Altice USA’s quarterly revenue was down 3.9% on a year-over-year basis. During the same quarter last year, the company earned $0.15 earnings per share. On average, analysts predict that Altice USA, Inc. will post 0.01 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on ATUS shares. TD Cowen reduced their price target on Altice USA from $6.00 to $3.50 and set a “buy” rating for the company in a research report on Tuesday, November 5th. UBS Group cut shares of Altice USA from a “buy” rating to a “neutral” rating and lowered their price target for the company from $4.00 to $2.00 in a report on Friday, August 2nd. Five research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Altice USA presently has a consensus rating of “Hold” and an average target price of $2.22.

Insider Buying and Selling at Altice USA

In other Altice USA news, Director Alt S.A.R.L. Next sold 805,227 shares of the business’s stock in a transaction 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 transaction, the director now owns 38,055,771 shares of the company’s stock, valued at approximately $932,366,389.50. The trade was a 2.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last quarter, insiders sold 6,441,816 shares of company stock worth $157,824,492. Insiders own 52.90% of the company’s stock.

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.