“We see the over-reaction to 3Q earnings in CHTR shares as an opportune time to get in; but, a downward shift in our numbers paired with a ~1x lower multiple take our target to US$400. Impact 3Q was tough all around… On the video side, management wasn’t shy in discussing telco competition including the impact of AT&T’s network expansion (CHTR-T overlap is ~23%) and secular pressures plaguing the industry. These include cord cutting in addition to direct-to-consumer, password sharing, and multi- stream services that are squeezing the price/value trends. In 3Q, legacy TWC lost 25k more video subs YoY, comprising 86k/104k of the losses as the purging of subs in low-value packages continues.”,” the firm’s analyst commented.
CHTR has been the subject of several other reports. Morgan Stanley raised their price target on Charter Communications from $350.00 to $365.00 and gave the company an overweight rating in a report on Monday, July 17th. HSBC Holdings plc restated a hold rating and set a $360.00 price target (up from $300.00) on shares of Charter Communications in a report on Tuesday, August 1st. Pivotal Research restated a buy rating and set a $420.00 price target (up from $405.00) on shares of Charter Communications in a report on Friday. Wells Fargo & Company restated a market perform rating and set a $372.00 price target (up from $330.00) on shares of Charter Communications in a report on Sunday, July 30th. Finally, Moffett Nathanson reaffirmed a neutral rating on shares of Charter Communications in a research report on Monday, October 16th. Twelve analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. Charter Communications currently has an average rating of Buy and an average target price of $379.18.
Charter Communications (NASDAQ CHTR) traded up 1.32% during trading on Friday, reaching $323.98. 3,402,129 shares of the company’s stock were exchanged. The stock has a market cap of $83.55 billion, a PE ratio of 92.80 and a beta of 1.10. The firm has a 50 day moving average of $361.19 and a 200-day moving average of $354.06. Charter Communications has a 12 month low of $241.50 and a 12 month high of $408.83.
Charter Communications (NASDAQ:CHTR) last issued its quarterly earnings results on Thursday, October 26th. The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.77). Charter Communications had a net margin of 1.93% and a return on equity of 0.91%. The company had revenue of $10.46 billion for the quarter, compared to the consensus estimate of $10.49 billion. During the same quarter in the previous year, the business earned $0.69 earnings per share. Charter Communications’s revenue was up 4.2% compared to the same quarter last year. On average, equities research analysts anticipate that Charter Communications will post $0.60 earnings per share for the current fiscal year.
In other Charter Communications news, EVP Jonathan Hargis sold 10,976 shares of the firm’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $399.00, for a total value of $4,379,424.00. Following the transaction, the executive vice president now directly owns 18,025 shares of the company’s stock, valued at $7,191,975. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.56% of the company’s stock.
A number of large investors have recently made changes to their positions in the business. New York State Teachers Retirement System boosted its position in Charter Communications by 1.7% in the third quarter. New York State Teachers Retirement System now owns 350,986 shares of the company’s stock worth $127,555,000 after purchasing an additional 6,014 shares during the last quarter. Linscomb & Williams Inc. purchased a new position in Charter Communications in the third quarter worth about $211,000. Parametrica Management Ltd purchased a new position in Charter Communications in the third quarter worth about $226,000. OLD National Bancorp IN purchased a new position in Charter Communications in the third quarter worth about $627,000. Finally, Crossmark Global Holdings Inc. purchased a new position in Charter Communications in the third quarter worth about $6,581,000. 74.06% of the stock is currently owned by institutional investors and hedge funds.
About Charter Communications
Charter Communications, Inc (Charter) is a provider of cable services, offering various entertainments, information and communications solutions to residential and commercial customers. The Company’s services include Video Services, Internet Services, Voice Services, Commercial Services and Advertising Services.
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