Charter Communications (NASDAQ:CHTR) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Tuesday.
According to Zacks, “Over the past three months, share price of Charter declined 6.8% as against the industry's loss of 1.1%. Moreover, Charter continues to lose video customers due to cord-cutting. We are also concerned about the company’s operation in a saturated and competitive multi-channel U.S. video market. Meanwhile, we view the high debt levels as a hazard. On the flip side, we appreciate Charter's plans to execute field trials for 5G wireless network and plans to launch its wireless services in 2018. The wireless venture is aimed at retaining customers in this competitive world. Charter and Altice USA have reportedly reached an agreement to broadcast their respective regional cable news networks. Charter and Viacom announced a multi-year renewal and expansion of their distribution relationship for the co-production of original content and collaboration around advanced advertising.”
Several other equities research analysts also recently commented on CHTR. Barclays downgraded shares of Charter Communications from an “equal weight” rating to an “underweight” rating and upped their target price for the company from $267.01 to $283.00 in a research note on Monday, December 4th. Macquarie reaffirmed a “buy” rating and issued a $430.00 target price on shares of Charter Communications in a research note on Tuesday, October 3rd. Pivotal Research reaffirmed a “buy” rating and issued a $420.00 target price (up previously from $405.00) on shares of Charter Communications in a research note on Friday, October 27th. Moffett Nathanson reaffirmed a “neutral” rating on shares of Charter Communications in a research note on Monday, October 16th. Finally, Evercore ISI upped their target price on shares of Charter Communications from $360.00 to $438.00 and gave the company an “outperform” rating in a research note on Friday, September 15th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $383.21.
Charter Communications (NASDAQ:CHTR) last announced its quarterly earnings data on Thursday, October 26th. The company reported $0.19 earnings per share for the quarter, missing the Thomson Reuters’ 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 business had revenue of $10.46 billion during the quarter, compared to analyst estimates of $10.49 billion. During the same quarter in the prior year, the company earned $0.69 earnings per share. The company’s quarterly revenue was up 4.2% on a year-over-year basis. equities analysts predict that Charter Communications will post 2.21 EPS for the current fiscal year.
In related news, CFO Christopher L. Winfrey acquired 3,100 shares of the stock in a transaction dated Monday, October 30th. The stock was bought at an average price of $323.61 per share, with a total value of $1,003,191.00. Following the completion of the transaction, the chief financial officer now directly owns 49,916 shares of the company’s stock, valued at $16,153,316.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.56% of the stock is owned by corporate insiders.
Several hedge funds have recently modified their holdings of the company. Parallel Advisors LLC boosted its holdings in Charter Communications by 43.3% during the second quarter. Parallel Advisors LLC now owns 308 shares of the company’s stock worth $121,000 after purchasing an additional 93 shares during the last quarter. Huntington National Bank acquired a new position in Charter Communications during the third quarter worth $128,000. CLS Investments LLC boosted its holdings in Charter Communications by 4,733.3% during the third quarter. CLS Investments LLC now owns 435 shares of the company’s stock worth $158,000 after purchasing an additional 426 shares during the last quarter. Steward Partners Investment Advisory LLC acquired a new position in Charter Communications during the third quarter worth $180,000. Finally, Fieldpoint Private Securities LLC acquired a new position in Charter Communications during the third quarter worth $209,000. 72.16% of the stock is owned by institutional investors.
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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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