Fred Alger Management Inc. Trims Stake in Charter Communications, Inc. (CHTR)
Fred Alger Management Inc. decreased its stake in Charter Communications, Inc. (NASDAQ:CHTR) by 38.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 162,834 shares of the company’s stock after selling 102,996 shares during the period. Fred Alger Management Inc. owned approximately 0.06% of Charter Communications worth $54,851,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in the company. Williams Jones & Associates LLC grew its stake in shares of Charter Communications by 47.7% in the second quarter. Williams Jones & Associates LLC now owns 9,330 shares of the company’s stock worth $3,143,000 after acquiring an additional 3,015 shares during the last quarter. Capital World Investors increased its position in Charter Communications by 4.1% during the second quarter. Capital World Investors now owns 10,215,326 shares of the company’s stock worth $3,441,033,000 after acquiring an additional 402,167 shares during the period. Discovery Capital Management LLC CT bought a new position in Charter Communications during the second quarter worth $25,264,000. Sun Life Financial INC raised its stake in Charter Communications by 6,842.1% during the 2nd quarter. Sun Life Financial INC now owns 2,638 shares of the company’s stock valued at $890,000 after purchasing an additional 2,600 shares during the last quarter. Finally, Clinton Group Inc. acquired a new position in Charter Communications during the 2nd quarter valued at $9,426,000. Institutional investors and hedge funds own 74.10% of the company’s stock.
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Shares of Charter Communications, Inc. (NASDAQ CHTR) traded up 0.10% on Wednesday, hitting $369.88. The company’s stock had a trading volume of 233,230 shares. Charter Communications, Inc. has a 52 week low of $241.50 and a 52 week high of $408.83. The firm has a market cap of $95.39 billion, a price-to-earnings ratio of 105.95 and a beta of 1.10. The stock’s 50-day moving average price is $381.28 and its 200-day moving average price is $351.05.
Charter Communications (NASDAQ:CHTR) last issued its quarterly earnings results on Thursday, July 27th. The company reported $0.52 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.81 by ($0.29). Charter Communications had a return on equity of 1.15% and a net margin of 2.29%. The company had revenue of $10.36 billion for the quarter, compared to analyst estimates of $10.38 billion. During the same period in the prior year, the company earned $0.99 EPS. The company’s quarterly revenue was up 3.9% compared to the same quarter last year. Equities analysts expect that Charter Communications, Inc. will post $0.60 earnings per share for the current fiscal year.
Several analysts have issued reports on CHTR shares. BidaskClub upgraded shares of Charter Communications from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 1st. Deutsche Bank AG restated a “buy” rating and set a $410.00 price objective (up previously from $390.00) on shares of Charter Communications in a report on Monday, July 31st. Royal Bank Of Canada upped their price objective on shares of Charter Communications from $356.00 to $420.00 and gave the company an “outperform” rating in a research report on Monday, August 7th. UBS AG reaffirmed a “buy” rating and set a $450.00 price objective (up previously from $380.00) on shares of Charter Communications in a research report on Monday, August 14th. Finally, Pivotal Research reiterated a “buy” rating on shares of Charter Communications in a research note on Sunday, July 30th. Twelve investment 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. The company has a consensus rating of “Buy” and a consensus target price of $382.80.
In other news, EVP Jonathan Hargis sold 10,976 shares of the company’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $399.00, for a total transaction of $4,379,424.00. Following the completion of the sale, the executive vice president now directly owns 18,025 shares in the company, valued at approximately $7,191,975. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.56% of the stock is owned by insiders.
Charter Communications Profile
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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