Amica Mutual Insurance Co. has decreased its investment in Charter Communications, Inc. (NASDAQ: CHTR) by 7.3% during the second quarter of 2023. This change was disclosed in a recent *13F filing* with the Securities and Exchange Commission (SEC). The institutional investor now holds 21,132 shares after selling 1,659 shares, representing approximately 0.8% of its overall portfolio, making Charter its 27th largest holding, valued at $8,639,000.
The adjustment in Amica’s position comes amid a wave of activity among institutional investors and hedge funds regarding Charter Communications. For example, SouthState Corp and Atlantic Union Bankshares Corp each acquired new positions in Charter during the first and second quarters, respectively, both valued at about $25,000.
Another significant move was made by Salem Investment Counselors Inc., which increased its holdings by an astonishing 2,033.3%, now owning 64 shares worth $26,000 after purchasing 61 additional shares. Other notable changes include Ameritas Advisory Services LLC, which entered a new position valued at approximately $28,000, and SBI Securities Co. Ltd., which raised its stake by 93.2% during the first quarter, now holding 85 shares worth $31,000. Overall, institutional investors control 81.76% of Charter’s stock.
In related news, director David C. Merritt sold 1,200 shares of Charter’s stock on November 5, 2023, for an average price of $226.18, totaling $271,416. Following this transaction, Merritt’s direct ownership has decreased by 10.58%, leaving him with 10,146 shares valued at approximately $2,294,822.28. Corporate insiders hold 0.83% of the company’s stock.
On October 31, 2023, Charter Communications announced its quarterly earnings results, reporting earnings per share (EPS) of $8.34, falling short of analysts’ consensus estimates of $9.66 by $1.32. The company generated revenue of $13.67 billion, below the expected $13.76 billion, indicating a 0.7% decline compared to the same quarter last year. The previous year, Charter reported an EPS of $8.82. Analysts predict that Charter will achieve an average EPS of $38.16 for the current year.
Analysts’ perspectives on Charter Communications vary widely. KeyCorp reaffirmed a “sector weight” rating in a research note on November 3, while BNP Paribas Exane reduced its price target from $255.00 to $200.00, assigning an “underperform” rating. Wells Fargo & Company also lowered its target from $300.00 to $240.00, issuing an “equal weight” rating. Meanwhile, UBS Group cut its price target from $425.00 to $355.00 and maintained a “neutral” rating. Benchmark similarly lowered its target from $475.00 to $425.00, keeping a “buy” rating.
Currently, four equity research analysts have rated Charter’s stock as a “Buy,” eleven have issued a “Hold” rating, and five have rated it as a “Sell.” According to data from MarketBeat.com, Charter Communications has a consensus rating of “Reduce” with an average price target of $329.56.
Charter Communications, Inc. operates as a broadband connectivity and cable operator, providing services to both residential and commercial customers across the United States. The company offers a range of subscription-based services, including internet, video, mobile, and voice services, along with advanced WiFi and Spectrum Security Shield offerings.
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