Amica Mutual Insurance Co. has reduced its stake in Charter Communications, Inc. (NASDAQ: CHTR) by 7.3% during the second quarter of 2023. This information was disclosed in the company’s latest 13F filing with the Securities and Exchange Commission (SEC). Following the sale of 1,659 shares, Amica Mutual now holds 21,132 shares of Charter, which represents approximately 0.8% of its total investments, making it the 27th largest holding in its portfolio. As of the filing, these shares were valued at about $8.6 million.
Changes in Institutional Holdings
Amica Mutual is not alone in adjusting its position in Charter Communications. Several other institutional investors and hedge funds have also modified their stakes. For instance, SouthState Corp acquired a new position in Charter Communications worth $25,000 in the first quarter, while Atlantic Union Bankshares Corp made a similar investment during the second quarter. Notably, Salem Investment Counselors Inc. increased its holdings by an impressive 2,033.3% in the second quarter, owning 64 shares valued at approximately $26,000 after purchasing an additional 61 shares. Ameritas Advisory Services LLC and SBI Securities Co. Ltd. also expanded their positions during this period, with SBI increasing its stake by 93.2%.
The data indicates that institutional investors collectively own 81.76% of Charter Communications’ stock, underscoring the significant interest from larger financial entities.
Insider Activity
In a related development, Charter Communications Director David C. Merritt sold 1,200 shares on November 5, 2023, at an average price of $226.18, resulting in a total transaction value of $271,416. Post-sale, Merritt holds 10,146 shares, valued at roughly $2.3 million. This transaction represents a 10.58% decrease in his holdings and was documented in filings with the SEC.
Quarterly Earnings Performance
Charter Communications recently reported its quarterly earnings on October 31, 2023, revealing an earnings per share (EPS) of $8.34. This figure fell short of analysts’ expectations, which anticipated an EPS of $9.66. The company generated revenue of $13.67 billion, slightly below the forecast of $13.76 billion. Compared to the same quarter last year, Charter’s revenue saw a decline of 0.7%, with an EPS of $8.82 recorded in the previous year. The firm reported a return on equity of 26.77% and a net margin of 9.53%.
Analyst Ratings and Market Sentiment
Market analysts have varied opinions regarding Charter Communications’ stock performance. KeyCorp reaffirmed a “sector weight” rating, while BNP Paribas Exane lowered its price target from $255.00 to $200.00, classifying the stock as “underperform.” Wells Fargo & Company adjusted its target price from $300.00 to $240.00, maintaining an “equal weight” rating. UBS Group and Benchmark have also revised their price targets downward, reflecting cautious sentiment among analysts.
Currently, the consensus rating for Charter Communications stands at “Reduce” with an average price target of $329.56, as reported by MarketBeat.com. Out of the analysts covering the stock, four have issued a Buy rating, eleven have assigned a Hold rating, and five have recommended selling.
Corporate Overview
Charter Communications, Inc. operates as a broadband connectivity and cable service provider in the United States. The company offers a range of subscription-based services, including internet, video, and mobile offerings. Additionally, it provides advanced WiFi services and Spectrum Security Shield, enhancing customer experiences in both residential and commercial sectors.
For ongoing updates regarding Charter Communications and institutional holdings, investors can access recent filings and insider trades through resources like HoldingsChannel.com.
