Charter Communications to Reward Shareholders with More Share Buybacks

After completing a $200 million buyback, Charter Communications (NASDAQ:CHTR) has announced new share repurchase agreements. Charter says it has made private agreements to sell a total $321 million in shares to investors at an average price of $54.46 per share.

Additionally, shareholders have been very positive about former Cablevision (NYSE:CVC) COO Tom Rutledge becoming Charter’s new CEO. Tom is 57 years of age and was COO of Cablevision since April 2004. Prior to joining Cablevision, he was President of Cable and Communications from January 2002 to April 2004 and President of Time Warner Cable from August 2001 to October 2001. He brings a wealth of knowledge and experience to Charter, another reason for the stock price trading higher.

Here’s how other cable companies are reacting to Charter’s news today:

Comcast Corporation (NASDAQ:CMCSA): CMCSA shares recently traded at $23.84, up $0.38, or 1.62%. They have traded in a 52-week range of $19.19 to $27.16. Volume today was 3,803,152 shares versus a 3-month average volume of 18,502,300 shares. The company’s trailing P/E is 17.15, while trailing earnings are $1.39 per share.

Cablevision Systems Corporation (NYSE:CVC): CVC shares recently traded at $14.29, up $0.21, or 1.49%. They have traded in a 52-week range of $11.57 to $38.08. Volume today was 920,299 shares versus a 3-month average volume of 3,508,300 shares. The company’s trailing P/E is 11.98, while trailing earnings are $1.19 per share.

Time Warner Cable Inc. (NYSE:TWC): TWC shares recently traded at $63.19, up $0.96, or 1.54%. They have traded in a 52-week range of $57.15 to $80.86. Volume today was 449,099 shares versus a 3-month average volume of 2,640,960 shares. The company’s trailing P/E is 14.59, while trailing earnings are $4.33 per share.

Dish Network Corp. (NASDAQ:DISH): DISH shares recently traded at $28.36, up $0.45, or 1.61%. They have traded in a 52-week range of $19.23 to $32.56. Volume today was 546,995 shares versus a 3-month average volume of 3,715,640 shares. The company’s trailing P/E is 8.69, while trailing earnings are $3.26 per share.

Time Warner Inc. (NYSE:TWX): TWX shares recently traded at $36.31, up $0.41, or 1.14%. They have traded in a 52-week range of $27.62 to $38.62. Volume today was 1,654,902 shares versus a 3-month average volume of 7,487,090 shares. The company’s trailing P/E is 13.79, while trailing earnings are $2.63 per share.

To contact the reporter on this story: Gina Smith at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com