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MAVIS SCANLON
Major financial institutions have been shuffling their stakes in some of the leading cable operator stocks.
The California Public Employees Retirement System, the largest public pension system in the United States with $159 billion in assets, decreased its holdings as of Nov. 8 in Mediacom Communications, Cox Communications, Cablevision Systems and AT&T.
At the same time, it has upped its position in Charter Communications, according to data from LionShares.com, which tracks the equity holdings of institutional money managers.
CalPERS, based in Sacramento, Calif., is one of the few institutions buying up shares of Charter these days, according to the LionShares data.
DFA Investment Dimensions Group also increased its position in Charter as of Nov. 6.
LionShares reports several other institutions, including Credit Suisse Asset Management, American Express Financial Advisors, Fiduciary Asset Management Co., Dain Rauscher and Oscar Capital Management, all decreased positions in Charter between Oct. 25 and Nov. 6. One firm, Symphony Asset Management, sold out its position as of Nov. 7.
The moves come as most of the major MSOs report third-quarter earnings and provide guidance for the fourth quarter and 2001 on operating cash flow and new service rollouts.
While shares of most cable operators are well above this summer's lows, they are still down year-to-date.
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