Oaktree Capital Management, the Los Angeles-based hedge fund, more than doubled its stake in Charter Communications, controlling 28.1 million shares, or 6.98% of its outstanding stock, according to a filing Friday with the Securities and Exchange Commission.
Oaktree, which includes Comcast and Time Warner Cable among its cable operator holdings, had owned about 12.5 million Charter shares as of Sept. 30. According to the SEC filing Friday, that stake was increased to 28.1 million shares as of Nov. 15.
Charter stock has been on a downward slide since September 30 – the shares have dipped 48% or $1.24 per share in that period from $2.58 each to $1.34 as of Nov. 15 – so Oaktree may have seen a buying opportunity.
Charter stock was trading at $1.23 each (down 11 cents per share) in afternoon trading Friday.
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