Bank of New York Mellon Corp Buys Shares of 835,214 Vistance Networks, Inc. $VISN

Key Points

• Bank of New York Mellon acquired 835,214 shares of Vistance Networks valued at approximately $10.7 million, giving it a 0.37% stake. Institutional investors collectively own 88.04% of the company.
• Insider activity was mixed: Chief Accounting Officer Charles Gilstrap bought 10,000 shares at $10.75, while Director L. William Krause sold 176,136 shares at $6.75, reducing his position by 64.16%.
• Analysts maintain a consensus “Hold” rating with a $19.33 target price, while VISN opened at $6.47 and trades near its 52-week low of $6.00.

Bank of New York Mellon Corp acquired a new position in shares of Vistance Networks, Inc. (NASDAQ:VISN - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 835,214 shares of the business services provider's stock, valued at approximately $10,674,000. Bank of New York Mellon Corp owned 0.37% of Vistance Networks as of its most recent filing with the Securities and Exchange Commission.

Separately, State of Wyoming acquired a new stake in shares of Vistance Networks during the 2nd quarter worth about $212,000. Institutional investors and hedge funds own 88.04% of the company's stock.

Insider Activity at Vistance Networks

In other news, CAO Charles A. Gilstrap bought 10,000 shares of the stock in a transaction dated Monday, August 10th. The shares were bought at an average price of $10.75 per share, for a total transaction of $107,500.00. Following the completion of the purchase, the chief accounting officer owned 302,417 shares in the company, valued at approximately $3,250,982.75. This trade represents a 3.42% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director L William Krause sold 176,136 shares of the stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $6.75, for a total value of $1,188,918.00. Following the sale, the director directly owned 98,371 shares in the company, valued at $664,004.25. This represents a 64.16% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 3.50% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Wall Street Zen raised shares of Vistance Networks from a "sell" rating to a "hold" rating in a research note on Sunday. Zacks Research cut Vistance Networks from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 30th. Finally, Weiss Ratings downgraded Vistance Networks from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday, August 17th. Four research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Vistance Networks presently has an average rating of "Hold" and a consensus target price of $19.33.

Vistance Networks Price Performance

VISN stock opened at $6.47 on Thursday. Vistance Networks, Inc. has a fifty-two week low of $6.00 and a fifty-two week high of $20.55. The business has a 50-day moving average of $11.42 and a 200-day moving average of $14.15. The stock has a market capitalization of $1.49 billion, a P/E ratio of 0.21 and a beta of 2.39.

Vistance Networks Announces Dividend

The business also recently declared a dividend, which was paid on Thursday, August 27th. Shareholders of record on Monday, August 17th were issued a $5.00 dividend. The ex-dividend date of this dividend was Friday, August 28th.

Vistance Networks Company Profile

CommScope Holding Company, Inc provides infrastructure solutions for communications and entertainment networks. It operates through four segments: Broadband Networks (Broadband), Outdoor Wireless Networks (OWN), Venue and Campus Networks (VCN), and Home Networks (Home). The Broadband segment provides converged cable access platforms, passive optical networking products, video systems, access technologies, fiber and coaxial cables, fiber and copper connectivity products, and hardened closures to the telco and cable provider broadband market.

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