Bank of New York Mellon Corp Sells 228,497 Shares of Calix, Inc (NYSE:CALX)

Bank of New York Mellon Corp lessened its holdings in Calix, Inc (NYSE:CALX - Free Report) by 16.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,144,749 shares of the communications equipment provider's stock after selling 228,497 shares during the period. Bank of New York Mellon Corp owned 1.77% of Calix worth $40,570,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its holdings in Calix by 2.4% in the 1st quarter. Principal Financial Group Inc. now owns 294,539 shares of the communications equipment provider's stock valued at $10,438,000 after buying an additional 7,030 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Calix during the 4th quarter worth $512,000. Amundi bought a new stake in shares of Calix during the 4th quarter worth $330,000. HighTower Advisors LLC lifted its position in shares of Calix by 30.5% during the 4th quarter. HighTower Advisors LLC now owns 118,245 shares of the communications equipment provider's stock worth $4,123,000 after buying an additional 27,622 shares during the last quarter. Finally, Teacher Retirement System of Texas bought a new stake in shares of Calix during the 1st quarter worth $922,000. 98.14% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CALX has been the subject of several recent analyst reports. Wall Street Zen downgraded Calix from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Roth Capital set a $50.00 target price on Calix and gave the company a "buy" rating in a research report on Tuesday, April 22nd. UBS Group reiterated a "buy" rating on shares of Calix in a research report on Tuesday, April 22nd. Rosenblatt Securities reiterated a "buy" rating and issued a $56.00 target price on shares of Calix in a research report on Tuesday. Finally, JPMorgan Chase & Co. increased their target price on Calix from $38.00 to $52.00 and gave the company a "neutral" rating in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $50.83.

Calix Trading Up 1.4%

NYSE CALX traded up $0.75 during trading hours on Friday, hitting $53.71. 427,693 shares of the company's stock were exchanged, compared to its average volume of 692,418. The stock has a 50-day simple moving average of $48.54 and a 200 day simple moving average of $40.93. Calix, Inc has a 1-year low of $28.61 and a 1-year high of $54.19. The firm has a market cap of $3.48 billion, a price-to-earnings ratio of -103.25 and a beta of 1.37.

Calix (NYSE:CALX - Get Free Report) last released its earnings results on Monday, April 21st. The communications equipment provider reported $0.19 EPS for the quarter, topping the consensus estimate of $0.13 by $0.06. Calix had a negative return on equity of 4.14% and a negative net margin of 4.20%. The business had revenue of $220.20 million during the quarter, compared to analysts' expectations of $206.98 million. During the same quarter last year, the firm posted $0.21 earnings per share. On average, sell-side analysts anticipate that Calix, Inc will post -0.43 earnings per share for the current fiscal year.

Calix declared that its Board of Directors has initiated a stock buyback plan on Monday, April 21st that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the communications equipment provider to reacquire up to 4.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling

In other Calix news, CFO Cory Sindelar sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $52.00, for a total value of $520,000.00. Following the completion of the sale, the chief financial officer owned 76,285 shares of the company's stock, valued at approximately $3,966,820. This trade represents a 11.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Carl Russo sold 25,000 shares of Calix stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $39.59, for a total value of $989,750.00. Following the transaction, the director directly owned 2,139,188 shares in the company, valued at approximately $84,690,452.92. The trade was a 1.16% decrease in their position. The disclosure for this sale can be found here. Company insiders own 16.90% of the company's stock.

About Calix

Calix, Inc, together with its subsidiaries, engages in the provision of cloud and software platforms, and systems and services in the United States, rest of Americas, Europe, the Middle East, Africa, and the Asia Pacific. Its cloud and software platforms, and systems and services enable broadband service providers (BSPs) to provide a range of services.