BlackRock Inc. Acquires New Stake in Vistance Networks, Inc. $VISN

Key Points

• BlackRock acquired 25.0 million VISN shares worth approximately $319.7 million, giving it an 11.09% stake. Institutional investors now own about 88.04% of the company.
• Analyst sentiment remains cautious: four analysts rate Vistance Networks “Hold,” with a consensus price target of $19.33, while several firms recently downgraded the stock.
• VISN opened at $11.05, near the lower end of its 52-week range, while Chief Accounting Officer Charles A. Gilstrap purchased 10,000 shares at $10.75 per share.

BlackRock Inc. bought a new position in Vistance Networks, Inc. (NASDAQ:VISN - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 25,014,020 shares of the business services provider's stock, valued at approximately $319,679,000. BlackRock Inc. owned about 11.09% of Vistance Networks as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the company. Persistent Asset Partners Ltd bought a new position in Vistance Networks in the second quarter worth approximately $29,000. State of Wyoming bought a new stake in shares of Vistance Networks during the 2nd quarter valued at $212,000. GSA Capital Partners LLP purchased a new stake in shares of Vistance Networks in the 2nd quarter worth $2,374,000. Deutsche Bank AG bought a new position in Vistance Networks in the 2nd quarter worth $4,662,000. Finally, Bank of New York Mellon Corp bought a new position in Vistance Networks in the 2nd quarter worth $10,674,000. 88.04% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on VISN shares. Northland Securities set a $17.00 price target on Vistance Networks in a report on Friday, May 1st. Wall Street Zen downgraded Vistance Networks from a "hold" rating to a "sell" rating in a research note on Saturday, August 22nd. Zacks Research cut Vistance Networks from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 30th. Finally, Weiss Ratings cut shares of Vistance Networks from a "hold (c+)" rating to a "hold (c)" rating in a research note on Monday, August 17th. Four equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $19.33.

Insider Transactions at Vistance Networks

In related news, CAO Charles A. Gilstrap bought 10,000 shares of Vistance Networks stock in a transaction dated Monday, August 10th. The shares were acquired at an average cost of $10.75 per share, with a total value of $107,500.00. Following the completion of the transaction, the chief accounting officer owned 302,417 shares in the company, valued at $3,250,982.75. The trade was a 3.42% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 3.50% of the stock is currently owned by insiders.

Vistance Networks Stock Performance

Shares of VISN opened at $11.05 on Thursday. The stock has a market capitalization of $2.55 billion, a PE ratio of 0.36 and a beta of 2.36. The company's fifty day moving average is $11.95 and its 200 day moving average is $14.56. Vistance Networks, Inc. has a fifty-two week low of $9.47 and a fifty-two week high of $20.55.

Vistance Networks Announces Dividend

The firm also recently announced a dividend, which will be paid on Thursday, August 27th. Shareholders of record on Monday, August 17th will be given a dividend of $5.00 per share. The ex-dividend date is Friday, August 28th.

About Vistance Networks

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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