TD Asset Management Inc Sells 79,396 Shares of Calix, Inc (NYSE:CALX)

Key Points

• TD Asset Management Inc reduced its stake in Calix, Inc by 5.7%, now owning approximately 2.03% of the company, valued at $46.56 million after selling 79,396 shares.
• Calix reported earnings of $0.33 per share, exceeding the consensus estimate of ($0.08), with revenues of $241.90 million, marking a 22.1% year-over-year increase.
• The company's board approved a $100 million stock buyback plan, indicating confidence in the stock’s value and allowing repurchase of up to 4.5% of shares through open market purchases.

TD Asset Management Inc reduced its stake in shares of Calix, Inc (NYSE:CALX - Free Report) by 5.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,313,762 shares of the communications equipment provider's stock after selling 79,396 shares during the quarter. TD Asset Management Inc owned 2.03% of Calix worth $46,560,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the company. Signaturefd LLC lifted its holdings in Calix by 91.1% during the 1st quarter. Signaturefd LLC now owns 1,007 shares of the communications equipment provider's stock valued at $36,000 after purchasing an additional 480 shares during the last quarter. Quantbot Technologies LP bought a new stake in Calix in the 4th quarter worth approximately $84,000. Mercer Global Advisors Inc. ADV acquired a new position in Calix during the 4th quarter valued at about $208,000. Summit Investment Advisors Inc. lifted its position in shares of Calix by 8.1% in the fourth quarter. Summit Investment Advisors Inc. now owns 6,224 shares of the communications equipment provider's stock valued at $217,000 after acquiring an additional 465 shares in the last quarter. Finally, LVW Advisors LLC acquired a new stake in shares of Calix in the first quarter valued at $226,000. Hedge funds and other institutional investors own 98.14% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on CALX shares. Rosenblatt Securities increased their price target on Calix from $56.00 to $65.00 and gave the stock a "buy" rating in a research note on Tuesday, July 22nd. Needham & Company LLC raised their target price on Calix from $60.00 to $70.00 and gave the company a "buy" rating in a report on Tuesday, July 22nd. JPMorgan Chase & Co. upped their target price on shares of Calix from $38.00 to $52.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Roth Capital set a $50.00 price objective on shares of Calix and gave the company a "buy" rating in a report on Tuesday, April 22nd. Finally, Wolfe Research started coverage on shares of Calix in a research report on Monday, July 7th. They issued a "peer perform" rating for the company. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $59.25.

Calix Trading Down 1.7%

Shares of CALX stock traded down $0.96 during mid-day trading on Friday, reaching $55.73. The stock had a trading volume of 324,058 shares, compared to its average volume of 769,811. The company has a market cap of $3.64 billion, a P/E ratio of -139.42 and a beta of 1.37. Calix, Inc has a 12-month low of $28.60 and a 12-month high of $57.90. The business has a 50-day simple moving average of $50.57 and a 200 day simple moving average of $42.27.

Calix (NYSE:CALX - Get Free Report) last released its quarterly earnings results on Monday, July 21st. The communications equipment provider reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.41. The company had revenue of $241.90 million during the quarter, compared to the consensus estimate of $223.81 million. Calix had a negative return on equity of 3.21% and a negative net margin of 3.09%. The firm's revenue was up 22.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.09 EPS. Research analysts anticipate that Calix, Inc will post -0.43 EPS for the current year.

Calix announced that its Board of Directors has approved a stock repurchase program on Monday, April 21st that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the communications equipment provider to buy up to 4.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling at Calix

In other Calix news, Director Carl Russo sold 25,000 shares of the stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $55.40, for a total value of $1,385,000.00. Following the transaction, the director directly owned 2,114,188 shares in the company, valued at approximately $117,126,015.20. This trade represents a 1.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Cory Sindelar sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $56.00, for a total transaction of $560,000.00. Following the sale, the chief financial officer directly owned 76,285 shares in the company, valued at approximately $4,271,960. This represents a 11.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold 45,000 shares of company stock valued at $2,465,000 over the last quarter. 16.90% of the stock is owned by company insiders.

Calix Company Profile

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.