Connor Clark & Lunn Investment Management Ltd. Buys 49,597 Shares of Calix, Inc (NYSE:CALX)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Calix, Inc by 18.6% in the first quarter, owning approximately $11.19 million worth of shares.
• Calix has authorized a $100 million share buyback program, indicating that its board believes the stock is undervalued.
• Analysts have a consensus rating of "Moderate Buy" for Calix, with an average target price of $59.25.

Connor Clark & Lunn Investment Management Ltd. grew its holdings in Calix, Inc (NYSE:CALX - Free Report) by 18.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 315,794 shares of the communications equipment provider's stock after purchasing an additional 49,597 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.49% of Calix worth $11,192,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CALX. JPMorgan Chase & Co. boosted its position in Calix by 93.0% during the fourth quarter. JPMorgan Chase & Co. now owns 246,199 shares of the communications equipment provider's stock worth $8,585,000 after purchasing an additional 118,629 shares during the period. Franklin Resources Inc. grew its stake in shares of Calix by 18.3% in the fourth quarter. Franklin Resources Inc. now owns 15,780 shares of the communications equipment provider's stock valued at $550,000 after acquiring an additional 2,437 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Calix by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 1,337,709 shares of the communications equipment provider's stock valued at $46,657,000 after acquiring an additional 6,144 shares in the last quarter. Bank of Montreal Can grew its stake in shares of Calix by 27.1% in the fourth quarter. Bank of Montreal Can now owns 11,057 shares of the communications equipment provider's stock valued at $386,000 after acquiring an additional 2,358 shares in the last quarter. Finally, Rockefeller Capital Management L.P. grew its stake in shares of Calix by 57.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 644,984 shares of the communications equipment provider's stock valued at $22,490,000 after acquiring an additional 234,521 shares in the last quarter. 98.14% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Carl Russo sold 25,000 shares of the company's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $55.40, for a total transaction of $1,385,000.00. Following the completion of the transaction, the director owned 2,114,188 shares in the company, valued at $117,126,015.20. This represents a 1.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Cory Sindelar sold 10,000 shares of the company's stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $56.00, for a total value of $560,000.00. Following the transaction, the chief financial officer owned 76,285 shares of the company's stock, valued at approximately $4,271,960. This represents a 11.59% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 45,000 shares of company stock valued at $2,465,000. 16.90% of the stock is owned by corporate insiders.

Calix Stock Down 0.1%

NYSE:CALX traded down $0.08 during trading hours on Friday, hitting $56.71. 140,798 shares of the company traded hands, compared to its average volume of 762,866. The firm's 50-day simple moving average is $52.59 and its 200-day simple moving average is $43.58. Calix, Inc has a one year low of $28.60 and a one year high of $59.30. The company has a market cap of $3.70 billion, a PE ratio of -141.83 and a beta of 1.27.

Calix (NYSE:CALX - Get Free Report) last released its earnings results on Monday, July 21st. The communications equipment provider reported $0.33 EPS for the quarter, topping analysts' consensus estimates of ($0.08) by $0.41. The company had revenue of $241.90 million for the quarter, compared to analysts' expectations of $223.81 million. Calix had a negative return on equity of 3.21% and a negative net margin of 3.09%. The business's revenue for the quarter was up 22.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.09 EPS. As a group, equities research analysts expect that Calix, Inc will post -0.43 EPS for the current year.

Calix declared that its board has initiated a share repurchase program on Monday, April 21st that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the communications equipment provider to reacquire up to 4.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. UBS Group restated a "buy" rating on shares of Calix in a research note on Tuesday, April 22nd. Wall Street Zen raised shares of Calix from a "hold" rating to a "strong-buy" rating in a research report on Saturday, July 26th. JPMorgan Chase & Co. upped their price objective on Calix from $38.00 to $52.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Needham & Company LLC upped their price objective on Calix from $60.00 to $70.00 and gave the company a "buy" rating in a research note on Tuesday, July 22nd. Finally, Roth Capital set a $50.00 price target on shares of Calix and gave the stock a "buy" rating in a report on Tuesday, April 22nd. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $59.25.

Calix 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.