Engineers Gate Manager LP Takes $6.84 Million Position in Vistance Networks, Inc. $VISN

Key Points

• Engineers Gate Manager LP acquired 535,003 shares of Vistance Networks valued at approximately $6.84 million, while several other institutions also initiated positions; institutional investors now own 88.04% of the stock.
• VISN opened at $6.48, near its 52-week low of $6.00 and well below its 52-week high of $20.55. The shares have a consensus “Hold” rating and an average analyst price target of $19.33.
• The company paid a recently announced $5.00 dividend, while insider activity was mixed: a director sold shares and the chief accounting officer purchased 10,000 shares.

Engineers Gate Manager LP bought a new position in Vistance Networks, Inc. (NASDAQ:VISN - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 535,003 shares of the business services provider's stock, valued at approximately $6,837,000. Engineers Gate Manager LP owned approximately 0.23% of Vistance Networks as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in VISN. BlackRock Inc. bought a new stake in Vistance Networks during the second quarter worth about $319,679,000. Bank of America Corp DE purchased a new position in shares of Vistance Networks during the 2nd quarter valued at about $73,146,000. California State Teachers Retirement System purchased a new position in shares of Vistance Networks during the 2nd quarter valued at about $41,823,000. HighTower Advisors LLC purchased a new position in shares of Vistance Networks during the 2nd quarter valued at about $34,338,000. Finally, Allianz Asset Management GmbH bought a new stake in Vistance Networks in the 2nd quarter worth approximately $34,115,000. Institutional investors own 88.04% of the company's stock.

Vistance Networks Stock Up 1.3%

NASDAQ:VISN opened at $6.48 on Friday. The firm has a market capitalization of $1.49 billion, a P/E ratio of 0.21 and a beta of 2.39. The company has a fifty day moving average of $10.57 and a 200 day moving average of $13.57. Vistance Networks, Inc. has a 52 week low of $6.00 and a 52 week high of $20.55.

Vistance Networks Dividend Announcement

The firm also recently disclosed 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 was Friday, August 28th.

Insider Activity at Vistance Networks

In related news, Director L. William Krause sold 23,864 shares of the firm's stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $6.27, for a total value of $149,627.28. Following the completion of the sale, the director owned 74,507 shares of the company's stock, valued at $467,158.89. This trade represents a 24.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Charles A. Gilstrap acquired 10,000 shares of Vistance Networks stock in a transaction on Monday, August 10th. The shares were bought at an average cost of $10.75 per share, for a total transaction of $107,500.00. Following the completion of the transaction, 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 position. The disclosure for this purchase is available in the SEC filing. Company insiders own 3.50% of the company's stock.

Analysts Set New Price Targets

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

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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