Hennessy Advisors Inc. Takes Position in Vistance Networks, Inc. $VISN

Key Points

• Hennessy Advisors acquired 2.239 million Vistance Networks shares worth approximately $28.6 million, representing about 0.97% of the company and 0.9% of Hennessy’s portfolio.
• Institutional ownership reached 88.04% after BlackRock, Bank of America, Bank of New York Mellon, Empowered Funds and Algert Global added or increased positions.
• VISN shares fell 47.9% to $6.06, near their 52-week low, while analysts maintained a consensus “Hold” rating with an average price target of $19.33.

Hennessy Advisors Inc. purchased a new stake in shares of 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. The institutional investor purchased 2,239,000 shares of the business services provider's stock, valued at approximately $28,614,000. Vistance Networks makes up approximately 0.9% of Hennessy Advisors Inc.'s portfolio, making the stock its 28th largest holding. Hennessy Advisors Inc. owned about 0.97% of Vistance Networks at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in VISN. BlackRock Inc. bought a new stake in Vistance Networks during the second quarter valued at $319,679,000. Bank of America Corp DE bought a new stake in shares of Vistance Networks during the 2nd quarter valued at about $73,146,000. Bank of New York Mellon Corp bought a new stake in shares of Vistance Networks during the 2nd quarter valued at about $10,674,000. Empowered Funds LLC acquired a new stake in Vistance Networks during the second quarter worth about $10,393,000. Finally, Algert Global LLC raised its stake in Vistance Networks by 531.5% during the second quarter. Algert Global LLC now owns 574,865 shares of the business services provider's stock worth $7,347,000 after acquiring an additional 483,840 shares during the period. 88.04% of the stock is currently owned by institutional investors.

Insider Activity

In other Vistance Networks news, CAO Charles A. Gilstrap acquired 10,000 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The stock was acquired at an average cost of $10.75 per share, with a total value of $107,500.00. Following the acquisition, the chief accounting officer directly owned 302,417 shares of the company's stock, valued at $3,250,982.75. This represents a 3.42% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.50% of the company's stock.

Vistance Networks Stock Down 47.9%

Vistance Networks stock opened at $6.06 on Friday. The firm has a 50-day moving average price of $11.80 and a two-hundred day moving average price of $14.46. The firm has a market capitalization of $1.40 billion, a price-to-earnings ratio of 0.20 and a beta of 2.36. 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 declared a dividend, which was paid on Thursday, August 27th. Stockholders of record on Monday, August 17th were issued a dividend of $5.00 per share. The ex-dividend date of this dividend was Friday, August 28th.

Wall Street Analysts Forecast Growth

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

Vistance Networks 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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