State Street Corp Acquires 7,208,219 Shares of Vistance Networks, Inc. $VISN

Key Points

• State Street Corp. acquired 7.2 million VISN shares worth approximately $92.1 million, giving it a 3.13% stake. Other major institutions also initiated positions, and institutional investors now own 88.04% of the company.
• VISN shares opened at $6.35, near their one-year low of $6.00 and well below the $20.55 high; the stock has a market capitalization of about $1.46 billion.
• Analysts maintain a consensus “Hold” rating with a $19.33 target price, while recent insider activity included a director’s sale of 176,136 shares and a chief accounting officer’s purchase of 10,000 shares.

State Street Corp purchased a new stake in shares of Vistance Networks, Inc. (NASDAQ:VISN - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 7,208,219 shares of the business services provider's stock, valued at approximately $92,121,000. State Street Corp owned about 3.13% of Vistance Networks as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in VISN. BlackRock Inc. purchased a new position in shares of Vistance Networks during the second quarter valued at approximately $319,679,000. Bank of America Corp DE purchased a new stake in Vistance Networks in the second quarter worth approximately $73,146,000. HighTower Advisors LLC bought a new stake in Vistance Networks in the 2nd quarter worth approximately $34,338,000. Allianz Asset Management GmbH bought a new stake in Vistance Networks in the 2nd quarter worth approximately $34,115,000. Finally, Hennessy Advisors Inc. purchased a new stake in Vistance Networks during the 2nd quarter valued at $28,614,000. 88.04% of the stock is currently owned by institutional investors.

Vistance Networks Price Performance

Shares of VISN stock opened at $6.35 on Friday. The company has a market cap of $1.46 billion, a price-to-earnings ratio of 0.21 and a beta of 2.39. Vistance Networks, Inc. has a 1 year low of $6.00 and a 1 year high of $20.55. The firm has a fifty day moving average price of $9.53 and a 200-day moving average price of $12.82.

Vistance Networks Announces Dividend

The business also recently disclosed a dividend, which was paid on Thursday, August 27th. Stockholders of record on Monday, August 17th were paid a $5.00 dividend. The ex-dividend date of this dividend was Friday, August 28th.

Insider Transactions at Vistance Networks

In other Vistance Networks news, Director L. William Krause sold 176,136 shares of Vistance Networks stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $6.75, for a total transaction of $1,188,918.00. Following the transaction, the director owned 98,371 shares of the company's stock, valued at $664,004.25. The trade was a 64.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Charles A. Gilstrap bought 10,000 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were purchased at an average price of $10.75 per share, for a total transaction of $107,500.00. Following the purchase, the chief accounting officer owned 302,417 shares in the company, valued at $3,250,982.75. This represents a 3.42% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 3.50% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

VISN has been the topic of several research analyst reports. Zacks Research cut Vistance Networks from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 30th. Weiss Ratings lowered Vistance Networks from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, August 17th. Finally, Wall Street Zen raised Vistance Networks from a "sell" rating to a "hold" rating in a report on Sunday, August 30th. Four research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus 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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