Vistance Networks, Inc. $VISN Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management reduced its Vistance Networks stake by 69.6%, selling 3.84 million shares and retaining 1.68 million shares worth approximately $10 million. Institutional investors and hedge funds collectively own 88.04% of the company.
• VISN shares opened at $5.82, near their 12-month low of $5.79 and well below the 50-day and 200-day moving averages. The company also reduced its special dividend to $1.50 per share from $5.00.
• Analysts have a consensus “Hold” rating and an average price target of $19.33, while insider activity included a director selling 176,136 shares and the chief accounting officer purchasing 10,000 shares.

Assenagon Asset Management S.A. cut its holdings in shares of Vistance Networks, Inc. (NASDAQ:VISN - Free Report) by 69.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,677,852 shares of the business services provider's stock after selling 3,836,051 shares during the quarter. Assenagon Asset Management S.A. owned about 0.73% of Vistance Networks worth $10,034,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of VISN. State of Alaska Department of Revenue acquired a new stake in Vistance Networks in the 3rd quarter valued at approximately $72,000. Envestnet Asset Management Inc. purchased a new position in Vistance Networks during the 2nd quarter valued at about $255,000. State Street Corp purchased a new position in Vistance Networks during the 2nd quarter valued at about $92,121,000. The Manufacturers Life Insurance Company purchased a new position in Vistance Networks during the 2nd quarter valued at about $1,454,000. Finally, Tidal Investments LLC acquired a new position in Vistance Networks in the 2nd quarter valued at about $2,556,000. 88.04% of the stock is owned by institutional investors and hedge funds.

Vistance Networks Trading Up 0.3%

Shares of NASDAQ:VISN opened at $5.82 on Tuesday. The company has a 50 day moving average of $7.57 and a 200-day moving average of $11.41. The firm has a market cap of $1.34 billion, a P/E ratio of 5.13 and a beta of 2.38. Vistance Networks, Inc. has a twelve month low of $5.79 and a twelve month high of $20.55.

Vistance Networks Cuts Dividend

The company also recently declared a special dividend, which will be paid on Friday, November 6th. Investors of record on Monday, October 26th will be paid a dividend of $1.50 per share. This is a negative change from Vistance Networks's previous special dividend of $5.00.

Wall Street Analyst Weigh In

Several brokerages have weighed in on VISN. Zacks Research downgraded 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 upgraded Vistance Networks from a "sell" rating to a "hold" rating in a research note on Sunday, August 30th. Four investment analysts have rated the stock with a Hold rating. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $19.33.

Insider Activity at Vistance Networks

In other Vistance Networks news, Director L. William Krause sold 176,136 shares of the firm's stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $6.75, for a total value of $1,188,918.00. Following the completion of the sale, the director owned 98,371 shares in the company, valued at approximately $664,004.25. This trade represents a 64.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Charles A. Gilstrap acquired 10,000 shares of the firm's stock in a transaction dated Monday, August 10th. The shares were purchased at an average cost of $10.75 per share, for a total transaction of $107,500.00. Following the acquisition, the chief accounting officer directly owned 302,417 shares in the company, valued at $3,250,982.75. This represents a 3.42% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 3.50% of the company's stock.

About Vistance Networks

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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