Hennessy Advisors Inc. Makes New Investment in Vistance Networks, Inc. $VISN

Hennessy Advisors Inc. acquired a new stake in Vistance Networks, Inc. (NASDAQ:VISN) in the 2nd quarter, Holdings Channel reports. The fund acquired 2,239,000 shares of the business services provider’s stock, valued at approximately $28,614,000. Vistance Networks comprises approximately 0.9% of Hennessy Advisors Inc.’s portfolio, making the stock its 28th largest holding.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Vistance Networks in the second quarter worth approximately $319,679,000. Bank of America Corp DE bought a new stake in shares of Vistance Networks in the 2nd quarter worth $73,146,000. Bank of New York Mellon Corp acquired a new stake in shares of Vistance Networks in the second quarter valued at $10,674,000. Empowered Funds LLC bought a new position in Vistance Networks during the second quarter valued at about $10,393,000. Finally, Algert Global LLC grew its holdings 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. Institutional investors own 88.04% of the company’s stock.

Vistance Networks Trading Down 47.9%

Shares of Vistance Networks stock opened at $6.06 on Friday. The stock has a 50-day moving average price of $11.80 and a 200 day moving average price of $14.46. The company has a market cap of $1.40 billion, a P/E ratio of 0.20 and a beta of 2.36. Vistance Networks, Inc. has a 1 year low of $6.00 and a 1 year high of $20.55.

Vistance Networks Announces Dividend

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

Insider Activity at Vistance Networks

In related news, CAO Charles A. Gilstrap acquired 10,000 shares of the company’s stock in a transaction 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 ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 3.50% of the company’s stock.

Wall Street Analyst Weigh In

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

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.