Bank of New York Mellon Corp Lowers Stock Position in Calix, Inc (NYSE:CALX)

Bank of New York Mellon Corp cut its holdings in Calix, Inc (NYSE:CALXFree Report) by 16.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,144,749 shares of the communications equipment provider’s stock after selling 228,497 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.77% of Calix worth $40,570,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Millennium Management LLC raised its stake in Calix by 77.8% during the fourth quarter. Millennium Management LLC now owns 2,031,212 shares of the communications equipment provider’s stock valued at $70,828,000 after buying an additional 889,102 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Calix by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 7,977,769 shares of the communications equipment provider’s stock worth $278,185,000 after purchasing an additional 412,982 shares during the last quarter. Balyasny Asset Management L.P. grew its position in Calix by 711.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 436,036 shares of the communications equipment provider’s stock valued at $15,205,000 after purchasing an additional 382,301 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in Calix by 105.7% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 708,723 shares of the communications equipment provider’s stock worth $24,713,000 after buying an additional 364,209 shares during the last quarter. Finally, Norges Bank purchased a new position in Calix in the fourth quarter worth about $11,518,000. 98.14% of the stock is owned by hedge funds and other institutional investors.

Calix Stock Up 0.1%

NYSE CALX opened at $50.55 on Tuesday. Calix, Inc has a 52 week low of $28.61 and a 52 week high of $54.07. The firm has a market capitalization of $3.28 billion, a price-to-earnings ratio of -97.20 and a beta of 1.37. The company has a fifty day moving average of $47.82 and a two-hundred day moving average of $40.56.

Calix (NYSE:CALXGet Free Report) last announced its earnings results on Monday, April 21st. The communications equipment provider reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.06. Calix had a negative return on equity of 4.14% and a negative net margin of 4.20%. The business had revenue of $220.20 million during the quarter, compared to analyst estimates of $206.98 million. During the same quarter in the previous year, the business earned $0.21 earnings per share. Equities research analysts anticipate that Calix, Inc will post -0.43 EPS for the current year.

Calix announced that its board has approved a share buyback plan on Monday, April 21st that permits the company to buyback $100.00 million in shares. This buyback authorization permits the communications equipment provider to reacquire up to 4.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Calix

In other news, CFO Cory Sindelar sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $52.00, for a total value of $520,000.00. Following the completion of the sale, the chief financial officer owned 76,285 shares of the company’s stock, valued at approximately $3,966,820. This represents a 11.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Carl Russo sold 25,000 shares of Calix stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $39.59, for a total transaction of $989,750.00. Following the transaction, the director directly owned 2,139,188 shares in the company, valued at approximately $84,690,452.92. The trade was a 1.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 16.90% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $53.00 price target on shares of Calix in a report on Tuesday, April 22nd. UBS Group restated a “buy” rating on shares of Calix in a report on Tuesday, April 22nd. Wolfe Research assumed coverage on shares of Calix in a research note on Monday, July 7th. They set a “peer perform” rating for the company. Wall Street Zen lowered shares of Calix from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Roth Capital set a $50.00 price objective on shares of Calix and gave the stock a “buy” rating in a report on Tuesday, April 22nd. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Calix has an average rating of “Moderate Buy” and a consensus target price of $48.50.

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About Calix

(Free Report)

Calix, Inc, together with its subsidiaries, engages in the provision of cloud and software platforms, and systems and services in the United States, rest of Americas, Europe, the Middle East, Africa, and the Asia Pacific. Its cloud and software platforms, and systems and services enable broadband service providers (BSPs) to provide a range of services.

See Also

Institutional Ownership by Quarter for Calix (NYSE:CALX)

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