BlackBerry Limited (BBRY) Position Cut by Contrarius Investment Management Ltd
Contrarius Investment Management Ltd lowered its position in shares of BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) by 30.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 118,742 shares of the company’s stock after selling 50,778 shares during the period. Contrarius Investment Management Ltd’s holdings in BlackBerry Limited were worth $1,186,000 as of its most recent filing with the SEC.
A number of other institutional investors have also bought and sold shares of BBRY. Iridian Asset Management LLC CT boosted its position in BlackBerry Limited by 25.8% in the first quarter. Iridian Asset Management LLC CT now owns 26,338,893 shares of the company’s stock worth $204,126,000 after buying an additional 5,403,804 shares during the last quarter. OppenheimerFunds Inc. boosted its position in BlackBerry Limited by 83.9% in the first quarter. OppenheimerFunds Inc. now owns 7,357,607 shares of the company’s stock worth $57,005,000 after buying an additional 3,356,948 shares during the last quarter. First Eagle Investment Management LLC boosted its position in BlackBerry Limited by 48.9% in the first quarter. First Eagle Investment Management LLC now owns 6,159,856 shares of the company’s stock worth $47,739,000 after buying an additional 2,022,000 shares during the last quarter. Kornitzer Capital Management Inc. KS acquired a new position in BlackBerry Limited during the second quarter worth about $18,807,000. Finally, Beck Mack & Oliver LLC boosted its position in BlackBerry Limited by 13,461.0% in the second quarter. Beck Mack & Oliver LLC now owns 1,844,300 shares of the company’s stock worth $18,425,000 after buying an additional 1,830,700 shares during the last quarter. Institutional investors own 63.36% of the company’s stock.
BlackBerry Limited (NASDAQ BBRY) opened at 9.03 on Wednesday. BlackBerry Limited has a 12 month low of $6.65 and a 12 month high of $11.74. The firm has a market capitalization of $4.79 billion, a price-to-earnings ratio of 37.16 and a beta of 0.97. The company’s 50-day moving average price is $9.42 and its 200 day moving average price is $8.99.
BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) last posted its quarterly earnings data on Friday, June 23rd. The company reported $0.02 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.02. The business had revenue of $244 million during the quarter, compared to analysts’ expectations of $262.80 million. BlackBerry Limited had a net margin of 11.68% and a negative return on equity of 1.67%. BlackBerry Limited’s revenue for the quarter was down 42.5% compared to the same quarter last year. Analysts predict that BlackBerry Limited will post $0.04 EPS for the current year.
BlackBerry Limited declared that its board has initiated a stock repurchase plan on Friday, June 23rd that authorizes the company to repurchase 31,000,000 shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
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BBRY has been the subject of a number of research analyst reports. Raymond James Financial, Inc. lowered BlackBerry Limited from an “outperform” rating to a “market perform” rating and lifted their target price for the company from $9.50 to $11.00 in a research report on Monday, May 29th. Royal Bank Of Canada set a $10.00 target price on BlackBerry Limited and gave the company a “hold” rating in a research report on Wednesday, August 9th. Credit Suisse Group reaffirmed an “underperform” rating and set a $8.00 target price on shares of BlackBerry Limited in a research report on Wednesday, June 21st. Vetr raised BlackBerry Limited from a “buy” rating to a “strong-buy” rating and set a $12.74 target price for the company in a research report on Monday, June 5th. Finally, Zacks Investment Research raised BlackBerry Limited from a “hold” rating to a “buy” rating and set a $11.00 target price for the company in a research report on Wednesday, June 28th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $9.56.
BlackBerry Limited Company Profile
BlackBerry Limited (BlackBerry) provides mobile communications solutions. The Company is engaged in the sale of smartphones and enterprise software and services. The Company’s products and services include Enterprise Solutions and Services, Devices, BlackBerry Technology Solutions and Messaging. It is engaged in providing enterprise mobility management (EMM) and mobile security, and offers a portfolio of enterprise software solutions and services that can be deployed across a range of ecosystems and devices, including BlackBerry Enterprise Service (BES) 12 and Good Platforms, BES12 Cloud, enterprise file-sync-and-share (EFSS), SecuSUITE for Enterprise, Enhanced subscriber identity module (SIM)-Based Licensing (ESBL), WorkLife by BlackBerry solution and Professional Cybersecurity Services.
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