Chou Associates Management Inc. Maintains Holdings in BlackBerry Limited (BBRY)
Chou Associates Management Inc. maintained its position in BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 529,040 shares of the company’s stock at the close of the 2nd quarter. BlackBerry Limited accounts for 1.6% of Chou Associates Management Inc.’s holdings, making the stock its 17th biggest position. Chou Associates Management Inc. owned about 0.10% of BlackBerry Limited worth $5,307,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in BBRY. Contour Asset Management LLC purchased a new stake in BlackBerry Limited in the second quarter worth $34,244,000. FMR LLC lifted its stake in BlackBerry Limited by 1,413.1% in the second quarter. FMR LLC now owns 3,469,494 shares of the company’s stock worth $34,673,000 after acquiring an additional 3,240,200 shares during the period. CI Investments Inc. purchased a new stake in BlackBerry Limited in the second quarter worth $30,309,000. Kornitzer Capital Management Inc. KS purchased a new stake in BlackBerry Limited in the second quarter worth $18,807,000. Finally, Beck Mack & Oliver LLC lifted its stake 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 acquiring an additional 1,830,700 shares during the period. 63.32% of the stock is owned by institutional investors.
A number of brokerages recently commented on BBRY. Canaccord Genuity reaffirmed a “hold” rating and issued a $10.00 price target on shares of BlackBerry Limited in a research note on Monday, October 2nd. TD Securities raised their price target on BlackBerry Limited from $11.50 to $12.00 and gave the stock a “buy” rating in a research note on Monday, October 2nd. Vetr lowered BlackBerry Limited from a “buy” rating to a “hold” rating and set a $10.20 price target for the company. in a research note on Monday, October 2nd. Zacks Investment Research raised BlackBerry Limited from a “hold” rating to a “strong-buy” rating and set a $13.00 price target for the company in a research note on Wednesday. Finally, Credit Suisse Group reaffirmed an “underperform” rating and issued a $8.00 price target on shares of BlackBerry Limited in a research note on Wednesday, June 21st. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $9.71.
Shares of BlackBerry Limited (BBRY) traded up 0.45% during trading on Friday, hitting $11.07. The stock had a trading volume of 3,098,392 shares. The company has a market cap of $5.87 billion, a P/E ratio of 11.45 and a beta of 1.00. BlackBerry Limited has a 12 month low of $6.65 and a 12 month high of $11.74. The stock has a 50-day moving average price of $9.50 and a 200 day moving average price of $9.51.
BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) last released its quarterly earnings results on Thursday, September 28th. The company reported $0.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.06. The firm had revenue of $238.00 million during the quarter, compared to analyst estimates of $221.21 million. BlackBerry Limited had a return on equity of 2.70% and a net margin of 49.62%. BlackBerry Limited’s revenue was down 32.4% on a year-over-year basis. Equities analysts expect that BlackBerry Limited will post $0.06 EPS for the current fiscal year.
BlackBerry Limited declared that its board has approved a stock buyback program 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. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
About BlackBerry Limited
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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