Shell Asset Management Co. boosted its stake in CommScope Holding Company, Inc. (NASDAQ:COMM) by 22.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 57,643 shares of the communications equipment provider’s stock after buying an additional 10,591 shares during the period. Shell Asset Management Co.’s holdings in CommScope Holding were worth $2,192,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. First Quadrant L P CA increased its position in CommScope Holding by 184.6% in the first quarter. First Quadrant L P CA now owns 453,246 shares of the communications equipment provider’s stock valued at $18,905,000 after buying an additional 293,986 shares in the last quarter. Glen Harbor Capital Management LLC purchased a new position in CommScope Holding during the first quarter valued at about $1,035,000. ProShare Advisors LLC purchased a new position in CommScope Holding during the first quarter valued at about $203,000. Nationwide Fund Advisors purchased a new position in CommScope Holding during the first quarter valued at about $11,804,000. Finally, CAPROCK Group Inc. purchased a new position in CommScope Holding during the first quarter valued at about $203,000. 99.02% of the stock is currently owned by hedge funds and other institutional investors.
CommScope Holding Company, Inc. (COMM) traded up 0.85% during mid-day trading on Friday, hitting $31.93. 2,252,802 shares of the company were exchanged. The company has a market capitalization of $6.16 billion, a P/E ratio of 26.65 and a beta of 1.17. The company’s 50-day moving average is $35.90 and its 200 day moving average is $38.12. CommScope Holding Company, Inc. has a 12-month low of $28.32 and a 12-month high of $42.75.
CommScope Holding (NASDAQ:COMM) last announced its earnings results on Thursday, August 3rd. The communications equipment provider reported $0.60 earnings per share for the quarter, missing analysts’ consensus estimates of $0.65 by $0.05. CommScope Holding had a return on equity of 33.38% and a net margin of 4.96%. The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same period in the prior year, the business earned $0.74 EPS. CommScope Holding’s quarterly revenue was down 10.2% on a year-over-year basis. Analysts expect that CommScope Holding Company, Inc. will post $2.22 EPS for the current year.
CommScope Holding announced that its board has authorized a stock repurchase plan on Thursday, August 3rd that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the communications equipment provider to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
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Several research firms have issued reports on COMM. Zacks Investment Research raised CommScope Holding from a “sell” rating to a “buy” rating and set a $47.00 price objective on the stock in a report on Tuesday, May 2nd. Deutsche Bank AG upped their target price on shares of CommScope Holding from $42.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, April 19th. Jefferies Group LLC reiterated a “buy” rating and set a $43.00 target price on shares of CommScope Holding in a research report on Thursday, June 8th. Northland Securities reiterated a “hold” rating and set a $30.00 target price on shares of CommScope Holding in a research report on Thursday, August 3rd. Finally, Instinet initiated coverage on shares of CommScope Holding in a research report on Thursday, May 25th. They set a “buy” rating and a $45.00 target price for the company. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $41.45.
In related news, Director Frank M. Drendel sold 15,000 shares of CommScope Holding stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $38.94, for a total transaction of $584,100.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Timothy T. Yates bought 5,000 shares of the stock in a transaction that occurred on Tuesday, August 8th. The shares were purchased at an average cost of $32.62 per share, with a total value of $163,100.00. The disclosure for this purchase can be found here. Insiders have purchased 35,000 shares of company stock valued at $1,207,400 in the last three months. 3.33% of the stock is owned by insiders.
CommScope Holding Company Profile
CommScope Holding Company, Inc (CommScope) is a provider of infrastructure solutions for the core, access and edge layers of communications networks. The Company operates through two segments: CommScope Connectivity Solutions (CCS) and CommScope Mobility Solutions (CMS). Its portfolio includes wireless and fiber optic solutions.
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