Cornerstone Capital Management Holdings LLC. lessened its holdings in shares of CommScope Holding Company, Inc. (NASDAQ:COMM) by 64.1% in the second quarter, according to its most recent filing with the SEC. The firm owned 68,568 shares of the communications equipment provider’s stock after selling 122,634 shares during the quarter. Cornerstone Capital Management Holdings LLC.’s holdings in CommScope Holding were worth $2,607,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. boosted its position in CommScope Holding by 1.2% during the 2nd quarter. Vanguard Group Inc. now owns 15,843,334 shares of the communications equipment provider’s stock worth $602,522,000 after acquiring an additional 183,790 shares during the period. BlackRock Inc. lifted its holdings in shares of CommScope Holding by 19.0% in the second quarter. BlackRock Inc. now owns 15,275,547 shares of the communications equipment provider’s stock valued at $580,929,000 after buying an additional 2,438,894 shares during the period. Capital Research Global Investors lifted its holdings in shares of CommScope Holding by 478.2% during the second quarter. Capital Research Global Investors now owns 14,502,567 shares of the communications equipment provider’s stock valued at $551,533,000 after purchasing an additional 11,994,126 shares during the last quarter. FMR LLC raised its position in CommScope Holding by 6.6% during the second quarter. FMR LLC now owns 11,279,906 shares of the communications equipment provider’s stock valued at $428,975,000 after buying an additional 702,210 shares during the period. Finally, JPMorgan Chase & Co. increased its position in CommScope Holding by 54.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 8,307,534 shares of the communications equipment provider’s stock worth $315,936,000 after purchasing an additional 2,930,632 shares during the last quarter.
In related news, Director Claudius E. Iv Watts purchased 15,000 shares of CommScope Holding stock in a transaction that occurred on Monday, August 7th. The shares were bought at an average price of $32.87 per share, for a total transaction of $493,050.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Timothy T. Yates purchased 5,000 shares of CommScope Holding stock in a transaction that occurred on Tuesday, August 8th. The shares were bought at an average price of $32.62 per share, for a total transaction of $163,100.00. The disclosure for this purchase can be found here. 3.33% of the stock is owned by insiders.
Shares of CommScope Holding Company, Inc. (COMM) opened at 31.83 on Friday. CommScope Holding Company, Inc. has a 12 month low of $29.91 and a 12 month high of $42.75. The firm’s 50-day moving average is $32.90 and its 200-day moving average is $35.73. The company has a market cap of $6.14 billion, a PE ratio of 26.57 and a beta of 1.18.
CommScope Holding (NASDAQ:COMM) last released its quarterly earnings data on Thursday, August 3rd. The communications equipment provider reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.05). CommScope Holding had a net margin of 4.96% and a return on equity of 33.38%. The firm had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same quarter in the previous year, the firm posted $0.74 EPS. CommScope Holding’s revenue was down 10.2% compared to the same quarter last year. On average, equities research analysts predict that CommScope Holding Company, Inc. will post $2.21 earnings per share for the current year.
CommScope Holding declared that its Board of Directors has authorized a share buyback program on Thursday, August 3rd that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the communications equipment provider to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
A number of brokerages have commented on COMM. TheStreet upgraded CommScope Holding from a “c+” rating to a “b” rating in a research report on Tuesday, August 8th. Jefferies Group LLC reaffirmed a “buy” rating and set a $40.00 price target (down from $43.00) on shares of CommScope Holding in a report on Wednesday, August 9th. Northland Securities reissued a “hold” rating and issued a $28.00 target price on shares of CommScope Holding in a research note on Thursday, August 10th. Longbow Research cut CommScope Holding from a “buy” rating to a “neutral” rating in a research note on Friday, August 4th. Finally, Barclays PLC lowered CommScope Holding from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $41.00 to $36.00 in a research report on Friday, August 4th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $40.73.
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CommScope Holding 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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