Russell Investments Group Ltd. sells 1,942,496 shares of CommScope Holding Company, Inc. (NASDAQ: COMM)

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Russell Investments Group Ltd. reduced its position in CommScope Holding Company, Inc. (NASDAQ: COMMGet a rating) by 70.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The company held 807,885 shares of the communications equipment provider after selling 1,942,496 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.39% of CommScope worth $6,364,000 when it last filed with the SEC.

Other institutional investors and hedge funds also bought and sold shares of the company. HighTower Advisors LLC bought a new position in CommScope during the fourth quarter worth $117,000. Inspire Advisors LLC bought a new position in CommScope during the first quarter worth $126,000. Connable Office Inc. bought a new position in CommScope during the fourth quarter worth $128,000. Virginia Retirement Systems ET AL increased its position in CommScope by 37.9% during the fourth quarter. Virginia Retirement Systems ET AL now owns 20,000 shares of the communications equipment provider worth $221,000 after acquiring an additional 5,500 shares during the period. Finally, Allspring Global Investments Holdings LLC bought a new position in CommScope during the fourth quarter at a value of $272,000. Institutional investors hold 92.71% of the company’s shares.

CommScope stock down 0.4%

CommScope Stock opened at $9.66 on Tuesday. The stock has a 50-day simple moving average of $7.44 and a 200-day simple moving average of $7.73. CommScope Holding Company, Inc. has a 12-month low of $5.56 and a 12-month high of $16.52. The stock has a market capitalization of $2.00 billion, a price/earnings ratio of -4.22, a P/E/G ratio of 0.25 and a beta of 1.87.

CommScope (NASDAQ: COMMGet a rating) last released its quarterly results on Thursday, August 4. The communications equipment provider reported earnings per share (EPS) of $0.41 for the quarter, beating consensus analyst estimates of $0.29 by $0.12. CommScope had a negative return on equity of 105.05% and a negative net margin of 4.65%. The company posted revenue of $2.30 billion in the quarter, compared to $2.26 billion expected by analysts. In the same period a year earlier, the company posted earnings per share of $0.38. The company’s revenue for the quarter increased 5.3% compared to the same quarter last year. As a group, sell-side analysts expect CommScope Holding Company, Inc. to post EPS of 1.36 for the current year.

A Wall Street analyst gives his opinion

A number of stock analysts have recently released reports on COMM stocks. Raymond James downgraded CommScope shares from a “market performer” rating to an “underperformer” rating in a Monday, April 11 research report. Deutsche Bank Aktiengesellschaft raised its price target on CommScope shares from $9.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday. JPMorgan Chase & Co. cut its price target on CommScope shares from $9.00 to $7.00 and set a “neutral” rating on the stock in a Thursday, July 14 research note. Morgan Stanley downgraded CommScope shares from an “overweight” rating to an “equally weighted” rating and raised its price target for the stock from $9.00 to $11.00 in a research note on Friday. Finally, Evercore ISI cut its price target on CommScope shares from $8.00 to $7.00 and set an “in-line” rating on the stock in a Tuesday, June 28 research note. Three investment analysts gave the stock a sell rating, seven gave the company a hold rating and two gave the company a buy rating. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $9.67.

Insider Activity at CommScope

In other news, CFO Kyle David Lorentzen acquired 17,887 shares of the company in a transaction on Friday, June 3. The shares were purchased at an average cost of $8.11 per share, with a total value of $145,063.57. Following the acquisition, the CFO now owns 209,398 shares of the company, valued at approximately $1,698,217.78. The acquisition was disclosed in a filing with the SEC, accessible via the SEC website. In other news, CFO Kyle David Lorentzen acquired 17,887 shares of the company in a transaction on Friday, June 3. The shares were purchased at an average cost of $8.11 per share, with a total value of $145,063.57. Following the acquisition, the CFO now owns 209,398 shares of the company, valued at approximately $1,698,217.78. The acquisition was disclosed in a filing with the SEC, accessible via the SEC website. Additionally, SVP Farid Firouzbakht acquired 10,000 shares of the company in a transaction on Wednesday, May 11. The shares were purchased at an average cost of $6.97 per share, with a total value of $69,700.00. Following the completion of the acquisition, the senior vice president now directly owns 149,824 shares of the company, valued at approximately $1,044,273.28. Disclosure of this purchase can be found here. Insiders acquired 87,814 shares of the company valued at $714,555 over the past ninety days. 2.40% of the shares are held by insiders.

CommScope Profile

(Get a rating)

CommScope Holding Company, Inc provides infrastructure solutions for communications and entertainment networks. It operates through four segments: Broadband Networks (Broadband), Outdoor Wireless Networks (OWN), Site and Campus Networks (VCN) and Home Networks (Home). The Broadband segment provides converged cable access platforms, passive optical networking products, video systems, access technologies, fiber and coaxial cables, fiber and copper connectivity products and hardened closures to the broadband market of telecommunications operators and cable companies.

See also

Want to see what other hedge funds hold COMMs? Visit HoldingsChannel.com for the latest 13F filings and insider trading for CommScope Holding Company, Inc. (NASDAQ: COMMGet a rating).

Institutional ownership by quarter for CommScope (NASDAQ:COMM)



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