IndexIQ Advisors LLC reduced its position in shares of CommScope Holding Company, Inc. (NASDAQ:COMM – Get a rating) by 70.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund held 8,173 shares of the communications equipment provider after selling 19,321 shares during the quarter. IndexIQ Advisors LLC’s holdings in CommScope were worth $64,000 when it last filed with the SEC.
A number of other hedge funds have also recently bought and sold shares of COMM. Ensign Peak Advisors Inc increased its holdings of CommScope shares by 63.5% in Q4. Ensign Peak Advisors Inc now owns 30,150 shares of the communications equipment provider valued at $333,000 after buying an additional 11,715 shares in the last quarter. Virginia Retirement Systems ET AL increased its holdings of CommScope shares by 37.9% in Q4. Virginia Retirement Systems ET AL now owns 20,000 shares of the communications equipment provider valued at $221,000 after purchasing an additional 5,500 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings of CommScope shares by 3.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,172,135 shares of the communications equipment provider valued at $23,981,000 after purchasing an additional 69,527 shares in the last quarter. Renaissance Technologies LLC increased its holdings of CommScope stock by 35.5% in Q4. Renaissance Technologies LLC now owns 1,602,954 shares of the communications equipment provider valued at $17,697,000 after purchasing an additional 420,354 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in CommScope stock in Q4 worth $272,000. Institutional investors and hedge funds hold 92.71% of the company’s shares.
Insiders place their bets
In related news, CEO Charles L. Treadway purchased 59,927 shares of the company in a trade on Thursday, June 2. The shares were purchased at an average cost of $8.34 per share, with a total value of $499,791.18. Following completion of the transaction, the CEO now directly owns 1,212,302 shares of the company, valued at $10,110,598.68. The acquisition was disclosed in a filing with the Securities & Exchange Commission, available at this link. In other CommScope news, CEO Charles L. Treadway purchased 59,927 shares of the company in a trade dated Thursday, June 2. The stock was purchased at an average price of $8.34 per share, with a total value of $499,791.18. Following the completion of the purchase, the CEO now owns 1,212,302 shares of the company, valued at approximately $10,110,598.68. The transaction was disclosed in a document filed with the SEC, accessible via this link. Also, CFO Kyle David Lorentzen purchased 17,887 shares of the company in a trade dated Friday, June 3. The shares were acquired at an average cost of $8.11 per share, with a total value of $145,063.57. Following the purchase, the CFO now owns 209,398 shares of the company, valued at approximately $1,698,217.78. Disclosure of this purchase can be found here. Insiders have purchased 92,814 shares of the company valued at $789,705 over the past three months. Insiders of the company own 2.40% of the shares of the company.
A Wall Street analyst gives his opinion
A number of brokerages have weighed in on COMM. Citigroup raised its price target on CommScope shares from $6.00 to $7.00 and gave the company a “sell” rating in a Friday, Aug. 5 report. Evercore ISI cut its target price on CommScope shares from $8.00 to $7.00 and set an “in-line” rating on the stock in a Tuesday, June 28 report. 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 report Thursday, July 14. Morgan Stanley downgraded CommScope shares from an “overweight” rating to a “weighted” rating and raised its price target for the company from $9.00 to $11.00 in a Friday, Aug. 5 report. Finally, Deutsche Bank Aktiengesellschaft raised its price target on CommScope shares from $9.00 to $12.00 and gave the company a “buy” rating in a Friday, August 5, report. Three equity research analysts gave the stock a sell rating, seven gave the company a hold rating and two gave the company a buy rating. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $9.67.
CommScope Stock Performance
NASDAQ:COMM opened at $10.73 on Friday. CommScope Holding Company, Inc. has a 1-year low of $5.56 and a 1-year high of $16.19. The company has a market cap of $2.23 billion, a price-to-earnings ratio of -4.69, a growth price-to-earnings ratio of 0.29, and a beta of 1.87. The stock has a 50-day simple moving average of $7.55 and a 200-day simple moving average of $7.76.
CommScope (NASDAQ:COMM – Get 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 the consensus estimate 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 for the quarter, versus analyst estimates of $2.26 billion. During the same period of the previous year, the company posted EPS of $0.38. The company’s revenues increased by 5.3% compared to the same quarter last year. On average, equity research analysts expect CommScope Holding Company, Inc. to post EPS of 1.47 for the current fiscal year.
CommScope Company Profile
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.
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