CommScope Holding Company, Inc. (COMM) Holdings Raised by Vanguard Group Inc.
Vanguard Group Inc. raised its stake in shares of CommScope Holding Company, Inc. (NASDAQ:COMM) by 1.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,843,334 shares of the communications equipment provider’s stock after acquiring an additional 183,790 shares during the period. Vanguard Group Inc. owned approximately 8.21% of CommScope Holding worth $602,522,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in COMM. BlackRock Inc. raised its stake in shares of CommScope Holding by 19.0% in the 2nd quarter. BlackRock Inc. now owns 15,275,547 shares of the communications equipment provider’s stock valued at $580,929,000 after acquiring an additional 2,438,894 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of 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 acquiring an additional 2,930,632 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its holdings in shares of CommScope Holding by 11.1% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 2,805,589 shares of the communications equipment provider’s stock worth $106,697,000 after acquiring an additional 280,195 shares during the last quarter. State Street Corp lifted its holdings in shares of CommScope Holding by 5.0% in the 1st quarter. State Street Corp now owns 1,800,438 shares of the communications equipment provider’s stock worth $75,095,000 after acquiring an additional 84,967 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of CommScope Holding by 129.4% in the 1st quarter. AQR Capital Management LLC now owns 1,765,770 shares of the communications equipment provider’s stock worth $73,650,000 after acquiring an additional 996,030 shares during the last quarter.
In related news, Director Claudius E. Iv Watts purchased 15,000 shares of the stock in a transaction that occurred on Monday, August 7th. The stock was purchased at an average cost of $32.87 per share, for a total transaction of $493,050.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Timothy T. Yates purchased 5,000 shares of the stock in a transaction that occurred on Tuesday, August 8th. The stock was bought at an average price of $32.62 per share, with a total value of $163,100.00. The disclosure for this purchase can be found here. Insiders own 3.33% of the company’s stock.
A number of research firms recently weighed in on COMM. TheStreet raised shares of CommScope Holding from a “c+” rating to a “b” rating in a research report on Tuesday, August 8th. Jefferies Group LLC reissued a “buy” rating and issued a $40.00 target price (down previously from $43.00) on shares of CommScope Holding in a research report on Wednesday, August 9th. BidaskClub raised CommScope Holding from a “hold” rating to a “buy” rating in a research report on Monday, July 31st. Barclays PLC cut CommScope Holding from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $41.00 to $36.00 in a research note on Friday, August 4th. Finally, Zacks Investment Research upgraded CommScope Holding from a “sell” rating to a “hold” rating in a research note on Monday, July 10th. One research analyst has rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company. CommScope Holding has a consensus rating of “Buy” and a consensus target price of $41.73.
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Shares of CommScope Holding Company, Inc. (NASDAQ:COMM) opened at 33.21 on Monday. The stock has a market cap of $6.41 billion, a price-to-earnings ratio of 27.72 and a beta of 1.19. CommScope Holding Company, Inc. has a 52-week low of $29.57 and a 52-week high of $42.75. The stock’s 50 day moving average price is $33.17 and its 200-day moving average price is $37.12.
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 the consensus estimate of $0.65 by ($0.05). CommScope Holding had a return on equity of 33.38% and a net margin of 4.96%. The business had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same period in the previous year, the company earned $0.74 EPS. CommScope Holding’s revenue was down 10.2% on a year-over-year basis. On average, analysts predict that CommScope Holding Company, Inc. will post $2.22 earnings per share for the current fiscal year.
CommScope Holding announced that its board has initiated a share 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 buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
About CommScope Holding
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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