CommScope Holding Company, Inc. (COMM) Shares Bought by Harris Associates L P
Harris Associates L P raised its position in shares of CommScope Holding Company, Inc. (NASDAQ:COMM) by 58.6% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,390,730 shares of the communications equipment provider’s stock after purchasing an additional 2,361,663 shares during the quarter. Harris Associates L P owned 3.31% of CommScope Holding worth $243,039,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Nomura Asset Management Co. Ltd. boosted its stake in shares of CommScope Holding by 6.3% in the first quarter. Nomura Asset Management Co. Ltd. now owns 2,690 shares of the communications equipment provider’s stock worth $113,000 after buying an additional 160 shares during the last quarter. LS Investment Advisors LLC purchased a new stake in shares of CommScope Holding in the second quarter worth about $114,000. Financial Architects Inc boosted its stake in shares of CommScope Holding by 9.8% in the second quarter. Financial Architects Inc now owns 3,603 shares of the communications equipment provider’s stock worth $137,000 after buying an additional 322 shares during the last quarter. Bronfman E.L. Rothschild L.P. boosted its stake in shares of CommScope Holding by 76.3% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 4,770 shares of the communications equipment provider’s stock worth $181,000 after buying an additional 2,064 shares during the last quarter. Finally, ProShare Advisors LLC purchased a new stake in shares of CommScope Holding in the first quarter worth about $203,000.
A number of brokerages have recently commented on COMM. Jefferies Group LLC restated a “buy” rating and issued a $43.00 target price on shares of CommScope Holding in a research note on Friday, July 14th. Barclays PLC downgraded CommScope Holding from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $41.00 to $36.00 in a research note on Friday, August 4th. Zacks Investment Research downgraded CommScope Holding from a “hold” rating to a “sell” rating in a research note on Thursday, August 3rd. Longbow Research downgraded CommScope Holding from a “buy” rating to a “neutral” rating in a research note on Friday, August 4th. Finally, TheStreet upgraded CommScope Holding from a “c+” rating to a “b” rating in a research note on Tuesday, August 8th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $41.73.
Shares of CommScope Holding Company, Inc. (NASDAQ COMM) traded up 1.81% during trading on Friday, reaching $33.21. The company’s stock had a trading volume of 1,252,740 shares. The company has a 50 day moving average price of $33.17 and a 200 day moving average price of $37.12. CommScope Holding Company, Inc. has a 52 week low of $29.57 and a 52 week high of $42.75. The firm has a market capitalization of $6.41 billion, a P/E ratio of 27.72 and a beta of 1.19.
CommScope Holding (NASDAQ:COMM) last announced its quarterly earnings data on Thursday, August 3rd. The communications equipment provider reported $0.60 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.65 by ($0.05). CommScope Holding had a net margin of 4.96% and a return on equity of 33.38%. The business had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same period in the prior year, the firm posted $0.74 EPS. CommScope Holding’s revenue for the quarter was down 10.2% compared to the same quarter last year. On average, equities research analysts expect that CommScope Holding Company, Inc. will post $2.22 EPS for the current fiscal year.
CommScope Holding announced that its Board of Directors has authorized a share buyback plan on Thursday, August 3rd that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the communications equipment provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.
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In other CommScope Holding news, Director Claudius E. Iv Watts acquired 15,000 shares of the stock in a transaction on Monday, August 7th. The shares were bought at an average price of $32.87 per share, with a total value of $493,050.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Timothy T. Yates acquired 5,000 shares of the stock in a transaction on Tuesday, August 8th. The stock was acquired at an average cost 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 currently 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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