Principal Financial Group Inc. Has $829,000 Stake in Commscope Holding Company Inc (COMM)
Principal Financial Group Inc. cut its stake in Commscope Holding Company Inc (NASDAQ:COMM) by 42.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,964 shares of the communications equipment provider’s stock after selling 18,297 shares during the period. Principal Financial Group Inc.’s holdings in Commscope were worth $829,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently bought and sold shares of the company. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in shares of Commscope in the second quarter valued at approximately $21,145,000. Utah Retirement Systems grew its position in shares of Commscope by 49.8% in the second quarter. Utah Retirement Systems now owns 34,900 shares of the communications equipment provider’s stock valued at $1,327,000 after purchasing an additional 11,600 shares in the last quarter. Franklin Resources Inc. purchased a new stake in shares of Commscope in the second quarter valued at approximately $38,211,000. Andra AP fonden purchased a new stake in shares of Commscope in the second quarter valued at approximately $1,491,000. Finally, Swiss National Bank grew its position in shares of Commscope by 122.7% in the second quarter. Swiss National Bank now owns 710,000 shares of the communications equipment provider’s stock valued at $27,001,000 after purchasing an additional 391,157 shares in the last quarter.
In other news, Director Frank M. Drendel sold 60,000 shares of the firm’s stock in a transaction on Monday, December 11th. The stock was sold at an average price of $38.01, for a total transaction of $2,280,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Marvin S. Edwards, Jr. sold 50,000 shares of the firm’s stock in a transaction on Monday, December 4th. The stock was sold at an average price of $36.45, for a total value of $1,822,500.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 115,284 shares of company stock valued at $4,303,945. Company insiders own 3.33% of the company’s stock.
COMM has been the subject of a number of analyst reports. Jefferies Group restated a “buy” rating and issued a $40.00 price target on shares of Commscope in a research report on Wednesday, September 20th. ValuEngine upgraded Commscope from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Citigroup increased their price objective on Commscope from $39.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, November 2nd. Zacks Investment Research upgraded Commscope from a “hold” rating to a “buy” rating and set a $36.00 price objective for the company in a research report on Thursday, October 19th. Finally, Northland Securities set a $28.00 price objective on Commscope and gave the stock a “hold” rating in a research report on Tuesday, October 17th. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Commscope has an average rating of “Buy” and an average price target of $40.30.
Commscope Holding Company Inc (NASDAQ COMM) opened at $38.71 on Thursday. The firm has a market capitalization of $7,330.99, a P/E ratio of 17.79, a P/E/G ratio of 3.00 and a beta of 1.20. Commscope Holding Company Inc has a 52-week low of $30.95 and a 52-week high of $42.75. The company has a debt-to-equity ratio of 2.93, a current ratio of 2.78 and a quick ratio of 2.10.
Commscope (NASDAQ:COMM) last issued its quarterly earnings data on Wednesday, November 1st. The communications equipment provider reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.01. The company had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.13 billion. Commscope had a return on equity of 29.11% and a net margin of 4.21%. The firm’s revenue for the quarter was down 12.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.81 earnings per share. analysts anticipate that Commscope Holding Company Inc will post 2.01 EPS for the current fiscal year.
Commscope 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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