CommScope Holding Company, Inc. (COMM) Stake Reduced by Renaissance Technologies LLC
Renaissance Technologies LLC decreased its stake in CommScope Holding Company, Inc. (NASDAQ:COMM) by 91.9% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 120,000 shares of the communications equipment provider’s stock after selling 1,361,600 shares during the period. Renaissance Technologies LLC’s holdings in CommScope Holding were worth $5,005,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Bronfman E.L. Rothschild L.P. boosted its stake in shares of CommScope Holding by 19.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,706 shares of the communications equipment provider’s stock worth $113,000 after buying an additional 439 shares during the period. Financial Architects Inc boosted its stake in shares of CommScope Holding by 61.1% in the first quarter. Financial Architects Inc now owns 3,281 shares of the communications equipment provider’s stock worth $137,000 after buying an additional 1,244 shares during the period. Poplar Forest Capital LLC purchased a new stake in shares of CommScope Holding during the first quarter worth approximately $200,000. CAPROCK Group Inc. purchased a new stake in shares of CommScope Holding during the first quarter worth approximately $203,000. Finally, ProShare Advisors LLC purchased a new stake in shares of CommScope Holding during the first quarter worth approximately $203,000. 98.71% of the stock is owned by institutional investors and hedge funds.
CommScope Holding Company, Inc. (NASDAQ:COMM) traded down 4.07% on Friday, hitting $32.18. The stock had a trading volume of 668,769 shares. CommScope Holding Company, Inc. has a 1-year low of $28.28 and a 1-year high of $42.75. The company has a market cap of $6.21 billion, a P/E ratio of 26.01 and a beta of 1.17. The stock has a 50 day moving average price of $36.97 and a 200 day moving average price of $38.33.
CommScope Holding (NASDAQ:COMM) last posted its quarterly earnings results on Thursday, August 3rd. The communications equipment provider reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.65 by $0.05. The company had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.23 billion. CommScope Holding had a return on equity of 36.96% and a net margin of 4.96%. The business’s quarterly revenue was down 10.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.74 EPS. On average, equities research analysts expect that CommScope Holding Company, Inc. will post $2.62 EPS for the current fiscal year.
CommScope Holding declared that its board has initiated a stock repurchase 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 repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
A number of brokerages have commented on COMM. Barclays PLC cut CommScope Holding from an “overweight” rating to an “equal weight” rating in a research note on Friday. Longbow Research cut CommScope Holding from a “buy” rating to a “neutral” rating in a research note on Friday. Cross Research cut CommScope Holding from a “buy” rating to a “hold” rating in a research note on Friday. BidaskClub raised CommScope Holding from a “hold” rating to a “buy” rating in a research note on Monday. Finally, Zacks Investment Research cut CommScope Holding from a “hold” rating to a “sell” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $42.91.
In related news, SVP Peter U. Karlsson sold 7,370 shares of the company’s stock in a transaction that occurred on Thursday, May 11th. The stock was sold at an average price of $36.72, for a total value of $270,626.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Timothy T. Yates acquired 3,000 shares of the stock in a transaction that occurred on Monday, May 8th. The stock was acquired at an average cost of $35.34 per share, for a total transaction of $106,020.00. The disclosure for this purchase can be found here. Corporate insiders own 3.33% of the company’s stock.
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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