Picton Mahoney Asset Management Decreases Position in CommScope Holding Company, Inc. (COMM)
Picton Mahoney Asset Management reduced its position in CommScope Holding Company, Inc. (NASDAQ:COMM) by 70.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 53,500 shares of the communications equipment provider’s stock after selling 126,700 shares during the quarter. Picton Mahoney Asset Management’s holdings in CommScope Holding were worth $2,035,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Nomura Asset Management Co. Ltd. raised its stake in CommScope Holding by 6.3% during the first quarter. Nomura Asset Management Co. Ltd. now owns 2,690 shares of the communications equipment provider’s stock valued at $113,000 after buying an additional 160 shares in the last quarter. LS Investment Advisors LLC bought a new position in CommScope Holding during the 2nd quarter worth approximately $114,000. Financial Architects Inc lifted its holdings in CommScope Holding by 9.8% during the 2nd 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. lifted its holdings in CommScope Holding by 76.3% during the 2nd 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 bought a new position in CommScope Holding during the 1st quarter worth approximately $203,000.
Shares of CommScope Holding Company, Inc. (NASDAQ COMM) traded up 1.39% during midday trading on Monday, reaching $33.67. The company’s stock had a trading volume of 106,755 shares. CommScope Holding Company, Inc. has a 52-week low of $29.57 and a 52-week high of $42.75. The company has a market capitalization of $6.50 billion, a price-to-earnings ratio of 28.11 and a beta of 1.19. The stock has a 50 day moving average price of $33.17 and a 200-day moving average price of $37.12.
CommScope Holding (NASDAQ:COMM) last posted its earnings results 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 the consensus estimate of $1.23 billion. During the same period in the previous year, the firm earned $0.74 EPS. The business’s revenue was down 10.2% compared to the same quarter last year. Equities research analysts expect that CommScope Holding Company, Inc. will post $2.22 EPS for the current year.
CommScope Holding announced that its Board of Directors has authorized a share repurchase plan on Thursday, August 3rd that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the communications equipment provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
Several research analysts have recently commented on the company. Zacks Investment Research upgraded CommScope Holding from a “sell” rating to a “hold” rating in a research report on Monday, July 10th. Jefferies Group LLC reissued a “buy” rating and set a $43.00 price target on shares of CommScope Holding in a research report on Thursday, June 8th. Northland Securities reissued a “hold” rating and set a $30.00 price target on shares of CommScope Holding in a research report on Thursday, August 3rd. BidaskClub raised CommScope Holding from a “hold” rating to a “buy” rating in a research report on Monday, July 31st. Finally, Cross Research cut CommScope Holding from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company. CommScope Holding presently has an average rating of “Buy” and a consensus target price of $41.73.
In related news, Director Timothy T. Yates bought 5,000 shares of the company’s stock in a transaction dated Tuesday, August 8th. The stock was acquired at an average cost of $32.62 per share, with a total value of $163,100.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Claudius E. Iv Watts bought 15,000 shares of the company’s stock in a transaction dated Monday, August 7th. The stock was bought at an average cost of $32.87 per share, with a total value of $493,050.00. The disclosure for this purchase can be found here. 3.33% of the stock is owned by company insiders.
CommScope Holding 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.
Receive News & Stock Ratings for CommScope Holding Company Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CommScope Holding Company Inc. and related stocks with our FREE daily email newsletter.