Comerica Bank reduced its holdings in Commscope Holding Company Inc (NASDAQ:COMM) by 9.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 24,336 shares of the communications equipment provider’s stock after selling 2,410 shares during the period. Comerica Bank’s holdings in Commscope were worth $608,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Quantamental Technologies LLC bought a new stake in Commscope in the fourth quarter valued at $76,000. Daiwa Securities Group Inc. boosted its stake in Commscope by 11.0% in the fourth quarter. Daiwa Securities Group Inc. now owns 7,595 shares of the communications equipment provider’s stock worth $124,000 after purchasing an additional 750 shares in the last quarter. Bank of Montreal Can boosted its stake in Commscope by 24.9% in the first quarter. Bank of Montreal Can now owns 8,256 shares of the communications equipment provider’s stock worth $179,000 after purchasing an additional 1,644 shares in the last quarter. IFM Investors Pty Ltd acquired a new position in Commscope in the first quarter worth $208,000. Finally, Tibra Equities Europe Ltd acquired a new position in Commscope in the first quarter worth $226,000. Institutional investors and hedge funds own 97.69% of the company’s stock.
In related news, Director Frank M. Drendel sold 80,800 shares of the stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $18.35, for a total transaction of $1,482,680.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Bruce William Mcclelland purchased 3,500 shares of Commscope stock in a transaction that occurred on Wednesday, May 22nd. The shares were bought at an average cost of $18.00 per share, with a total value of $63,000.00. The disclosure for this purchase can be found here. 3.25% of the stock is currently owned by company insiders.
Commscope (NASDAQ:COMM) last announced its quarterly earnings results on Thursday, May 9th. The communications equipment provider reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.07. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.08 billion. Commscope had a return on equity of 23.46% and a net margin of 2.29%. The company’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.49 earnings per share. As a group, research analysts anticipate that Commscope Holding Company Inc will post 2.24 earnings per share for the current fiscal year.
A number of equities analysts have commented on COMM shares. Rosenblatt Securities raised Commscope from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $24.00 to $22.00 in a research note on Wednesday, June 12th. BidaskClub lowered Commscope from a “hold” rating to a “sell” rating in a research note on Saturday, May 4th. Credit Suisse Group raised Commscope from a “neutral” rating to an “outperform” rating and upped their price target for the company from $20.00 to $34.00 in a research note on Tuesday, April 2nd. ValuEngine raised Commscope from a “strong sell” rating to a “sell” rating in a research note on Thursday, April 4th. Finally, Goldman Sachs Group raised Commscope from a “neutral” rating to a “buy” rating and cut their price target for the company from $20.00 to $19.00 in a research note on Thursday, June 20th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and ten have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $24.47.
CommScope Holding Company, Inc provides infrastructure solutions for communications networks worldwide. The company's CommScope Connectivity Solutions segment offers optical fiber and twisted pair structured cable solutions, intelligent infrastructure software, and network rack and cabinet enclosures under the SYSTIMAX, NETCONNECT, and Uniprise brands; and fiber management systems, patch cords and panels, pre-terminated fiber connectivity, complete cabling systems, and cable assemblies for use in offices and data centers.
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