Commerce Bank Buys New Position in CommScope Holding Company, Inc. (COMM)
Commerce Bank bought a new position in CommScope Holding Company, Inc. (NASDAQ:COMM) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 8,733 shares of the communications equipment provider’s stock, valued at approximately $332,000.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Nomura Asset Management Co. Ltd. grew its stake in shares of CommScope Holding by 6.3% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 2,690 shares of the communications equipment provider’s stock worth $113,000 after acquiring an additional 160 shares in the last quarter. Bronfman E.L. Rothschild L.P. grew its position in CommScope Holding by 19.4% during the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,706 shares of the communications equipment provider’s stock valued at $113,000 after buying an additional 439 shares during the period. LS Investment Advisors LLC bought a new position in CommScope Holding during the second quarter valued at about $114,000. Financial Architects Inc grew its position in CommScope Holding by 9.8% during the second quarter. Financial Architects Inc now owns 3,603 shares of the communications equipment provider’s stock valued at $137,000 after buying an additional 322 shares during the period. Finally, Poplar Forest Capital LLC bought a new position in CommScope Holding during the first quarter valued at about $200,000.
Several equities analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of CommScope Holding from a “sell” rating to a “hold” rating in a research report on Monday, July 10th. Jefferies Group LLC restated 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 restated a “hold” rating and set a $30.00 price target on shares of CommScope Holding in a research report on Thursday, August 3rd. Instinet assumed coverage on shares of CommScope Holding in a research report on Thursday, May 25th. They set a “buy” rating and a $45.00 price target for the company. Finally, Nomura assumed coverage on shares of CommScope Holding in a research report on Thursday, May 25th. They set a “buy” rating and a $45.00 price target for the company. One investment 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 stock currently has an average rating of “Buy” and a consensus target price of $41.73.
In related news, Director Timothy T. Yates acquired 5,000 shares of the stock in a transaction dated Tuesday, August 8th. The shares were purchased at an average cost of $32.62 per share, with a total value of $163,100.00. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Claudius E. Iv Watts acquired 15,000 shares of the stock in a transaction dated Monday, August 7th. The shares were bought at an average cost of $32.87 per share, for a total transaction of $493,050.00. The disclosure for this purchase can be found here. Insiders own 3.33% of the company’s stock.
Shares of CommScope Holding Company, Inc. (NASDAQ:COMM) opened at 33.04 on Monday. The stock has a market capitalization of $6.38 billion, a P/E ratio of 27.58 and a beta of 1.19. The firm’s 50-day moving average is $33.67 and its 200 day moving average is $37.40. CommScope Holding Company, Inc. has a 12-month low of $29.03 and a 12-month high of $42.75.
CommScope Holding (NASDAQ:COMM) last released its quarterly earnings results on Thursday, August 3rd. The communications equipment provider reported $0.60 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.65 by $0.05. The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.23 billion. CommScope Holding had a net margin of 4.96% and a return on equity of 33.38%. The company’s revenue for the quarter was down 10.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.74 earnings per share. On average, equities research analysts forecast that CommScope Holding Company, Inc. will post $2.22 EPS for the current fiscal year.
CommScope Holding declared that its board has authorized a share buyback plan on Thursday, August 3rd that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the communications equipment provider to purchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
About CommScope Holding
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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