Sumitomo Mitsui Asset Management Company LTD Takes Position in CommScope Holding Company, Inc. (NASDAQ:COMM)
Sumitomo Mitsui Asset Management Company LTD purchased a new position in CommScope Holding Company, Inc. (NASDAQ:COMM) during the second quarter, Holdings Channel reports. The fund purchased 14,271 shares of the communications equipment provider’s stock, valued at approximately $542,000.
Other large investors also recently bought and sold shares of the company. Clear Harbor Asset Management LLC boosted its stake in CommScope Holding by 9.8% in the first quarter. Clear Harbor Asset Management LLC now owns 61,173 shares of the communications equipment provider’s stock worth $2,552,000 after buying an additional 5,450 shares during the period. First Mercantile Trust Co. boosted its stake in CommScope Holding by 3.5% in the first quarter. First Mercantile Trust Co. now owns 38,712 shares of the communications equipment provider’s stock worth $1,615,000 after buying an additional 1,300 shares during the period. First Quadrant L P CA boosted its stake in CommScope Holding by 184.6% in the first quarter. First Quadrant L P CA now owns 453,246 shares of the communications equipment provider’s stock worth $18,905,000 after buying an additional 293,986 shares during the period. Glen Harbor Capital Management LLC bought a new stake in CommScope Holding during the first quarter worth approximately $1,035,000. Finally, ProShare Advisors LLC bought a new stake in CommScope Holding during the first quarter worth approximately $203,000. 99.02% of the stock is currently owned by institutional investors.
CommScope Holding Company, Inc. (NASDAQ COMM) opened at 32.25 on Thursday. The stock has a market capitalization of $6.22 billion, a price-to-earnings ratio of 26.07 and a beta of 1.17. The company has a 50-day moving average of $36.26 and a 200-day moving average of $38.19. CommScope Holding Company, Inc. has a 1-year low of $28.28 and a 1-year high of $42.75.
CommScope Holding (NASDAQ:COMM) last announced its quarterly earnings data on Thursday, August 3rd. The communications equipment provider reported $0.60 EPS for the quarter, missing the Thomson Reuters’ 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 firm’s revenue for the quarter was down 10.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.74 earnings per share. Analysts anticipate that CommScope Holding Company, Inc. will post $2.27 earnings per share for the current fiscal year.
CommScope Holding declared that its board has authorized a stock buyback plan on Thursday, August 3rd that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the communications equipment provider to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
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A number of equities research analysts recently commented on the stock. Zacks Investment Research raised shares of CommScope Holding from a “sell” rating to a “buy” rating and set a $47.00 price target on the stock in a report on Tuesday, May 2nd. Deutsche Bank AG lifted their price target on shares of CommScope Holding from $42.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, April 19th. Barclays PLC lifted their price target on shares of CommScope Holding from $42.00 to $47.00 and gave the stock an “overweight” rating in a report on Wednesday, April 12th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $43.00 price target on shares of CommScope Holding in a report on Thursday, June 8th. Finally, Northland Securities reiterated a “hold” rating and issued a $30.00 price objective on shares of CommScope Holding in a research note on Thursday, August 3rd. 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 stock. CommScope Holding has an average rating of “Hold” and a consensus price target of $41.64.
In related news, Director Timothy T. Yates bought 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The stock was bought at an average cost of $32.62 per share, with a total value of $163,100.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Frank M. Drendel sold 15,000 shares of the firm’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $38.94, for a total transaction of $584,100.00. The disclosure for this sale can be found here. Insiders have purchased 35,000 shares of company stock valued at $1,207,400 over the last ninety days. 3.33% of the stock is currently owned by corporate insiders.
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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