Chase Investment Counsel Corp acquired a new stake in shares of CommScope Holding Co. (NASDAQ:COMM) during the second quarter, according to its most recent disclosure with the SEC. The firm acquired 28,365 shares of the company’s stock, valued at approximately $880,000.
Other hedge funds have also recently made changes to their positions in the company. Bayesian Capital Management LP purchased a new stake in shares of CommScope Holding during the first quarter valued at about $244,000. IBM Retirement Fund boosted its stake in shares of CommScope Holding by 21.4% in the second quarter. IBM Retirement Fund now owns 12,932 shares of the company’s stock valued at $401,000 after buying an additional 2,283 shares during the last quarter. BlackRock Inc. boosted its stake in shares of CommScope Holding by 220.0% in the first quarter. BlackRock Inc. now owns 14,404 shares of the company’s stock valued at $402,000 after buying an additional 9,903 shares during the last quarter. New Century Investment Management Inc. purchased a new stake in shares of CommScope Holding during the second quarter valued at about $510,000. Finally, BNP Paribas Arbitrage SA boosted its stake in shares of CommScope Holding by 961.5% in the second quarter. BNP Paribas Arbitrage SA now owns 20,847 shares of the company’s stock valued at $647,000 after buying an additional 18,883 shares during the last quarter.
Shares of CommScope Holding Co. (NASDAQ:COMM) traded down 0.16% during trading on Wednesday, reaching $30.46. The company had a trading volume of 897,697 shares. The company’s market cap is $5.87 billion. The firm has a 50-day moving average of $29.65 and a 200-day moving average of $29.64. CommScope Holding Co. has a 12-month low of $19.37 and a 12-month high of $33.54.
CommScope Holding (NASDAQ:COMM) last released its earnings results on Thursday, July 28th. The company reported $0.74 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.05. CommScope Holding had a negative net margin of 1.78% and a positive return on equity of 31.76%. The business earned $1.31 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter last year, the company earned $0.49 earnings per share. The firm’s revenue was up 50.7% on a year-over-year basis. On average, equities research analysts anticipate that CommScope Holding Co. will post $2.50 EPS for the current year.
Several analysts have issued reports on the company. Morgan Stanley assumed coverage on CommScope Holding in a research note on Tuesday, September 20th. They set an “equal weight” rating and a $35.00 price objective on the stock. Credit Agricole SA assumed coverage on CommScope Holding in a research note on Wednesday, June 15th. They set a “buy” rating and a $40.00 price objective on the stock. Jefferies Group restated a “buy” rating and set a $38.00 price objective on shares of CommScope Holding in a research note on Thursday, September 15th. Deutsche Bank AG restated a “buy” rating on shares of CommScope Holding in a research note on Wednesday, June 15th. Finally, Zacks Investment Research cut CommScope Holding from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 28th. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $34.07.
In related news, Director Frank M. Drendel sold 7,336 shares of the stock in a transaction dated Thursday, July 7th. The shares were sold at an average price of $31.24, for a total value of $229,176.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Group L.P. Carlyle sold 10,000,000 shares of the stock in a transaction dated Monday, September 26th. The shares were sold at an average price of $30.37, for a total transaction of $303,700,000.00. The disclosure for this sale can be found here. 4.09% of the stock is currently owned by corporate insiders.
CommScope Holding Company Profile
CommScope Holding Company, Inc is provider of infrastructure solutions for wireless, business enterprise and residential broadband networks. The Company operates through four segments: Wireless, Enterprise, Broadband and Broadband Network Solutions (BNS). Its Wireless segment provides merchant RF wireless network connectivity solutions and cell distributed antenna systems (DAS) solutions to enable carriers’ second generation (2G), third generation (3G) and fourth generation (4G) networks.
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