State of New Jersey Common Pension Fund D purchased a new stake in Commscope Holding Company Inc (NASDAQ:COMM) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 600,000 shares of the communications equipment provider’s stock, valued at approximately $9,438,000. State of New Jersey Common Pension Fund D owned 0.31% of Commscope at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in COMM. Norges Bank bought a new stake in Commscope in the 4th quarter valued at $29,617,000. First Trust Advisors LP increased its holdings in Commscope by 367.4% in the 1st quarter. First Trust Advisors LP now owns 1,377,063 shares of the communications equipment provider’s stock valued at $29,924,000 after buying an additional 1,082,465 shares during the period. Coronation Fund Managers Ltd. bought a new stake in Commscope in the 1st quarter valued at $8,912,000. Dimensional Fund Advisors LP increased its holdings in Commscope by 24.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,780,801 shares of the communications equipment provider’s stock valued at $29,187,000 after buying an additional 350,675 shares during the period. Finally, Andra AP fonden acquired a new stake in shares of Commscope in the 1st quarter valued at $6,295,000. 98.13% of the stock is currently owned by hedge funds and other institutional investors.
COMM has been the topic of several recent analyst reports. Raymond James downgraded shares of Commscope from a “strong-buy” rating to an “outperform” rating and reduced their target price for the company from $25.00 to $21.00 in a research note on Friday, June 14th. Morgan Stanley upgraded shares of Commscope from an “equal weight” rating to an “overweight” rating and set a $22.00 target price on the stock in a research note on Wednesday, June 5th. Nomura reduced their target price on shares of Commscope from $24.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Goldman Sachs Group upgraded shares of Commscope from a “neutral” rating to a “buy” rating and reduced their target price for the company from $20.00 to $19.00 in a research note on Thursday, June 20th. Finally, BidaskClub downgraded shares of Commscope from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 23rd. Three analysts have rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $23.84.
NASDAQ COMM traded down $0.18 on Wednesday, hitting $14.29. 197,465 shares of the company were exchanged, compared to its average volume of 2,735,942. The firm’s 50 day simple moving average is $15.48. The company has a market cap of $2.89 billion, a P/E ratio of 6.77, a P/E/G ratio of 0.33 and a beta of 1.41. The company has a current ratio of 2.01, a quick ratio of 1.42 and a debt-to-equity ratio of 4.28. Commscope Holding Company Inc has a 1-year low of $14.28 and a 1-year high of $32.48.
Commscope (NASDAQ:COMM) last issued its quarterly earnings results on Thursday, May 9th. The communications equipment provider reported $0.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.07. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.08 billion. Commscope had a net margin of 2.29% and a return on equity of 23.46%. The firm’s quarterly revenue was down 1.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.49 EPS. On average, analysts expect that Commscope Holding Company Inc will post 2.24 EPS for the current fiscal year.
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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