Lapides Asset Management LLC raised its stake in shares of Commscope Holding Company Inc (NASDAQ:COMM) by 19.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 310,000 shares of the communications equipment provider’s stock after acquiring an additional 49,400 shares during the quarter. Commscope makes up 1.5% of Lapides Asset Management LLC’s portfolio, making the stock its 28th largest holding. Lapides Asset Management LLC owned about 0.16% of Commscope worth $2,582,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Wellington Management Group LLP lifted its stake in Commscope by 35.5% in the 1st quarter. Wellington Management Group LLP now owns 16,516,496 shares of the communications equipment provider’s stock valued at $150,465,000 after acquiring an additional 4,327,365 shares in the last quarter. Shelter Haven Capital Management L.P. acquired a new stake in Commscope in the first quarter valued at about $34,578,000. JPMorgan Chase & Co. boosted its stake in Commscope by 35.9% in the first quarter. JPMorgan Chase & Co. now owns 13,486,662 shares of the communications equipment provider’s stock valued at $122,863,000 after buying an additional 3,559,836 shares in the last quarter. First Trust Advisors LP boosted its stake in Commscope by 33.8% in the first quarter. First Trust Advisors LP now owns 9,385,281 shares of the communications equipment provider’s stock valued at $85,500,000 after buying an additional 2,373,431 shares in the last quarter. Finally, Norges Bank bought a new position in Commscope in the fourth quarter valued at about $29,958,000.
A number of equities analysts have recently issued reports on COMM shares. Nomura raised their price objective on Commscope from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. JPMorgan Chase & Co. cut Commscope from an “overweight” rating to a “neutral” rating and cut their target price for the company from $17.00 to $12.00 in a research report on Sunday, April 19th. Loop Capital assumed coverage on Commscope in a report on Tuesday, May 5th. They set a “hold” rating on the stock. Credit Suisse Group reiterated a “buy” rating and set a $17.00 price objective on shares of Commscope in a research note on Wednesday, May 20th. Finally, Wolfe Research started coverage on Commscope in a report on Friday, July 24th. They issued an “outperform” rating and a $15.00 price objective for the company. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the company’s stock. Commscope presently has an average rating of “Hold” and a consensus price target of $13.70.
Commscope (NASDAQ:COMM) last released its quarterly earnings data on Thursday, May 7th. The communications equipment provider reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.06. The firm had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $1.97 billion. Commscope had a negative net margin of 11.72% and a positive return on equity of 32.68%. The firm’s revenue was up 84.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.48 earnings per share. As a group, equities research analysts expect that Commscope Holding Company Inc will post 0.81 EPS for the current 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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