Emerald Acquisition Ltd. purchased a new stake in shares of CommScope Holding Co. (NASDAQ:COMM) during the second quarter, Holdings Channel reports. The fund purchased 58,442 shares of the company’s stock, valued at approximately $1,814,000.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Societe Generale purchased a new position in shares of CommScope Holding during the second quarter valued at $100,000. Quantitative Systematic Strategies LLC purchased a new position in shares of CommScope Holding during the second quarter valued at $208,000. Bayesian Capital Management LP purchased a new position in shares of CommScope Holding during the first quarter valued at $244,000. New Jersey Better Educational Savings Trust purchased a new position in shares of CommScope Holding during the second quarter valued at $310,000. Finally, IBM Retirement Fund boosted its position 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.
CommScope Holding Co. (NASDAQ:COMM) traded up 0.17% during mid-day trading on Friday, hitting $30.11. 1,930,276 shares of the company were exchanged. The firm has a 50 day moving average price of $29.77 and a 200 day moving average price of $29.67. The stock’s market cap is $5.80 billion. CommScope Holding Co. has a 12 month low of $19.37 and a 12 month high of $33.54.
CommScope Holding (NASDAQ:COMM) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.05. CommScope Holding had a positive return on equity of 31.76% and a negative net margin of 1.78%. The firm had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same period last year, the company earned $0.49 EPS. The firm’s quarterly revenue was up 50.7% on a year-over-year basis. Analysts anticipate that CommScope Holding Co. will post $2.50 EPS for the current fiscal year.
Several brokerages recently issued reports on COMM. Zacks Investment Research upgraded shares of CommScope Holding from a “hold” rating to a “buy” rating and set a $32.00 price objective on the stock in a report on Tuesday, August 2nd. TheStreet upgraded shares of CommScope Holding from a “hold” rating to a “buy” rating in a report on Friday, July 29th. Credit Suisse Group AG restated a “buy” rating on shares of CommScope Holding in a report on Friday, July 29th. Deutsche Bank AG reduced their price objective on shares of CommScope Holding from $36.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, July 29th. Finally, BTIG Research began coverage on shares of CommScope Holding in a report on Friday, June 17th. They issued a “buy” rating and a $41.00 price objective on the stock. Three analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. CommScope Holding currently has an average rating of “Buy” and an average price target of $34.07.
In other news, Director Frank M. Drendel sold 7,336 shares of CommScope Holding stock in a transaction dated Thursday, July 7th. The stock was sold at an average price of $31.24, for a total value of $229,176.64. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Peter U. Karlsson sold 7,796 shares of CommScope Holding stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $30.06, for a total value of $234,347.76. The disclosure for this sale can be found here. 4.09% of the stock is owned by 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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