Riverhead Capital Management LLC Reduces Holdings in Commscope Holding Company Inc (NASDAQ:COMM)

Riverhead Capital Management LLC decreased its stake in shares of Commscope Holding Company Inc (NASDAQ:COMM) by 27.9% during the second quarter, HoldingsChannel reports. The firm owned 53,550 shares of the communications equipment provider’s stock after selling 20,750 shares during the quarter. Riverhead Capital Management LLC’s holdings in Commscope were worth $842,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. First Trust Advisors LP lifted its position in Commscope by 367.4% during 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 acquiring an additional 1,082,465 shares during the period. Russell Investments Group Ltd. grew its holdings in Commscope by 26.9% in the second quarter. Russell Investments Group Ltd. now owns 4,922,583 shares of the communications equipment provider’s stock worth $77,406,000 after purchasing an additional 1,043,254 shares during the period. State of New Jersey Common Pension Fund D purchased a new stake in Commscope in the second quarter worth about $9,438,000. Virginia Retirement Systems ET AL bought a new position in shares of Commscope during the second quarter valued at approximately $8,085,000. Finally, JPMorgan Chase & Co. increased its stake in shares of Commscope by 6.1% during the second quarter. JPMorgan Chase & Co. now owns 8,879,214 shares of the communications equipment provider’s stock valued at $133,987,000 after purchasing an additional 509,500 shares in the last quarter. Institutional investors own 98.46% of the company’s stock.

Shares of COMM traded up $0.22 on Wednesday, hitting $12.76. 2,107,882 shares of the stock traded hands, compared to its average volume of 5,001,120. Commscope Holding Company Inc has a one year low of $9.52 and a one year high of $31.35. The company has a market capitalization of $2.43 billion, a PE ratio of 6.05, a P/E/G ratio of 0.39 and a beta of 1.50. The business has a 50 day simple moving average of $12.03 and a 200 day simple moving average of $18.04. The company has a debt-to-equity ratio of 7.23, a quick ratio of 1.27 and a current ratio of 1.88.

Commscope (NASDAQ:COMM) last released its quarterly earnings data on Thursday, August 8th. The communications equipment provider reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.16. The business had revenue of $2.57 billion for the quarter, compared to analysts’ expectations of $2.57 billion. Commscope had a positive return on equity of 25.08% and a negative net margin of 5.03%. The firm’s quarterly revenue was up 107.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.68 EPS. On average, equities analysts expect that Commscope Holding Company Inc will post 1.87 earnings per share for the current year.

In other news, Director Frank M. Drendel sold 80,800 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $15.84, for a total transaction of $1,279,872.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director L William Krause acquired 21,250 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were bought at an average price of $11.87 per share, for a total transaction of $252,237.50. The disclosure for this purchase can be found here. 3.25% of the stock is owned by insiders.

COMM has been the topic of a number of analyst reports. BidaskClub raised Commscope from a “strong sell” rating to a “sell” rating in a research report on Tuesday. TheStreet downgraded Commscope from a “c” rating to a “d” rating in a research note on Friday, August 16th. Goldman Sachs Group raised Commscope from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $20.00 to $19.00 in a research report on Thursday, June 20th. Morgan Stanley upgraded Commscope from an “equal weight” rating to an “overweight” rating and set a $22.00 price objective for the company in a research note on Wednesday, June 5th. Finally, Evercore ISI assumed coverage on Commscope in a report on Wednesday. They issued an “inline” rating and a $12.00 target price on the stock. 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 company presently has an average rating of “Hold” and an average price target of $19.13.

Commscope Company Profile

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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Institutional Ownership by Quarter for Commscope (NASDAQ:COMM)

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