Nuveen LLC Purchases New Shares in CommScope Holding Company, Inc. $COMM

Key Points

• Nuveen LLC has acquired a significant stake in CommScope Holding Company, purchasing 2,543,654 shares valued at approximately $13.5 million, representing about 1.17% ownership of the company.
• CommScope reported strong financial results with earnings per share (EPS) of $0.44 for the last quarter, surpassing estimates of $0.24, and revenue of $1.39 billion, which reflects a 31.7% year-over-year increase.
• Recent analyst activity shows a mix of ratings and price target increases for CommScope, with targets ranging from $17.00 to $20.00, indicating optimism about the company's future performance.

Nuveen LLC bought a new position in CommScope Holding Company, Inc. (NASDAQ:COMM - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 2,543,654 shares of the communications equipment provider's stock, valued at approximately $13,507,000. Nuveen LLC owned about 1.17% of CommScope as of its most recent filing with the SEC.

Other institutional investors have also recently made changes to their positions in the company. Deutsche Bank AG lifted its position in CommScope by 8.2% during the first quarter. Deutsche Bank AG now owns 10,050,618 shares of the communications equipment provider's stock valued at $53,369,000 after purchasing an additional 761,605 shares during the period. LMR Partners LLP purchased a new stake in CommScope during the 4th quarter valued at $14,328,000. Jacobs Levy Equity Management Inc. lifted its holdings in shares of CommScope by 27.2% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 2,705,120 shares of the communications equipment provider's stock valued at $14,094,000 after buying an additional 579,114 shares during the period. Hudson Bay Capital Management LP lifted its holdings in shares of CommScope by 150.1% during the 4th quarter. Hudson Bay Capital Management LP now owns 2,500,558 shares of the communications equipment provider's stock valued at $13,028,000 after buying an additional 1,500,558 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of CommScope by 13.7% in the 4th quarter. Northern Trust Corp now owns 2,087,160 shares of the communications equipment provider's stock worth $10,874,000 after buying an additional 250,761 shares during the last quarter. Hedge funds and other institutional investors own 88.04% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on COMM. Northland Securities set a $20.00 target price on CommScope in a research report on Tuesday, August 5th. Raymond James Financial raised shares of CommScope from an "underperform" rating to an "outperform" rating and set a $19.00 price objective on the stock in a report on Tuesday, August 5th. Wall Street Zen cut shares of CommScope from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. Bank of America upgraded shares of CommScope from an "underperform" rating to a "buy" rating and lifted their price target for the stock from $4.00 to $20.00 in a research note on Thursday, August 7th. Finally, Morgan Stanley raised shares of CommScope from an "underweight" rating to an "equal weight" rating and boosted their price objective for the company from $4.00 to $17.00 in a research report on Tuesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $14.75.

CommScope Stock Performance

Shares of CommScope stock traded down $0.33 on Wednesday, hitting $16.13. 5,645,313 shares of the company traded hands, compared to its average volume of 11,728,081. The stock has a market capitalization of $3.57 billion, a P/E ratio of 6.06, a price-to-earnings-growth ratio of 0.58 and a beta of 2.38. The business has a 50-day simple moving average of $10.54 and a 200 day simple moving average of $6.96. CommScope Holding Company, Inc. has a 52 week low of $2.94 and a 52 week high of $16.61.

CommScope (NASDAQ:COMM - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The communications equipment provider reported $0.44 EPS for the quarter, topping the consensus estimate of $0.24 by $0.20. CommScope had a net margin of 16.61% and a negative return on equity of 6.29%. The business had revenue of $1.39 billion for the quarter, compared to analysts' expectations of $1.27 billion. During the same quarter in the previous year, the company earned $0.34 EPS. The business's quarterly revenue was up 31.7% compared to the same quarter last year. Research analysts expect that CommScope Holding Company, Inc. will post -0.24 earnings per share for the current year.

CommScope Profile

CommScope Holding Company, Inc provides infrastructure solutions for communications, data center, and entertainment networks worldwide. The company operates through Connectivity and Cable Solutions (CCS); Outdoor Wireless Networks (OWN); Networking, Intelligent Cellular and Security Solutions (NICS), and Access Network Solutions (ANS) segments.