Carronade Capital Management LP Has $5.50 Million Stake in CommScope Holding Company, Inc. $COMM

Key Points

• Carronade Capital Management LP reduced its stake in CommScope Holding Company by 48.3%, selling 966,295 shares, and now owns 1,036,180 shares.
• CommScope reported earnings of $0.44 per share for the last quarter, significantly exceeding the expected $0.24 estimate, with total revenues of $1.39 billion.
• Equity analysts are optimistic, with multiple upgrades in ratings and increased target prices, including Bank of America raising its target from $4.00 to $20.00.

Carronade Capital Management LP cut its stake in CommScope Holding Company, Inc. (NASDAQ:COMM - Free Report) by 48.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,036,180 shares of the communications equipment provider's stock after selling 966,295 shares during the quarter. CommScope makes up 0.3% of Carronade Capital Management LP's portfolio, making the stock its 25th biggest holding. Carronade Capital Management LP owned 0.48% of CommScope worth $5,502,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of COMM. Raymond James Financial Inc. acquired a new position in shares of CommScope in the fourth quarter worth $138,000. MetLife Investment Management LLC increased its stake in shares of CommScope by 15.0% in the fourth quarter. MetLife Investment Management LLC now owns 128,763 shares of the communications equipment provider's stock worth $671,000 after acquiring an additional 16,815 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in shares of CommScope by 67.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 9,986 shares of the communications equipment provider's stock worth $52,000 after acquiring an additional 4,026 shares during the last quarter. Northern Trust Corp increased its stake in shares of CommScope by 13.7% in the fourth quarter. Northern Trust Corp now owns 2,087,160 shares of the communications equipment provider's stock worth $10,874,000 after acquiring an additional 250,761 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC increased its stake in shares of CommScope by 85.6% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 25,107 shares of the communications equipment provider's stock worth $131,000 after acquiring an additional 11,577 shares during the last quarter. 88.04% of the stock is owned by institutional investors and hedge funds.

CommScope Stock Up 0.9%

COMM stock traded up $0.14 during mid-day trading on Thursday, reaching $16.26. 4,251,850 shares of the stock traded hands, compared to its average volume of 6,125,640. CommScope Holding Company, Inc. has a 52 week low of $2.94 and a 52 week high of $16.61. The business has a 50-day moving average of $11.63 and a two-hundred day moving average of $7.41. The firm has a market capitalization of $3.60 billion, a PE ratio of 6.11, a P/E/G ratio of 0.57 and a beta of 2.47.

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

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on COMM shares. Wolfe Research started coverage on shares of CommScope in a research note on Monday, July 7th. They issued a "peer perform" rating on the stock. Raymond James Financial raised shares of CommScope from an "underperform" rating to an "outperform" rating and set a $19.00 target price on the stock in a research report on Tuesday, August 5th. Northland Capmk raised shares of CommScope from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 4th. Deutsche Bank Aktiengesellschaft increased their target price on shares of CommScope from $6.00 to $7.50 and gave the stock a "hold" rating in a research report on Tuesday, June 24th. Finally, Northland Securities set a $20.00 target price on shares of CommScope in a research report on Tuesday, August 5th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $14.75.

About CommScope

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.