Carronade Capital Management LP Reduces Position 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 trimmed its holdings in shares of CommScope Holding Company, Inc. (NASDAQ:COMM - Free Report) by 48.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,036,180 shares of the communications equipment provider's stock after selling 966,295 shares during the period. CommScope comprises 0.3% of Carronade Capital Management LP's investment portfolio, making the stock its 25th biggest holding. Carronade Capital Management LP owned approximately 0.48% of CommScope worth $5,502,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Tower Research Capital LLC TRC raised its stake in shares of CommScope by 67.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 9,986 shares of the communications equipment provider's stock worth $52,000 after buying an additional 4,026 shares in the last quarter. Caliber Wealth Management LLC KS acquired a new stake in shares of CommScope in the 1st quarter worth approximately $57,000. KBC Group NV acquired a new stake in shares of CommScope in the 1st quarter worth approximately $65,000. GAMMA Investing LLC grew its holdings in shares of CommScope by 717.7% in the 1st quarter. GAMMA Investing LLC now owns 16,026 shares of the communications equipment provider's stock worth $85,000 after acquiring an additional 14,066 shares during the period. Finally, WCM Investment Management LLC acquired a new stake in shares of CommScope in the 1st quarter worth approximately $86,000. 88.04% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on COMM. Wolfe Research began coverage on CommScope in a report on Monday, July 7th. They issued a "peer perform" rating on the stock. Deutsche Bank Aktiengesellschaft upped their price target on CommScope from $6.00 to $7.50 and gave the stock a "hold" rating in a report on Tuesday, June 24th. Morgan Stanley upgraded CommScope from an "underweight" rating to an "equal weight" rating and upped their price target for the stock from $4.00 to $17.00 in a report on Tuesday, August 5th. Raymond James Financial upgraded CommScope from an "underperform" rating to an "outperform" rating and set a $19.00 price target on the stock in a report on Tuesday, August 5th. Finally, Wall Street Zen cut CommScope from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $14.75.

CommScope Stock Down 1.5%

Shares of COMM stock traded down $0.24 during mid-day trading on Friday, hitting $16.02. 3,382,204 shares of the company's stock were exchanged, compared to its average volume of 6,453,005. CommScope Holding Company, Inc. has a fifty-two week low of $2.94 and a fifty-two week high of $16.61. The stock has a 50-day simple moving average of $11.78 and a two-hundred day simple moving average of $7.49. The stock has a market cap of $3.55 billion, a price-to-earnings ratio of 6.02, a PEG ratio of 0.56 and a beta of 2.47.

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

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.