Invesco Ltd. Sells 3,809,588 Shares of CommScope Holding Company, Inc. $COMM

Key Points

• Invesco Ltd. significantly reduced its stake in CommScope Holding Company by 71.1%, selling over 3.8 million shares during the first quarter, leaving it with 1.55 million shares valued at approximately $8.23 million.
• CommScope recently reported earnings of $0.44 per share, surpassing analysts' expectations, with revenues rising 31.7% year-over-year to $1.39 billion.
• Institutional investors hold a substantial 88.04% of CommScope's stock, reflecting strong interest from hedge funds amidst rating upgrades from multiple brokerages.

Invesco Ltd. lowered its position in shares of CommScope Holding Company, Inc. (NASDAQ:COMM - Free Report) by 71.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,550,547 shares of the communications equipment provider's stock after selling 3,809,588 shares during the quarter. Invesco Ltd. owned 0.72% of CommScope worth $8,233,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in COMM. Wells Fargo & Company MN raised its holdings in shares of CommScope by 23.8% during the fourth quarter. Wells Fargo & Company MN now owns 135,532 shares of the communications equipment provider's stock valued at $706,000 after acquiring an additional 26,016 shares during the period. Legal & General Group Plc raised its holdings in shares of CommScope by 986.1% during the fourth quarter. Legal & General Group Plc now owns 204,549 shares of the communications equipment provider's stock valued at $1,066,000 after acquiring an additional 185,716 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of CommScope during the fourth quarter valued at approximately $138,000. Guggenheim Capital LLC raised its holdings in shares of CommScope by 143.0% during the fourth quarter. Guggenheim Capital LLC now owns 44,986 shares of the communications equipment provider's stock valued at $234,000 after acquiring an additional 26,476 shares during the period. Finally, NewEdge Advisors LLC raised its holdings in shares of CommScope by 15.4% during the fourth quarter. NewEdge Advisors LLC now owns 58,764 shares of the communications equipment provider's stock valued at $306,000 after acquiring an additional 7,850 shares during the period. Institutional investors and hedge funds own 88.04% of the company's stock.

CommScope Stock Up 0.5%

COMM stock traded up $0.08 during trading hours on Friday, hitting $16.04. The company's stock had a trading volume of 4,587,539 shares, compared to its average volume of 11,750,497. The company has a market capitalization of $3.55 billion, a PE ratio of 6.03, a price-to-earnings-growth ratio of 0.57 and a beta of 2.46. CommScope Holding Company, Inc. has a 12 month low of $2.94 and a 12 month high of $16.61. The stock has a 50 day moving average price of $10.93 and a two-hundred day moving average price of $7.14.

CommScope (NASDAQ:COMM - Get Free Report) last posted its 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. The company had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.27 billion. CommScope had a net margin of 16.61% and a negative return on equity of 6.29%. The company's revenue for the quarter was up 31.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.34 earnings per share. Sell-side analysts expect that CommScope Holding Company, Inc. will post -0.24 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on COMM shares. Bank of America upgraded shares of CommScope from an "underperform" rating to a "buy" rating and boosted their price target for the company from $4.00 to $20.00 in a report on Thursday, August 7th. Morgan Stanley upgraded shares of CommScope from an "underweight" rating to an "equal weight" rating and upped their price objective for the company from $4.00 to $17.00 in a research note on Tuesday, August 5th. Northland Securities set a $20.00 price objective on shares of CommScope in a research note on Tuesday, August 5th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of CommScope from $6.00 to $7.50 and gave the company a "hold" rating in a research note on Tuesday, June 24th. Finally, Northland Capmk upgraded shares of CommScope from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 4th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $14.75.

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.