Northern Trust Corp Sells 80,029 Shares of CommScope Holding Company, Inc. $COMM

Key Points

• Northern Trust Corp has reduced its stake in CommScope Holding Company by 3.8%, now owning approximately 2,007,131 shares valued at around $10.66 million.
• CommScope reported earnings of $0.44 per share for the last quarter, surpassing analyst expectations by $0.20 and achieving a 31.7% year-over-year revenue increase.
• Several analysts have upgraded CommScope's ratings, with Bank of America raising its price target from $4.00 to $20.00 and the average target now at $14.75.

Northern Trust Corp trimmed its position in shares of CommScope Holding Company, Inc. (NASDAQ:COMM - Free Report) by 3.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,007,131 shares of the communications equipment provider's stock after selling 80,029 shares during the quarter. Northern Trust Corp owned 0.93% of CommScope worth $10,658,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Tower Research Capital LLC TRC raised its position in shares of CommScope by 67.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 9,986 shares of the communications equipment provider's stock worth $52,000 after purchasing an additional 4,026 shares during the period. US Bancorp DE raised its position in shares of CommScope by 27.0% during the first quarter. US Bancorp DE now owns 20,404 shares of the communications equipment provider's stock worth $108,000 after purchasing an additional 4,337 shares during the period. Bayesian Capital Management LP raised its position in shares of CommScope by 25.6% during the fourth quarter. Bayesian Capital Management LP now owns 22,100 shares of the communications equipment provider's stock worth $115,000 after purchasing an additional 4,500 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of CommScope by 5.1% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 121,354 shares of the communications equipment provider's stock worth $632,000 after purchasing an additional 5,909 shares during the period. Finally, Caliber Wealth Management LLC KS acquired a new position in shares of CommScope during the first quarter worth approximately $57,000. 88.04% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

COMM has been the topic of a number of research reports. Morgan Stanley raised CommScope from an "underweight" rating to an "equal weight" rating and upped their target price for the stock from $4.00 to $17.00 in a research report on Tuesday, August 5th. Wolfe Research initiated coverage on CommScope in a research report on Monday, July 7th. They set a "peer perform" rating on the stock. Raymond James Financial raised CommScope from an "underperform" rating to an "outperform" rating and set a $19.00 price target for the company in a research report on Tuesday, August 5th. Deutsche Bank Aktiengesellschaft increased their price target on CommScope from $6.00 to $7.50 and gave the company a "hold" rating in a research report on Tuesday, June 24th. Finally, Northland Securities set a $20.00 price target on CommScope in a research report on Tuesday, August 5th. 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's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $14.75.

CommScope Stock Up 0.2%

NASDAQ COMM traded up $0.03 on Wednesday, reaching $16.22. The company had a trading volume of 5,945,166 shares, compared to its average volume of 5,839,322. The stock has a market capitalization of $3.59 billion, a P/E ratio of 6.10, a P/E/G ratio of 0.56 and a beta of 2.47. The company's fifty day moving average is $12.26 and its 200 day moving average is $7.72. CommScope Holding Company, Inc. has a 52-week low of $2.94 and a 52-week high of $16.83.

CommScope (NASDAQ:COMM - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.27 billion. CommScope had a negative return on equity of 6.29% and a net margin of 16.61%.The business's revenue for the quarter was up 31.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.34 EPS. On average, research analysts expect that CommScope Holding Company, Inc. will post -0.24 EPS for the current 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.