Mackenzie Financial Corp Increases Stock Holdings in CommScope Holding Company, Inc. (NASDAQ:COMM)

Key Points

• Mackenzie Financial Corp increased its stake in CommScope Holding Company by 1,203.4% during the first quarter, acquiring an additional 151,202 shares and holding a total of 163,767 shares worth approximately $870,000.
• CommScope reported $0.44 EPS for the last quarter, significantly beating the consensus estimate of $0.24 and showcasing a 31.7% year-over-year revenue increase to $1.39 billion.
• Several analysts upgraded CommScope’s ratings and target prices, with Northland Securities raising it to $12.00 and Raymond James setting a target of $19.00, reflecting strong confidence in the stock's future performance.

Mackenzie Financial Corp grew its stake in shares of CommScope Holding Company, Inc. (NASDAQ:COMM - Free Report) by 1,203.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 163,767 shares of the communications equipment provider's stock after buying an additional 151,202 shares during the period. Mackenzie Financial Corp owned 0.08% of CommScope worth $870,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of COMM. Vanguard Group Inc. increased its position in shares of CommScope by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 22,752,737 shares of the communications equipment provider's stock worth $118,542,000 after purchasing an additional 694,363 shares during the last quarter. Deutsche Bank AG increased its position in shares of CommScope by 182.2% in the fourth quarter. Deutsche Bank AG now owns 9,289,013 shares of the communications equipment provider's stock worth $48,396,000 after purchasing an additional 5,996,931 shares during the last quarter. Geode Capital Management LLC increased its position in shares of CommScope by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 5,126,442 shares of the communications equipment provider's stock worth $26,715,000 after purchasing an additional 14,576 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of CommScope by 10.5% in the fourth quarter. Renaissance Technologies LLC now owns 4,421,300 shares of the communications equipment provider's stock worth $23,035,000 after purchasing an additional 421,000 shares during the last quarter. Finally, LMR Partners LLP bought a new position in shares of CommScope in the fourth quarter worth approximately $14,328,000. 88.04% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on COMM shares. Citigroup upgraded shares of CommScope to an "outperform" rating in a research report on Monday. Wolfe Research assumed coverage on shares of CommScope in a research report on Monday, July 7th. They set a "peer perform" rating on the stock. Raymond James Financial upgraded shares of CommScope from an "underperform" rating to an "outperform" rating and set a $19.00 price target on the stock in a research report on Tuesday. Morgan Stanley upgraded shares of CommScope from an "underweight" rating to an "equal weight" rating and increased their price target for the company from $4.00 to $17.00 in a research report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft increased their price target on shares of CommScope from $6.00 to $7.50 and gave the company a "hold" rating in a research report on Tuesday, June 24th. Four equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, CommScope has a consensus rating of "Moderate Buy" and an average price target of $14.75.

CommScope Stock Up 3.9%

Shares of CommScope stock traded up $0.59 on Friday, hitting $15.58. The stock had a trading volume of 11,571,269 shares, compared to its average volume of 9,514,530. CommScope Holding Company, Inc. has a one year low of $2.55 and a one year high of $15.74. The stock has a market cap of $3.45 billion, a price-to-earnings ratio of 5.86, a PEG ratio of 0.44 and a beta of 2.38. The stock's 50-day simple moving average is $8.04 and its two-hundred day simple moving average is $6.02.

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 (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 firm had revenue of $1.39 billion for the quarter, compared to analysts' expectations of $1.27 billion. During the same quarter last year, the business earned $0.34 earnings per share. The business's revenue was up 31.7% on a year-over-year basis. As a group, equities analysts predict that CommScope Holding Company, Inc. will post -0.24 EPS for the current fiscal year.

CommScope Company 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.