Shellback Capital LP Purchases New Position in CommScope Holding Company, Inc. $COMM

Key Points

• Shellback Capital LP acquired a new stake of 1,177,500 shares in CommScope Holding Company, Inc. (NASDAQ: COMM) valued at approximately $6.25 million, representing about 0.54% of the company's stock.
• CommScope reported earnings per share (EPS) of $0.44 for the last quarter, significantly beating the analysts' expectations of $0.24, along with a revenue increase of 31.7% year-over-year.
• The stock has been recently rated with a consensus of "Moderate Buy", with a target price estimated at $14.75 by analysts.

Shellback Capital LP bought a new position in CommScope Holding Company, Inc. (NASDAQ:COMM - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,177,500 shares of the communications equipment provider's stock, valued at approximately $6,253,000. Shellback Capital LP owned about 0.54% of CommScope as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC acquired a new stake in CommScope in the 1st quarter worth approximately $143,000. KBC Group NV bought a new position in CommScope in the 1st quarter worth approximately $65,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in CommScope by 5.1% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 121,354 shares of the communications equipment provider's stock worth $632,000 after buying an additional 5,909 shares during the period. Bank of New York Mellon Corp increased its position in CommScope by 6.0% in the 1st quarter. Bank of New York Mellon Corp now owns 725,413 shares of the communications equipment provider's stock worth $3,852,000 after buying an additional 41,286 shares during the period. Finally, Tower Research Capital LLC TRC increased its position in CommScope by 67.6% in 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 during the period. 88.04% of the stock is currently owned by institutional investors and hedge funds.

CommScope Price Performance

Shares of COMM traded down $0.37 on Friday, reaching $16.22. 1,955,956 shares of the stock traded hands, compared to its average volume of 6,065,522. The firm has a market cap of $3.59 billion, a price-to-earnings ratio of 6.10, a P/E/G ratio of 0.56 and a beta of 2.47. CommScope Holding Company, Inc. has a 12 month low of $2.94 and a 12 month high of $16.83. The stock's 50-day moving average price is $12.42 and its 200-day moving average price is $7.80.

CommScope (NASDAQ:COMM - Get Free Report) last released 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 business had revenue of $1.39 billion for the quarter, compared to analysts' expectations of $1.27 billion. CommScope had a negative return on equity of 6.29% and a net margin of 16.61%.CommScope's quarterly revenue was up 31.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.34 earnings per share. As a group, equities research analysts forecast that CommScope Holding Company, Inc. will post -0.24 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

COMM has been the topic of several recent analyst reports. Northland Securities set a $20.00 price target on CommScope in a research report on Tuesday, August 5th. Raymond James Financial raised 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, August 5th. Wolfe Research initiated coverage on CommScope in a research report on Monday, July 7th. They issued a "peer perform" rating on the stock. Citigroup raised CommScope to an "outperform" rating in a research report on Monday, August 4th. Finally, Wall Street Zen downgraded CommScope from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, CommScope currently has an average rating of "Moderate Buy" and an average target price of $14.75.

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.