Strs Ohio Buys Shares of 56,500 CommScope Holding Company, Inc. $COMM

Key Points

• Strs Ohio has acquired 56,500 shares of CommScope Holding Company, valued at approximately $300,000, indicating growing interest in the communications equipment sector.
• CommScope has seen significant activity from institutional investors, with hedge funds owning 88.04% of the company's stock and major firms like Goldman Sachs and Deutsche Bank increasing their holdings.
• The company reported a strong quarterly performance with $0.44 EPS, surpassing analysts' expectations, while its revenue increased by 31.7% year-over-year.

Strs Ohio bought a new stake in shares of CommScope Holding Company, Inc. (NASDAQ:COMM - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 56,500 shares of the communications equipment provider's stock, valued at approximately $300,000.

A number of other hedge funds have also added to or reduced their stakes in COMM. Goldman Sachs Group Inc. grew its holdings in CommScope by 244.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 9,498,510 shares of the communications equipment provider's stock valued at $50,437,000 after buying an additional 6,743,929 shares in the last quarter. Apollo Management Holdings L.P. purchased a new position in shares of CommScope during the first quarter worth about $32,806,000. Nuveen LLC purchased a new position in shares of CommScope during the first quarter worth about $13,507,000. Shellback Capital LP purchased a new position in shares of CommScope during the first quarter worth about $6,253,000. Finally, Deutsche Bank AG grew its holdings in shares of CommScope by 8.2% during the first quarter. Deutsche Bank AG now owns 10,050,618 shares of the communications equipment provider's stock worth $53,369,000 after purchasing an additional 761,605 shares in the last quarter. Hedge funds and other institutional investors own 88.04% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on COMM. Wolfe Research began coverage on CommScope in a report on Monday, July 7th. They set a "peer perform" rating for the company. Northland Capmk raised CommScope from a "hold" rating to a "strong-buy" rating in a report on Monday, August 4th. Bank of America raised CommScope from an "underperform" rating to a "buy" rating and boosted their price objective for the stock from $4.00 to $20.00 in a report on Thursday, August 7th. Northland Securities set a $20.00 price objective on CommScope in a report on Tuesday, August 5th. Finally, Citigroup raised CommScope to an "outperform" rating in a report 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 assigned a Hold rating to the stock. According to MarketBeat.com, CommScope presently has a consensus rating of "Moderate Buy" and a consensus target price of $14.75.

CommScope Stock Down 4.7%

Shares of CommScope stock opened at $16.19 on Wednesday. The company has a market cap of $3.59 billion, a PE ratio of 6.09, a P/E/G ratio of 0.59 and a beta of 2.47. The business has a 50 day moving average of $13.79 and a 200 day moving average of $8.40. CommScope Holding Company, Inc. has a 52 week low of $2.94 and a 52 week high of $17.13.

CommScope (NASDAQ:COMM - Get Free Report) last announced its earnings results on Monday, August 4th. The communications equipment provider reported $0.44 EPS for the quarter, beating analysts' consensus estimates 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 negative return on equity of 6.29% and a net margin of 16.61%.The firm'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 earnings per share. On average, research analysts anticipate that CommScope Holding Company, Inc. will post -0.24 earnings per share for the current year.

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.

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