State Street Corp Buys 387,466 Shares of CommScope Holding Company, Inc. (NASDAQ:COMM)

State Street Corp raised its holdings in shares of CommScope Holding Company, Inc. (NASDAQ:COMM) by 9.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,588,286 shares of the communications equipment provider’s stock after acquiring an additional 387,466 shares during the quarter. State Street Corp’s holdings in CommScope were worth $28,034,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in COMM. The Manufacturers Life Insurance Company boosted its stake in CommScope by 5.4% during the second quarter. The Manufacturers Life Insurance Company now owns 86,509 shares of the communications equipment provider’s stock valued at $106,000 after buying an additional 4,466 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new stake in CommScope during the third quarter valued at $31,000. Quarry LP lifted its position in CommScope by 1,005.4% during the third quarter. Quarry LP now owns 8,114 shares of the communications equipment provider’s stock valued at $50,000 after purchasing an additional 7,380 shares during the last quarter. Belvedere Trading LLC purchased a new position in shares of CommScope in the 3rd quarter worth $68,000. Finally, Creative Planning bought a new stake in shares of CommScope in the 3rd quarter worth about $73,000. Institutional investors own 88.04% of the company’s stock.

Analysts Set New Price Targets

Separately, Morgan Stanley downgraded shares of CommScope from an “equal weight” rating to an “underweight” rating and set a $5.00 price target for the company. in a report on Tuesday, December 17th. Three equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $2.50.

CommScope Stock Down 2.1 %

Shares of COMM opened at $5.58 on Monday. CommScope Holding Company, Inc. has a 52-week low of $0.86 and a 52-week high of $7.19. The company has a market cap of $1.20 billion, a PE ratio of -1.26 and a beta of 1.95. The business has a fifty day moving average of $5.51 and a 200 day moving average of $4.06.

CommScope (NASDAQ:COMM) last released its earnings results on Thursday, November 7th. The communications equipment provider reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.38). The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.42 billion. CommScope had a negative return on equity of 1.01% and a negative net margin of 18.10%. CommScope’s revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.10 EPS. As a group, research analysts anticipate that CommScope Holding Company, Inc. will post -0.77 earnings per share for the current fiscal 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.