Millennium Management LLC Has $6.24 Million Stock Position in CommScope Holding Company, Inc. (NASDAQ:COMM)

Millennium Management LLC grew its position in shares of CommScope Holding Company, Inc. (NASDAQ:COMM) by 19.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,074,507 shares of the communications equipment provider’s stock after buying an additional 840,742 shares during the quarter. Millennium Management LLC owned approximately 2.39% of CommScope worth $6,242,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Allspring Global Investments Holdings LLC grew its position in CommScope by 5,083.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 25,708 shares of the communications equipment provider’s stock worth $34,000 after acquiring an additional 25,212 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its holdings in shares of CommScope by 15.0% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 187,790 shares of the communications equipment provider’s stock valued at $248,000 after buying an additional 24,523 shares during the period. Quadrature Capital Ltd acquired a new position in shares of CommScope in the 4th quarter valued at approximately $198,000. Susquehanna Fundamental Investments LLC bought a new position in CommScope during the 1st quarter worth about $369,000. Finally, BNP Paribas Financial Markets grew its stake in shares of CommScope by 31.9% during the 1st quarter. BNP Paribas Financial Markets now owns 454,165 shares of the communications equipment provider’s stock worth $595,000 after acquiring an additional 109,753 shares in the last quarter. Institutional investors and hedge funds own 88.04% of the company’s stock.

CommScope Stock Down 3.2 %

NASDAQ COMM opened at $6.05 on Friday. CommScope Holding Company, Inc. has a 52 week low of $0.86 and a 52 week high of $6.75. The company has a market cap of $1.28 billion, a price-to-earnings ratio of -0.68, a P/E/G ratio of 0.28 and a beta of 2.10. The business has a 50 day moving average price of $4.60 and a 200-day moving average price of $2.45.

CommScope (NASDAQ:COMM) last announced its quarterly earnings data on Thursday, August 8th. The communications equipment provider reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.01). The firm had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.23 billion. CommScope had a negative net margin of 31.24% and a negative return on equity of 3.08%. The company’s revenue was down 12.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.14 earnings per share. On average, equities research analysts anticipate that CommScope Holding Company, Inc. will post 0.91 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on COMM shares. StockNews.com upgraded shares of CommScope from a “sell” rating to a “hold” rating in a research note on Thursday, August 15th. Deutsche Bank Aktiengesellschaft increased their price target on shares of CommScope from $1.25 to $2.00 and gave the stock a “hold” rating in a research report on Tuesday, July 30th. Finally, Northland Securities upped their target price on CommScope from $1.25 to $2.00 and gave the stock a “market perform” rating in a research note on Monday, August 12th. Two research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $1.75.

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.