Principal Financial Group Inc. Sells 5,969 Shares of CommScope Holding Company, Inc. (NASDAQ:COMM)

Principal Financial Group Inc. reduced its stake in CommScope Holding Company, Inc. (NASDAQ:COMM) by 28.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,729 shares of the communications equipment provider’s stock after selling 5,969 shares during the quarter. Principal Financial Group Inc.’s holdings in CommScope were worth $90,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in COMM. Geode Capital Management LLC lifted its position in shares of CommScope by 3.1% in the 3rd quarter. Geode Capital Management LLC now owns 5,111,866 shares of the communications equipment provider’s stock worth $31,239,000 after purchasing an additional 155,166 shares during the period. Millennium Management LLC raised its stake in CommScope by 19.9% during the second quarter. Millennium Management LLC now owns 5,074,507 shares of the communications equipment provider’s stock worth $6,242,000 after buying an additional 840,742 shares during the last quarter. State Street Corp lifted its holdings in CommScope by 9.2% in the third quarter. State Street Corp now owns 4,588,286 shares of the communications equipment provider’s stock valued at $28,034,000 after buying an additional 387,466 shares during the period. Two Sigma Advisers LP boosted its position in CommScope by 29.3% during the third quarter. Two Sigma Advisers LP now owns 4,303,800 shares of the communications equipment provider’s stock valued at $26,296,000 after acquiring an additional 975,200 shares during the last quarter. Finally, Monarch Alternative Capital LP bought a new stake in CommScope during the third quarter valued at $16,623,000. 88.04% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Raymond James downgraded CommScope from a “market perform” rating to an “underperform” rating in a research note on Monday. Morgan Stanley lowered CommScope from an “equal weight” rating to an “underweight” rating and set a $5.00 price target on the stock. in a research note on Tuesday, December 17th. Four analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $2.50.

CommScope Stock Performance

Shares of CommScope stock opened at $5.13 on Wednesday. CommScope Holding Company, Inc. has a 52 week low of $0.86 and a 52 week high of $7.19. The stock has a 50 day moving average price of $5.35 and a two-hundred day moving average price of $4.40. The stock has a market capitalization of $1.11 billion, a PE ratio of -1.16 and a beta of 1.92.

CommScope (NASDAQ:COMM) last posted its quarterly 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). CommScope had a negative net margin of 18.10% and a negative return on equity of 1.01%. The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same period in the previous year, the business posted $0.10 EPS. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. Research analysts forecast that CommScope Holding Company, Inc. will post -0.77 EPS for the current 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.