Allspring Global Investments Holdings LLC Cuts Stock Holdings in CommScope Holding Company, Inc. (NASDAQ:COMM)

Allspring Global Investments Holdings LLC lowered its position in CommScope Holding Company, Inc. (NASDAQ:COMMGet Rating) by 14.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 313,111 shares of the communications equipment provider’s stock after selling 52,209 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.15% of CommScope worth $2,883,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Kaizen Financial Strategies acquired a new stake in CommScope during the 3rd quarter valued at approximately $92,000. Bailard Inc. grew its holdings in shares of CommScope by 253.1% during the third quarter. Bailard Inc. now owns 45,200 shares of the communications equipment provider’s stock worth $416,000 after buying an additional 32,400 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of CommScope in the third quarter valued at about $96,000. Howland Capital Management LLC grew its holdings in shares of CommScope by 70.8% in the third quarter. Howland Capital Management LLC now owns 42,700 shares of the communications equipment provider’s stock valued at $393,000 after purchasing an additional 17,700 shares during the period. Finally, Diversified Trust Co grew its holdings in shares of CommScope by 10.2% in the third quarter. Diversified Trust Co now owns 35,277 shares of the communications equipment provider’s stock valued at $325,000 after purchasing an additional 3,279 shares during the period. Hedge funds and other institutional investors own 90.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on COMM. Morgan Stanley reduced their price target on shares of CommScope from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Tuesday, December 13th. StockNews.com initiated coverage on shares of CommScope in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. Credit Suisse Group restated an “outperform” rating and set a $17.00 target price on shares of CommScope in a research report on Wednesday, December 21st. Bank of America raised CommScope from an “underperform” rating to a “buy” rating and increased their price target for the stock from $8.00 to $15.00 in a report on Thursday, January 12th. Finally, TheStreet raised CommScope from a “d+” rating to a “c-” rating in a report on Wednesday, October 19th. Two analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $10.88.

CommScope Stock Performance

CommScope stock opened at $9.10 on Thursday. The company has a market cap of $1.90 billion, a P/E ratio of -5.80, a price-to-earnings-growth ratio of 0.19 and a beta of 1.78. CommScope Holding Company, Inc. has a one year low of $5.56 and a one year high of $13.73. The business has a fifty day moving average of $8.15 and a two-hundred day moving average of $9.48.

CommScope (NASDAQ:COMMGet Rating) last released its quarterly earnings results on Thursday, November 3rd. The communications equipment provider reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.02. The business had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.30 billion. CommScope had a negative return on equity of 87.03% and a negative net margin of 2.90%. Sell-side analysts predict that CommScope Holding Company, Inc. will post 1.45 EPS for the current year.

About CommScope

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CommScope Holding Company, Inc provides infrastructure solutions for communications and entertainment networks. It operates through four segments: Broadband Networks (Broadband), Outdoor Wireless Networks (OWN), Venue and Campus Networks (VCN), and Home Networks (Home). The Broadband segment provides converged cable access platforms, passive optical networking products, video systems, access technologies, fiber and coaxial cables, fiber and copper connectivity products, and hardened closures to the telco and cable provider broadband market.

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Institutional Ownership by Quarter for CommScope (NASDAQ:COMM)

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