Point72 Asset Management L.P. Invests $894,000 in CommScope Holding Company, Inc. (NASDAQ:COMM)

Point72 Asset Management L.P. purchased a new position in CommScope Holding Company, Inc. (NASDAQ:COMM) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 146,277 shares of the communications equipment provider’s stock, valued at approximately $894,000. Point72 Asset Management L.P. owned about 0.07% of CommScope at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Monarch Alternative Capital LP bought a new position in CommScope in the 3rd quarter worth about $16,623,000. Assenagon Asset Management S.A. bought a new position in CommScope in the third quarter worth approximately $11,023,000. Bank of Montreal Can purchased a new position in CommScope during the 3rd quarter worth $7,023,000. Acadian Asset Management LLC raised its position in CommScope by 319.3% during the 2nd quarter. Acadian Asset Management LLC now owns 1,251,705 shares of the communications equipment provider’s stock valued at $1,537,000 after purchasing an additional 953,171 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of CommScope by 19.9% in the 2nd 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 period. Hedge funds and other institutional investors own 88.04% of the company’s stock.

Wall Street Analyst Weigh In

COMM has been the topic of several research reports. Morgan Stanley raised their price target on CommScope from $2.70 to $5.00 and gave the company an “equal weight” rating in a research note on Monday, November 4th. StockNews.com upgraded shares of CommScope from a “sell” rating to a “hold” rating in a report on Thursday, August 15th. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $2.50.

CommScope Stock Performance

COMM stock opened at $5.54 on Wednesday. CommScope Holding Company, Inc. has a one year low of $0.86 and a one year high of $7.19. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of -1.25 and a beta of 1.96. The firm has a 50-day simple moving average of $5.57 and a two-hundred day simple moving average of $3.79.

CommScope (NASDAQ:COMM) last posted its earnings results on Thursday, November 7th. The communications equipment provider reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same period in the previous year, the company earned $0.10 EPS. The company’s revenue was up 2.7% on a year-over-year basis. As a group, equities analysts predict that CommScope Holding Company, Inc. will post -0.77 earnings per share for the current fiscal year.

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.