Geode Capital Management LLC Grows Stake in CommScope Holding Company, Inc. (NASDAQ:COMM)

Geode Capital Management LLC raised its position in CommScope Holding Company, Inc. (NASDAQ:COMM - Free Report) by 3.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,111,866 shares of the communications equipment provider's stock after purchasing an additional 155,166 shares during the period. Geode Capital Management LLC owned 2.37% of CommScope worth $31,239,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Future Financial Wealth Managment LLC purchased a new position in CommScope in the third quarter valued at $31,000. National Bank of Canada FI boosted its position in shares of CommScope by 109.1% during the 3rd quarter. National Bank of Canada FI now owns 5,475 shares of the communications equipment provider's stock worth $33,000 after acquiring an additional 2,857 shares in the last quarter. Quarry LP raised its position in shares of CommScope by 1,005.4% during the 3rd quarter. Quarry LP now owns 8,114 shares of the communications equipment provider's stock worth $50,000 after acquiring an additional 7,380 shares in the last quarter. Belvedere Trading LLC purchased a new stake in CommScope during the third quarter worth approximately $68,000. Finally, Creative Planning acquired a new position in CommScope in the third quarter valued at approximately $73,000. 88.04% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

CommScope Stock Up 1.6 %

Shares of CommScope stock traded up $0.09 on Thursday, hitting $5.83. The company's stock had a trading volume of 2,825,230 shares, compared to its average volume of 4,157,699. The firm has a fifty day moving average price of $5.51 and a 200-day moving average price of $4.13. 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 capitalization of $1.26 billion, a P/E ratio of -1.32 and a beta of 1.96.

CommScope (NASDAQ:COMM - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The communications equipment provider reported ($0.05) earnings per share for the quarter, missing analysts' consensus estimates of $0.33 by ($0.38). The business had revenue of $1.08 billion for the quarter, compared to analysts' expectations of $1.42 billion. CommScope had a negative return on equity of 1.01% and a negative net margin of 18.10%. The company's revenue for the quarter was up 2.7% on a year-over-year basis. During the same period last year, the business earned $0.10 earnings per share. As a group, analysts expect that CommScope Holding Company, Inc. will post -0.77 earnings per share 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.