ExodusPoint Capital Management LP Takes Position in CommScope Holding Company, Inc. (NASDAQ:COMM)

Posted by on Jun 8th, 2023

ExodusPoint Capital Management LP purchased a new stake in CommScope Holding Company, Inc. (NASDAQ:COMM – Get Rating) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 347,272 shares of the communications equipment provider’s stock, valued at approximately $2,552,000. ExodusPoint Capital Management LP owned about 0.17% of CommScope as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in CommScope by 11.5% during the 1st quarter. Vanguard Group Inc. now owns 27,002,559 shares of the communications equipment provider’s stock worth $212,781,000 after buying an additional 2,790,362 shares during the period. FPR Partners LLC lifted its stake in shares of CommScope by 2.3% in the 3rd quarter. FPR Partners LLC now owns 20,798,018 shares of the communications equipment provider’s stock valued at $191,550,000 after purchasing an additional 475,000 shares during the period. Wellington Management Group LLP lifted its stake in shares of CommScope by 1.1% in the 1st quarter. Wellington Management Group LLP now owns 18,146,557 shares of the communications equipment provider’s stock valued at $142,995,000 after purchasing an additional 195,374 shares during the period. BlackRock Inc. lifted its stake in shares of CommScope by 22.1% in the 1st quarter. BlackRock Inc. now owns 14,164,751 shares of the communications equipment provider’s stock valued at $111,616,000 after purchasing an additional 2,560,861 shares during the period. Finally, Fuller & Thaler Asset Management Inc. lifted its stake in shares of CommScope by 9.9% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 7,871,351 shares of the communications equipment provider’s stock valued at $62,026,000 after purchasing an additional 710,698 shares during the period. Institutional investors own 90.18% of the company’s stock.

Analysts Set New Price Targets

COMM has been the topic of a number of recent analyst reports. TheStreet downgraded CommScope from a “c-” rating to a “d” rating in a research note on Monday, March 20th. Northland Securities raised CommScope from a “market perform” rating to an “outperform” rating and set a $7.00 price target on the stock in a research note on Friday, May 5th. Deutsche Bank Aktiengesellschaft dropped their price target on CommScope from $9.00 to $8.00 in a research note on Friday, May 5th. Credit Suisse Group dropped their price target on CommScope from $17.00 to $13.00 and set an “outperform” rating on the stock in a research note on Friday, February 24th. Finally, StockNews.com initiated coverage on CommScope in a research note on Thursday, May 18th. They set a “hold” rating on the stock. One analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $9.17.

Insider Activity

In other CommScope news, Director Claudius E. Iv Watts bought 10,000 shares of CommScope stock in a transaction dated Friday, March 10th. The stock was bought at an average cost of $6.75 per share, with a total value of $67,500.00. Following the completion of the acquisition, the director now directly owns 10,000 shares in the company, valued at approximately $67,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Charles L. Treadway purchased 56,155 shares of the business’s stock in a transaction dated Wednesday, May 10th. The stock was purchased at an average cost of $4.45 per share, with a total value of $249,889.75. Following the completion of the acquisition, the chief executive officer now directly owns 1,673,549 shares of the company’s stock, valued at $7,447,293.05. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Claudius E. Iv Watts acquired 10,000 shares of the company’s stock in a transaction that occurred on Friday, March 10th. The shares were acquired at an average cost of $6.75 per share, with a total value of $67,500.00. Following the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $67,500. The disclosure for this purchase can be found here. Insiders acquired a total of 92,249 shares of company stock valued at $437,188 over the last three months. Corporate insiders own 2.40% of the company’s stock.

CommScope Stock Performance

Shares of COMM opened at $4.67 on Thursday. The stock has a 50 day moving average price of $4.80 and a two-hundred day moving average price of $6.72. The firm has a market capitalization of $979.72 million, a P/E ratio of -0.81, a P/E/G ratio of 0.14 and a beta of 1.87. CommScope Holding Company, Inc. has a 52 week low of $3.97 and a 52 week high of $13.73.

CommScope Company Profile

(Get Rating)

CommScope Holding Co, Inc engages in the provision of infrastructure solutions for communications networks. It operates through the following segments: Broadband, Home, Outdoor Wireless Networks (OWN), and Venue and Campus Networks (VCN). The company was founded by Frank M. Drendel in 1976 and is headquartered in Hickory, NC.

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Institutional Ownership by Quarter for CommScope (NASDAQ:COMM)

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