Renaissance Technologies LLC Sells 698,144 Shares of CommScope Holding Company, Inc. (NASDAQ:COMM)

Renaissance Technologies LLC reduced its holdings in shares of CommScope Holding Company, Inc. (NASDAQ:COMM) by 27.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,833,800 shares of the communications equipment provider’s stock after selling 698,144 shares during the quarter. Renaissance Technologies LLC owned approximately 0.86% of CommScope worth $2,256,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Stoneridge Investment Partners LLC lifted its holdings in CommScope by 69.4% during the second quarter. Stoneridge Investment Partners LLC now owns 80,441 shares of the communications equipment provider’s stock worth $99,000 after acquiring an additional 32,948 shares during the period. Fore Capital LLC lifted its holdings in CommScope by 36.5% during the second quarter. Fore Capital LLC now owns 74,841 shares of the communications equipment provider’s stock worth $92,000 after acquiring an additional 20,000 shares during the period. Headlands Technologies LLC lifted its holdings in CommScope by 350.5% during the second quarter. Headlands Technologies LLC now owns 107,915 shares of the communications equipment provider’s stock worth $133,000 after acquiring an additional 83,962 shares during the period. Acadian Asset Management LLC increased its position in CommScope by 319.3% in the second quarter. Acadian Asset Management LLC now owns 1,251,705 shares of the communications equipment provider’s stock worth $1,537,000 after buying an additional 953,171 shares during the last quarter. Finally, Rhumbline Advisers increased its position in CommScope by 23.3% in the second quarter. Rhumbline Advisers now owns 347,323 shares of the communications equipment provider’s stock worth $427,000 after buying an additional 65,605 shares during the last quarter. 88.04% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on COMM shares. Deutsche Bank Aktiengesellschaft raised their target price on CommScope from $1.25 to $2.00 and gave the stock a “hold” rating in a research report on Tuesday, July 30th. Northland Securities raised their target price on CommScope from $1.25 to $2.00 and gave the stock a “market perform” rating in a research report on Monday, August 12th. Finally, StockNews.com raised CommScope from a “sell” rating to a “hold” rating in a research report on Thursday, August 15th. Two analysts have rated the stock with a sell rating and five have given a hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $1.75.

CommScope Stock Performance

Shares of NASDAQ COMM opened at $6.19 on Thursday. The stock has a market cap of $1.31 billion, a PE ratio of -0.70, a price-to-earnings-growth ratio of 0.28 and a beta of 2.08. CommScope Holding Company, Inc. has a fifty-two week low of $0.86 and a fifty-two week high of $6.75. The stock has a fifty day moving average of $4.22 and a 200-day moving average of $2.29.

CommScope (NASDAQ:COMM) last announced its quarterly earnings results on Thursday, August 8th. The communications equipment provider reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.01). The company had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.23 billion. CommScope had a negative net margin of 31.24% and a negative return on equity of 3.08%. CommScope’s revenue for the quarter was down 12.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.14 earnings per share. On average, sell-side analysts predict that CommScope Holding Company, Inc. will post 0.91 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.