CommScope Holding Company, Inc. (COMM) Downgraded by Longbow Research
CommScope Holding Company, Inc. (NASDAQ:COMM) was downgraded by analysts at Longbow Research from a “buy” rating to a “neutral” rating in a report issued on Friday, Marketbeat reports.
A number of other brokerages have also recently commented on COMM. Zacks Investment Research upgraded CommScope Holding from a “sell” rating to a “buy” rating and set a $47.00 price target for the company in a research note on Tuesday, May 2nd. Deutsche Bank AG increased their price target on CommScope Holding from $42.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, April 19th. Barclays PLC increased their price target on CommScope Holding from $42.00 to $47.00 and gave the company an “overweight” rating in a research note on Wednesday, April 12th. Jefferies Group LLC reiterated a “buy” rating and issued a $43.00 price target on shares of CommScope Holding in a research note on Thursday, June 8th. Finally, Northland Securities reiterated a “hold” rating and issued a $30.00 price target on shares of CommScope Holding in a research note on Thursday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $42.91.
Shares of CommScope Holding (NASDAQ:COMM) traded down 2.79% during trading on Friday, reaching $32.61. The company’s stock had a trading volume of 4,742,316 shares. CommScope Holding has a 52-week low of $28.28 and a 52-week high of $42.75. The firm’s 50-day moving average is $36.97 and its 200 day moving average is $38.33. The company has a market cap of $6.29 billion, a PE ratio of 26.36 and a beta of 1.17.
CommScope Holding (NASDAQ:COMM) last released its earnings results on Thursday, August 3rd. The communications equipment provider reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.65 by $0.05. CommScope Holding had a return on equity of 34.02% and a net margin of 4.96%. The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter in the previous year, the company earned $0.74 earnings per share. The firm’s revenue for the quarter was down 10.2% on a year-over-year basis. On average, equities research analysts predict that CommScope Holding will post $2.62 EPS for the current fiscal year.
CommScope Holding declared that its Board of Directors has initiated a stock buyback program on Thursday, August 3rd that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the communications equipment provider to repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
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In other CommScope Holding news, Director Timothy T. Yates purchased 3,000 shares of the firm’s stock in a transaction on Monday, May 8th. The stock was purchased at an average cost of $35.34 per share, for a total transaction of $106,020.00. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Peter U. Karlsson sold 7,370 shares of the stock in a transaction dated Thursday, May 11th. The stock was sold at an average price of $36.72, for a total value of $270,626.40. The disclosure for this sale can be found here. 3.33% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of the company. Highbridge Capital Management LLC increased its stake in shares of CommScope Holding by 193.8% in the fourth quarter. Highbridge Capital Management LLC now owns 26,634 shares of the communications equipment provider’s stock worth $991,000 after buying an additional 17,570 shares during the last quarter. Bank of Montreal Can increased its stake in shares of CommScope Holding by 9,357.0% in the first quarter. Bank of Montreal Can now owns 43,313 shares of the communications equipment provider’s stock worth $1,806,000 after buying an additional 42,855 shares during the last quarter. Parametrica Management Ltd acquired a new stake in shares of CommScope Holding during the first quarter worth $435,000. Telemus Capital LLC increased its stake in shares of CommScope Holding by 16.8% in the first quarter. Telemus Capital LLC now owns 11,930 shares of the communications equipment provider’s stock worth $498,000 after buying an additional 1,720 shares during the last quarter. Finally, Columbus Circle Investors increased its stake in shares of CommScope Holding by 17.4% in the first quarter. Columbus Circle Investors now owns 1,830,656 shares of the communications equipment provider’s stock worth $76,357,000 after buying an additional 271,509 shares during the last quarter. Hedge funds and other institutional investors own 98.71% of the company’s stock.
About CommScope Holding
CommScope Holding Company, Inc (CommScope) is a provider of infrastructure solutions for the core, access and edge layers of communications networks. The Company operates through two segments: CommScope Connectivity Solutions (CCS) and CommScope Mobility Solutions (CMS). Its portfolio includes wireless and fiber optic solutions.
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