CommScope Holding Company, Inc. (NASDAQ:COMM) Downgraded by Barclays PLC
CommScope Holding Company, Inc. (NASDAQ:COMM) was downgraded by analysts at Barclays PLC from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Friday.
A number of other equities research analysts have also recently issued reports on COMM. Deutsche Bank AG upped their price objective on shares of CommScope Holding from $42.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, April 19th. Zacks Investment Research cut shares of CommScope Holding from a “hold” rating to a “sell” rating in a report on Wednesday, April 26th. Instinet began coverage on shares of CommScope Holding in a report on Thursday, May 25th. They set a “buy” rating and a $45.00 price target for the company. Nomura began coverage on shares of CommScope Holding in a report on Thursday, May 25th. They set a “buy” rating and a $45.00 price target for the company. Finally, TheStreet cut shares of CommScope Holding from a “b” rating to a “c+” rating in a report on Monday, May 22nd. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the stock. CommScope Holding currently has a consensus rating of “Hold” and a consensus price target of $42.91.
Shares of CommScope Holding (NASDAQ COMM) traded down 2.79% on Friday, hitting $32.61. The company’s stock had a trading volume of 4,742,316 shares. The stock has a market capitalization of $6.29 billion, a P/E ratio of 26.36 and a beta of 1.17. CommScope Holding has a 52 week low of $28.28 and a 52 week high of $42.75. The stock’s 50 day moving average price is $36.97 and its 200 day moving average price is $38.33.
CommScope Holding (NASDAQ:COMM) last issued its quarterly earnings data on Thursday, August 3rd. The communications equipment provider reported $0.60 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.65 by $0.05. The business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.23 billion. CommScope Holding had a return on equity of 34.02% and a net margin of 4.96%. The company’s revenue for the quarter was down 10.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.74 earnings per share. On average, analysts forecast that CommScope Holding will post $2.62 earnings per share for the current fiscal year.
CommScope Holding announced that its board has authorized a stock buyback plan on Thursday, August 3rd that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the communications equipment provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
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In related news, Director Timothy T. Yates bought 3,000 shares of CommScope Holding stock in a transaction that occurred on Monday, May 8th. The stock was acquired at an average price of $35.34 per share, for a total transaction of $106,020.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank M. Drendel sold 15,000 shares of the stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $38.94, for a total transaction of $584,100.00. The disclosure for this sale can be found here. 3.33% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. Bronfman E.L. Rothschild L.P. boosted its stake in CommScope Holding by 19.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,706 shares of the communications equipment provider’s stock valued at $113,000 after buying an additional 439 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in CommScope Holding by 6.3% in the first quarter. Nomura Asset Management Co. Ltd. now owns 2,690 shares of the communications equipment provider’s stock valued at $113,000 after buying an additional 160 shares during the last quarter. LS Investment Advisors LLC bought a new stake in CommScope Holding during the second quarter valued at $114,000. Financial Architects Inc boosted its stake in CommScope Holding by 61.1% in the first quarter. Financial Architects Inc now owns 3,281 shares of the communications equipment provider’s stock valued at $137,000 after buying an additional 1,244 shares during the last quarter. Finally, Poplar Forest Capital LLC bought a new stake in CommScope Holding during the first quarter valued at $200,000. Institutional investors and hedge funds own 98.71% of the company’s stock.
CommScope Holding Company Profile
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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