CommScope Holding Company, Inc. (NASDAQ:COMM) Lowered to “Hold” at Cross Research
CommScope Holding Company, Inc. (NASDAQ:COMM) was downgraded by Cross Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday, Marketbeat Ratings reports.
A number of other research analysts have also recently issued reports on COMM. Barclays PLC cut shares of CommScope Holding from an “overweight” rating to an “equal weight” rating in a research note on Friday. Longbow Research cut shares of CommScope Holding from a “buy” rating to a “neutral” rating in a research note on Friday. BidaskClub raised shares of CommScope Holding from a “hold” rating to a “buy” rating in a research note on Monday, July 31st. Northland Securities reissued a “hold” rating and issued a $30.00 price objective on shares of CommScope Holding in a research note on Thursday. Finally, Zacks Investment Research cut shares of CommScope Holding from a “hold” rating to a “sell” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $42.91.
CommScope Holding (COMM) traded down 2.79% during midday trading on Friday, reaching $32.61. The company had a trading volume of 4,742,316 shares. The company has a market capitalization of $6.29 billion, a PE ratio of 26.36 and a beta of 1.17. The stock’s 50 day moving average is $36.97 and its 200 day moving average is $38.33. CommScope Holding has a one year low of $28.28 and a one year high of $42.75.
CommScope Holding (NASDAQ:COMM) last announced its quarterly earnings data on Thursday, August 3rd. The communications equipment provider reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by $0.05. The firm had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.23 billion. CommScope Holding had a net margin of 4.96% and a return on equity of 34.02%. The business’s revenue was down 10.2% compared to the same quarter last year. During the same period last year, the business earned $0.74 earnings per share. Equities research 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 share repurchase program on Thursday, August 3rd that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the communications equipment provider to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
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In other CommScope Holding news, SVP Peter U. Karlsson sold 7,370 shares of the business’s stock in a transaction on Thursday, May 11th. The shares were sold at an average price of $36.72, for a total transaction of $270,626.40. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Frank M. Drendel sold 15,000 shares of the business’s stock in a transaction on Thursday, June 8th. The stock was 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. Insiders own 3.33% of the company’s stock.
Several hedge funds have recently modified their holdings of COMM. Columbus Circle Investors boosted 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 valued at $76,357,000 after buying an additional 271,509 shares in the last quarter. Shell Asset Management Co. acquired a new stake in shares of CommScope Holding during the first quarter valued at $1,963,000. Navellier & Associates Inc acquired a new stake in shares of CommScope Holding during the first quarter valued at $493,000. Karp Capital Management Corp acquired a new stake in shares of CommScope Holding during the first quarter valued at $438,000. Finally, Globeflex Capital L P acquired a new stake in shares of CommScope Holding during the first quarter valued at $790,000. 98.71% of the stock is currently owned by institutional investors.
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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