CommScope Holding’s (COMM) “Buy” Rating Reaffirmed at Jefferies Group LLC
CommScope Holding Company, Inc. (NASDAQ:COMM)‘s stock had its “buy” rating reissued by stock analysts at Jefferies Group LLC in a research report issued to clients and investors on Thursday. They currently have a $40.00 price objective on the communications equipment provider’s stock. Jefferies Group LLC’s target price would suggest a potential upside of 24.26% from the stock’s previous close.
COMM has been the subject of a number of other research reports. Morgan Stanley upgraded CommScope Holding from an “equal weight” rating to an “overweight” rating and set a $38.00 price objective for the company in a report on Thursday, August 17th. Zacks Investment Research upgraded CommScope Holding from a “sell” rating to a “hold” rating in a report on Monday, July 10th. Cross Research downgraded CommScope Holding from a “buy” rating to a “hold” rating in a report on Friday, August 4th. Northland Securities reiterated a “hold” rating and issued a $30.00 price objective on shares of CommScope Holding in a report on Thursday, August 3rd. Finally, BidaskClub downgraded CommScope Holding from a “buy” rating to a “hold” rating in a report on Wednesday, July 19th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $41.20.
Shares of CommScope Holding (NASDAQ COMM) remained flat at $32.19 during midday trading on Thursday. The company’s stock had a trading volume of 1,041,128 shares. The firm has a market capitalization of $6.21 billion, a P/E ratio of 26.87 and a beta of 1.18. CommScope Holding has a 1-year low of $29.91 and a 1-year high of $42.75. The firm has a 50-day moving average price of $33.08 and a 200 day moving average price of $36.26.
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 analysts’ consensus estimates of $0.65 by ($0.05). The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.23 billion. CommScope Holding had a return on equity of 33.38% and a net margin of 4.96%. The company’s revenue was down 10.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.74 EPS. On average, analysts expect that CommScope Holding will post $2.22 earnings per share for the current fiscal year.
CommScope Holding announced that its Board of Directors has initiated a stock repurchase program on Thursday, August 3rd that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the communications equipment provider to purchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
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In other CommScope Holding news, Director Timothy T. Yates purchased 5,000 shares of the stock in a transaction on Tuesday, August 8th. The stock was bought at an average cost of $32.62 per share, for a total transaction of $163,100.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Claudius E. Iv Watts purchased 15,000 shares of the stock in a transaction on Monday, August 7th. The stock was acquired at an average price of $32.87 per share, with a total value of $493,050.00. The disclosure for this purchase can be found here. 3.33% of the stock is owned by corporate insiders.
Institutional investors have recently made changes to their positions in the business. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in shares of CommScope Holding in the second quarter worth about $21,145,000. Swiss National Bank increased its holdings in shares of CommScope Holding by 122.7% in the second quarter. Swiss National Bank now owns 710,000 shares of the communications equipment provider’s stock worth $27,001,000 after acquiring an additional 391,157 shares in the last quarter. Utah Retirement Systems increased its holdings in shares of CommScope Holding by 49.8% in the second quarter. Utah Retirement Systems now owns 34,900 shares of the communications equipment provider’s stock worth $1,327,000 after acquiring an additional 11,600 shares in the last quarter. Franklin Resources Inc. bought a new stake in shares of CommScope Holding in the second quarter worth about $38,211,000. Finally, Karp Capital Management Corp bought a new stake in shares of CommScope Holding in the first quarter worth about $438,000.
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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