CommScope Holding Company, Inc. (COMM) Lowered to “Hold” at Zacks Investment Research
CommScope Holding Company, Inc. (NASDAQ:COMM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “CommScope Holding Inc. is a premier network infrastructure provider. The Company, through its subsidiaries, provides end-to-end solutions connecting technology and wireless and wired networks. It operates in three segments: Wireless, Enterprise, and Broadband. CommScope Holding Company, Inc. is headquartered in Hickory, North Carolina. “
A number of other research analysts also recently commented on COMM. TheStreet raised shares of CommScope Holding from a “c+” rating to a “b” rating in a report on Tuesday, August 8th. Citigroup Inc. increased their price target on shares of CommScope Holding from $39.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, November 2nd. ValuEngine downgraded shares of CommScope Holding from a “buy” rating to a “hold” rating in a report on Saturday. Jefferies Group LLC reaffirmed a “buy” rating and issued a $40.00 price target (down previously from $43.00) on shares of CommScope Holding in a report on Wednesday, August 9th. Finally, Northland Securities reissued a “hold” rating and issued a $28.00 price objective on shares of CommScope Holding in a research report on Thursday, August 10th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $40.30.
Shares of CommScope Holding (COMM) traded down $0.89 during trading hours on Tuesday, hitting $33.91. 1,861,230 shares of the company were exchanged, compared to its average volume of 1,430,000. The company has a current ratio of 2.78, a quick ratio of 2.10 and a debt-to-equity ratio of 2.93. CommScope Holding has a 1 year low of $30.95 and a 1 year high of $42.75. The company has a market cap of $6,520.00, a P/E ratio of 15.51, a price-to-earnings-growth ratio of 2.54 and a beta of 1.16.
CommScope Holding (NASDAQ:COMM) last announced its quarterly earnings results on Wednesday, November 1st. The communications equipment provider reported $0.55 EPS for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.01. CommScope Holding had a net margin of 4.21% and a return on equity of 29.11%. The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter last year, the firm earned $0.81 EPS. The firm’s revenue for the quarter was down 12.8% compared to the same quarter last year. equities research analysts predict that CommScope Holding will post 2.07 earnings per share for the current fiscal year.
CommScope Holding declared that its Board of Directors has approved a share buyback 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 repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.
Several large investors have recently modified their holdings of COMM. Capital Research Global Investors increased its position in shares of CommScope Holding by 478.2% during the second quarter. Capital Research Global Investors now owns 14,502,567 shares of the communications equipment provider’s stock worth $551,533,000 after acquiring an additional 11,994,126 shares during the period. Janus Henderson Group PLC purchased a new position in shares of CommScope Holding during the second quarter worth approximately $128,505,000. JPMorgan Chase & Co. increased its position in shares of CommScope Holding by 54.5% during the second quarter. JPMorgan Chase & Co. now owns 8,307,534 shares of the communications equipment provider’s stock worth $315,936,000 after acquiring an additional 2,930,632 shares during the period. BlackRock Inc. increased its position in shares of CommScope Holding by 19.0% during the second quarter. BlackRock Inc. now owns 15,275,547 shares of the communications equipment provider’s stock worth $580,929,000 after acquiring an additional 2,438,894 shares during the period. Finally, Harris Associates L P increased its position in shares of CommScope Holding by 58.6% during the second quarter. Harris Associates L P now owns 6,390,730 shares of the communications equipment provider’s stock worth $243,039,000 after acquiring an additional 2,361,663 shares during the period.
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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