CommScope Holding Co. (COMM) Shares Down 6.6%
CommScope Holding Co. (NASDAQ:COMM) shares were down 6.6% during mid-day trading on Thursday . The company traded as low as $28.84 and last traded at $29.72, with a volume of 3,711,638 shares trading hands. The stock had previously closed at $31.82.
A number of research analysts recently issued reports on COMM shares. Drexel Hamilton reiterated a “buy” rating and set a $38.00 target price on shares of CommScope Holding in a research report on Friday, April 29th. Jefferies Group reiterated a “buy” rating and set a $38.00 target price on shares of CommScope Holding in a research report on Tuesday, May 17th. Credit Suisse Group AG reiterated a “buy” rating on shares of CommScope Holding in a research report on Friday. Zacks Investment Research downgraded shares of CommScope Holding from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 28th. Finally, BTIG Research began coverage on shares of CommScope Holding in a research note on Friday, June 17th. They set a “buy” rating and a $41.00 price target for the company. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $34.08.
The stock has a 50 day moving average of $31.35 and a 200-day moving average of $27.79. The stock’s market capitalization is $5.77 billion.
CommScope Holding (NASDAQ:COMM) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.05. The business earned $1.31 billion during the quarter, compared to analysts’ expectations of $1.30 billion. The business’s revenue was up 50.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.49 EPS. Equities research analysts expect that CommScope Holding Co. will post $2.49 earnings per share for the current year.
In related news, SVP Frank B. Wyatt II sold 30,000 shares of the firm’s stock in a transaction on Monday, June 6th. The stock was sold at an average price of $31.96, for a total value of $958,800.00. Following the completion of the sale, the senior vice president now owns 51,520 shares of the company’s stock, valued at $1,646,579.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Marvin S. Edwards, Jr. sold 100,000 shares of the firm’s stock in a transaction on Wednesday, June 8th. The stock was sold at an average price of $32.15, for a total value of $3,215,000.00. Following the completion of the sale, the chief executive officer now directly owns 170,794 shares of the company’s stock, valued at approximately $5,491,027.10. The disclosure for this sale can be found here.
A number of hedge funds have made changes to their positions in COMM. Diamond Hill Capital Management Inc. raised its stake in shares of CommScope Holding by 28.5% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 1,802,347 shares of the company’s stock worth $46,663,000 after buying an additional 400,016 shares during the last quarter. Westfield Capital Management Co. LP raised its stake in shares of CommScope Holding by 31.2% in the fourth quarter. Westfield Capital Management Co. LP now owns 1,147,302 shares of the company’s stock worth $29,704,000 after buying an additional 272,532 shares during the last quarter. Eagle Asset Management raised its stake in shares of CommScope Holding by 99.0% in the third quarter. Eagle Asset Management now owns 953,940 shares of the company’s stock worth $28,646,000 after buying an additional 474,523 shares during the last quarter. Jennison Associates LLC raised its stake in shares of CommScope Holding by 17.4% in the fourth quarter. Jennison Associates LLC now owns 681,481 shares of the company’s stock worth $17,644,000 after buying an additional 101,215 shares during the last quarter. Finally, Jennison Associates acquired a new stake in shares of CommScope Holding during the third quarter worth approximately $17,425,000.
CommScope Holding Company, Inc is provider of infrastructure solutions for wireless, business enterprise and residential broadband networks. The Company operates through four segments: Wireless, Enterprise, Broadband and Broadband Network Solutions (BNS). Its Wireless segment provides merchant RF wireless network connectivity solutions and cell distributed antenna systems (DAS) solutions to enable carriers’ second generation (2G), third generation (3G) and fourth generation (4G) networks.
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