CommScope Holding Co. (COMM) Stock Price Down 2.6%
CommScope Holding Co. (NASDAQ:COMM)’s share price dropped 2.6% during mid-day trading on Monday . The stock traded as low as $28.43 and last traded at $28.45, with a volume of 1,238,047 shares changing hands. The stock had previously closed at $29.22.
A number of brokerages have issued reports on COMM. Deutsche Bank AG restated a “buy” rating and set a $33.00 target price on shares of CommScope Holding in a report on Thursday, April 14th. Zacks Investment Research cut CommScope Holding from a “hold” rating to a “sell” rating in a report on Friday, April 22nd. Drexel Hamilton reiterated a “buy” rating and set a $38.00 price objective on shares of CommScope Holding in a report on Friday, April 29th. Credit Suisse Group AG reissued a “buy” rating on shares of CommScope Holding in a research report on Saturday, April 30th. Finally, Goldman Sachs Group Inc. raised CommScope Holding from a “neutral” rating to a “buy” rating and lifted their target price for the company from $33.00 to $35.00 in a research report on Monday, May 9th. Two research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. CommScope Holding currently has a consensus rating of “Buy” and a consensus target price of $33.85.
The firm’s market cap is $5.48 billion. The firm has a 50-day moving average price of $30.96 and a 200-day moving average price of $27.97.
CommScope Holding (NASDAQ:COMM) last posted its earnings results on Thursday, July 28th. The company reported $0.74 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.05. During the same quarter in the prior year, the business earned $0.49 EPS. The company earned $1.31 billion during the quarter, compared to the consensus estimate of $1.30 billion. The firm’s revenue for the quarter was up 50.7% compared to the same quarter last year. On average, equities research analysts anticipate that CommScope Holding Co. will post $2.50 earnings per share for the current fiscal year.
In other news, CEO Marvin S. Edwards, Jr. sold 100,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 170,794 shares in the company, valued at $5,491,027.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark A. Olson sold 60,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 8th. The shares were sold at an average price of $32.14, for a total value of $1,928,400.00. Following the completion of the transaction, the chief financial officer now owns 64,189 shares in the company, valued at approximately $2,063,034.46. The disclosure for this sale can be found here.
Several hedge funds and institutional investors recently bought and sold shares of the stock. Diamond Hill Capital Management Inc. raised its position in 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 in the last quarter. Westfield Capital Management Co. LP increased 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. Jennison Associates LLC increased 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. Bank of Montreal Can increased its stake in shares of CommScope Holding by 3.7% in the fourth quarter. Bank of Montreal Can now owns 347,206 shares of the company’s stock worth $8,989,000 after buying an additional 12,270 shares during the last quarter. Finally, Wells Fargo & Company MN increased its stake in shares of CommScope Holding by 13.8% in the fourth quarter. Wells Fargo & Company MN now owns 281,351 shares of the company’s stock worth $7,283,000 after buying an additional 34,123 shares during the last quarter.
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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