CommScope Holding Co. (COMM) Sees Large Volume Increase
CommScope Holding Co. (NASDAQ:COMM) saw unusually-high trading volume on Wednesday . Approximately 4,039,730 shares traded hands during mid-day trading, an increase of 148% from the previous session’s volume of 1,627,217 shares.The stock last traded at $30.16 and had previously closed at $30.83.
COMM has been the subject of several research reports. Deutsche Bank AG reduced their target price on CommScope Holding from $36.00 to $35.00 and set a “buy” rating for the company in a report on Friday, July 29th. BTIG Research started coverage on CommScope Holding in a research note on Friday, June 17th. They set a “buy” rating and a $41.00 price objective for the company. Credit Suisse Group AG reaffirmed a “buy” rating on shares of CommScope Holding in a research note on Friday, July 29th. TheStreet raised CommScope Holding from a “hold” rating to a “buy” rating in a research note on Friday, July 29th. Finally, Zacks Investment Research raised CommScope Holding from a “hold” rating to a “buy” rating and set a $32.00 price objective for the company in a research note on Tuesday, August 2nd. Three equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $33.93.
The firm has a 50 day moving average price of $29.46 and a 200-day moving average price of $29.50. The stock’s market cap is $5.90 billion.
CommScope Holding (NASDAQ:COMM) last issued its earnings results on Thursday, July 28th. The company reported $0.74 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.05. CommScope Holding had a negative net margin of 1.78% and a positive return on equity of 31.76%. The firm had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter last year, the company posted $0.49 earnings per share. CommScope Holding’s revenue was up 50.7% on a year-over-year basis. On average, equities analysts expect that CommScope Holding Co. will post $2.50 earnings per share for the current year.
In other CommScope Holding news, SVP Peter U. Karlsson sold 7,796 shares of the firm’s stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $29.73, for a total value of $231,775.08. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Group L.P. Carlyle sold 11,500,000 shares of the firm’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $29.04, for a total transaction of $333,960,000.00. The disclosure for this sale can be found here. 4.09% of the stock is currently owned by company insiders.
Institutional investors have recently modified their holdings of the company. Societe Generale acquired a new stake in CommScope Holding during the second quarter worth $100,000. Acrospire Investment Management LLC boosted its stake in CommScope Holding by 153.8% in the second quarter. Acrospire Investment Management LLC now owns 3,300 shares of the company’s stock worth $102,000 after buying an additional 2,000 shares during the period. Panagora Asset Management Inc. acquired a new stake in CommScope Holding during the second quarter worth $126,000. US Bancorp DE boosted its stake in CommScope Holding by 90.1% in the second quarter. US Bancorp DE now owns 4,558 shares of the company’s stock worth $141,000 after buying an additional 2,160 shares during the period. Finally, Quantitative Systematic Strategies LLC acquired a new stake in CommScope Holding during the second quarter worth $208,000.
CommScope Holding Company Profile
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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