CommScope Holding Company, Inc. (COMM) Downgraded by Cross Research
Cross Research cut shares of CommScope Holding Company, Inc. (NASDAQ:COMM) from a buy rating to a hold rating in a research report sent to investors on Friday morning, Marketbeat Ratings reports.
A number of other research firms also recently weighed in on COMM. Zacks Investment Research raised CommScope Holding from a sell rating to a buy rating and set a $47.00 target price for the company in a report on Tuesday, May 2nd. Deutsche Bank AG lifted their target price on CommScope Holding from $42.00 to $50.00 and gave the stock a buy rating in a report on Wednesday, April 19th. Barclays PLC boosted their price target on CommScope Holding from $42.00 to $47.00 and gave the company an overweight rating in a research note on Wednesday, April 12th. Jefferies Group LLC reaffirmed a buy rating and issued a $43.00 price target on shares of CommScope Holding in a research note on Thursday, June 8th. Finally, Northland Securities reaffirmed a hold rating and issued a $30.00 price target on shares of CommScope Holding in a research note on Thursday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company’s stock. CommScope Holding presently has an average rating of Hold and an average price target of $42.91.
Shares of CommScope Holding (NASDAQ:COMM) traded up 0.40% during trading on Friday, hitting $32.74. 2,351,729 shares of the stock were exchanged. The company has a market cap of $6.32 billion, a P/E ratio of 26.47 and a beta of 1.17. CommScope Holding has a 1-year low of $28.28 and a 1-year high of $42.75. The firm’s 50-day moving average is $36.97 and its 200 day moving average is $38.33.
CommScope Holding (NASDAQ:COMM) last posted its earnings results on Thursday, August 3rd. The communications equipment provider reported $0.60 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.65 by $0.05. CommScope Holding had a return on equity of 33.38% and a net margin of 4.96%. The firm had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same period in the prior year, the business posted $0.74 EPS. The firm’s quarterly revenue was down 10.2% compared to the same quarter last year. Equities analysts forecast that CommScope Holding will post $2.39 earnings per share for the current fiscal year.
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CommScope Holding declared that its Board of Directors has authorized a share repurchase program on Thursday, August 3rd that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the communications equipment provider to purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
In related news, Director Frank M. Drendel sold 15,000 shares of the stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $38.94, for a total value of $584,100.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Peter U. Karlsson sold 7,370 shares of the stock in a transaction on Thursday, May 11th. The shares were sold at an average price of $36.72, for a total value of $270,626.40. The disclosure for this sale can be found here. 3.33% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Nomura Asset Management Co. Ltd. increased its position in shares of CommScope Holding by 6.3% in the first quarter. Nomura Asset Management Co. Ltd. now owns 2,690 shares of the communications equipment provider’s stock worth $113,000 after buying an additional 160 shares during the period. Bronfman E.L. Rothschild L.P. increased its position in CommScope Holding by 19.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,706 shares of the communications equipment provider’s stock valued at $113,000 after buying an additional 439 shares during the last quarter. LS Investment Advisors LLC purchased a new position in CommScope Holding during the second quarter valued at $114,000. Financial Architects Inc increased its position in CommScope Holding by 61.1% in the first quarter. Financial Architects Inc now owns 3,281 shares of the communications equipment provider’s stock valued at $137,000 after buying an additional 1,244 shares during the last quarter. Finally, Poplar Forest Capital LLC purchased a new position in CommScope Holding during the first quarter valued at $200,000. Hedge funds and other institutional investors own 99.02% of the company’s stock.
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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