CommScope Holding Company, Inc. (COMM) Short Interest Update
CommScope Holding Company, Inc. (NASDAQ:COMM) was the target of a significant decline in short interest in July. As of July 31st, there was short interest totalling 5,107,403 shares, a decline of 25.2% from the July 14th total of 6,831,888 shares. Based on an average trading volume of 1,852,269 shares, the short-interest ratio is presently 2.8 days. Currently, 2.7% of the shares of the company are sold short.
CommScope Holding (NASDAQ:COMM) opened at 31.93 on Friday. The firm has a market cap of $6.16 billion, a PE ratio of 26.65 and a beta of 1.17. CommScope Holding has a 12 month low of $28.32 and a 12 month high of $42.75. The firm’s 50-day moving average is $35.90 and its 200-day moving average is $38.12.
CommScope Holding (NASDAQ:COMM) last posted its quarterly earnings data on Thursday, August 3rd. The communications equipment provider reported $0.60 EPS for the quarter, missing analysts’ consensus estimates of $0.65 by $0.05. CommScope Holding had a net margin of 4.96% and a return on equity of 33.38%. The firm had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.23 billion. During the same period in the prior year, the company posted $0.74 earnings per share. CommScope Holding’s quarterly revenue was down 10.2% compared to the same quarter last year. Equities analysts expect that CommScope Holding will post $2.22 earnings per share for the current year.
CommScope Holding announced that its board has approved a share repurchase plan on Thursday, August 3rd that permits the company to buyback $100.00 million in shares. This buyback authorization permits the communications equipment provider to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
Several brokerages recently commented on COMM. Zacks Investment Research upgraded shares of CommScope Holding from a “sell” rating to a “buy” rating and set a $47.00 price objective for the company in a research note on Tuesday, May 2nd. Deutsche Bank AG raised their price objective on shares of CommScope Holding from $42.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, April 19th. Jefferies Group LLC reiterated a “buy” rating and issued a $43.00 price objective on shares of CommScope Holding in a research note on Thursday, June 8th. Northland Securities reiterated a “hold” rating and issued a $30.00 price objective on shares of CommScope Holding in a research note on Thursday, August 3rd. Finally, Instinet began coverage on shares of CommScope Holding in a research note on Thursday, May 25th. They issued a “buy” rating and a $45.00 price objective for the company. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $41.45.
In related news, Director Timothy T. Yates acquired 5,000 shares of CommScope Holding stock in a transaction that occurred on Tuesday, August 8th. The stock was purchased at an average price of $32.62 per share, for a total transaction of $163,100.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Claudius E. Iv Watts acquired 15,000 shares of CommScope Holding stock in a transaction that occurred on Tuesday, May 16th. The stock was bought at an average price of $36.75 per share, with a total value of $551,250.00. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 35,000 shares of company stock worth $1,207,400. Insiders own 3.33% of the company’s stock.
A number of hedge funds have recently bought and sold shares of COMM. Vanguard Group Inc. raised its stake in CommScope Holding by 1.2% in the second quarter. Vanguard Group Inc. now owns 15,843,334 shares of the communications equipment provider’s stock worth $602,522,000 after buying an additional 183,790 shares in the last quarter. BlackRock Inc. raised its stake in CommScope Holding by 19.0% in the second quarter. BlackRock Inc. now owns 15,275,547 shares of the communications equipment provider’s stock worth $580,929,000 after buying an additional 2,438,894 shares in the last quarter. FMR LLC raised its stake in CommScope Holding by 6.6% in the second quarter. FMR LLC now owns 11,279,906 shares of the communications equipment provider’s stock worth $428,975,000 after buying an additional 702,210 shares in the last quarter. Wellington Management Group LLP raised its stake in CommScope Holding by 70.1% in the first quarter. Wellington Management Group LLP now owns 9,147,906 shares of the communications equipment provider’s stock worth $381,560,000 after buying an additional 3,770,507 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in CommScope Holding by 54.5% in the second quarter. JPMorgan Chase & Co. now owns 8,307,534 shares of the communications equipment provider’s stock worth $315,936,000 after buying an additional 2,930,632 shares in the last quarter. 99.02% of the stock is owned by institutional investors.
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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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