CommScope Holding Co. (COMM) Sets New 52-Week High Following Insider Buying Activity
Shares of CommScope Holding Co. (NASDAQ:COMM) reached a new 52-week high during trading on Wednesday after an insider bought additional shares in the company. The stock traded as high as $35.35 and last traded at $35.33, with a volume of 3,365,761 shares traded. The stock had previously closed at $34.97.
Specifically, SVP Frank B. Wyatt II sold 18,900 shares of the firm’s stock in a transaction that occurred on Tuesday, November 15th. The stock was sold at an average price of $34.72, for a total value of $656,208.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Timothy T. Yates acquired 5,000 shares of CommScope Holding stock in a transaction on Monday, November 14th. The stock was purchased at an average cost of $34.87 per share, with a total value of $174,350.00. The disclosure for this purchase can be found here. 4.09% of the stock is owned by company insiders.
Several brokerages recently issued reports on COMM. Deutsche Bank AG cut their target price on CommScope Holding from $36.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, July 29th. TheStreet raised CommScope Holding from a “hold” rating to a “buy” rating in a research report on Friday, July 29th. Credit Suisse Group AG reaffirmed a “buy” rating and set a $36.00 target price on shares of CommScope Holding in a research report on Friday, November 4th. Morgan Stanley began coverage on CommScope Holding in a research report on Tuesday, September 20th. They set an “equal weight” rating and a $35.00 target price on the stock. Finally, Zacks Investment Research raised CommScope Holding from a “hold” rating to a “buy” rating and set a $38.00 target price on the stock in a research report on Tuesday, November 8th. Two analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $36.25.
The stock has a market cap of $6.75 billion, a PE ratio of 72.02 and a beta of 1.20. The stock’s 50 day moving average is $31.65 and its 200 day moving average is $30.73.
CommScope Holding (NASDAQ:COMM) last issued its earnings results on Thursday, November 3rd. The company reported $0.81 EPS for the quarter, beating the consensus estimate of $0.71 by $0.10. CommScope Holding had a return on equity of 35.24% and a net margin of 1.91%. The business had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same period last year, the business posted $0.53 EPS. The company’s revenue was up 33.0% compared to the same quarter last year. Equities research analysts predict that CommScope Holding Co. will post $2.60 EPS for the current year.
A number of hedge funds have recently modified their holdings of COMM. BlackRock Advisors LLC increased its stake in shares of CommScope Holding by 4,525.7% in the third quarter. BlackRock Advisors LLC now owns 4,567,806 shares of the company’s stock valued at $137,537,000 after buying an additional 4,469,058 shares in the last quarter. Harris Associates L P acquired a new stake in shares of CommScope Holding during the third quarter valued at approximately $103,092,000. Lone Pine Capital LLC increased its stake in shares of CommScope Holding by 309.5% in the second quarter. Lone Pine Capital LLC now owns 3,492,871 shares of the company’s stock valued at $108,384,000 after buying an additional 2,639,885 shares in the last quarter. BlackRock Group LTD increased its stake in shares of CommScope Holding by 1,226.6% in the third quarter. BlackRock Group LTD now owns 2,236,774 shares of the company’s stock valued at $67,349,000 after buying an additional 2,068,170 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of CommScope Holding by 19.7% in the second quarter. Vanguard Group Inc. now owns 10,322,245 shares of the company’s stock valued at $320,299,000 after buying an additional 1,701,230 shares in the last quarter.
About CommScope Holding
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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