CommScope Holding Company, Inc. (COMM) Receives Buy Rating from Jefferies Group LLC
Jefferies Group LLC reissued their buy rating on shares of CommScope Holding Company, Inc. (NASDAQ:COMM) in a research note released on Friday, July 14th. The brokerage currently has a $43.00 price objective on the communications equipment provider’s stock.
COMM has been the topic of several other reports. Zacks Investment Research upgraded CommScope Holding from a sell rating to a buy rating and set a $47.00 price target on the stock in a report on Tuesday, May 2nd. Deutsche Bank AG increased their price target on CommScope Holding from $42.00 to $50.00 and gave the company a buy rating in a report on Wednesday, April 19th. Nomura started coverage on CommScope Holding in a research note on Thursday, May 25th. They issued a buy rating and a $45.00 target price on the stock. Instinet started coverage on CommScope Holding in a research note on Thursday, May 25th. They issued a buy rating and a $45.00 target price on the stock. Finally, TheStreet lowered CommScope Holding from a b rating to a c+ rating in a research note on Monday, May 22nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $42.91.
Shares of CommScope Holding (NASDAQ COMM) opened at 32.16 on Friday. The company’s 50 day moving average is $36.71 and its 200-day moving average is $38.25. CommScope Holding has a one year low of $28.28 and a one year high of $42.75. The firm has a market capitalization of $6.20 billion, a price-to-earnings ratio of 26.00 and a beta of 1.17.
CommScope Holding (NASDAQ:COMM) last posted its quarterly earnings results on Thursday, August 3rd. The communications equipment provider reported $0.60 earnings per share for the quarter, missing the Thomson Reuters’ 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 business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter in the previous year, the company earned $0.74 earnings per share. The company’s revenue for the quarter was down 10.2% compared to the same quarter last year. Equities analysts expect that CommScope Holding will post $2.30 EPS for the current year.
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CommScope Holding declared that its Board of Directors has initiated a stock repurchase program on Thursday, August 3rd that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the communications equipment provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
In other CommScope Holding news, Director Frank M. Drendel sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $38.94, for a total value of $584,100.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Peter U. Karlsson sold 7,370 shares of the firm’s stock in a transaction that occurred 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 currently owned by company insiders.
Several hedge funds have recently modified their holdings of COMM. Teachers Retirement System of The State of Kentucky purchased a new stake in shares of CommScope Holding during the fourth quarter worth about $803,000. Norges Bank purchased a new stake in shares of CommScope Holding during the fourth quarter worth about $62,592,000. Highbridge Capital Management LLC raised its stake in shares of CommScope Holding by 193.8% in the fourth quarter. Highbridge Capital Management LLC now owns 26,634 shares of the communications equipment provider’s stock worth $991,000 after buying an additional 17,570 shares in the last quarter. BHR Capital LLC purchased a new stake in shares of CommScope Holding during the fourth quarter worth about $1,302,000. Finally, Toth Financial Advisory Corp raised its stake in shares of CommScope Holding by 1.5% in the first quarter. Toth Financial Advisory Corp now owns 28,760 shares of the communications equipment provider’s stock worth $1,200,000 after buying an additional 425 shares in the last quarter. 99.02% of the stock is currently owned by hedge funds and other institutional investors.
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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