CommScope Holding Co. (NASDAQ:COMM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm currently has a $34.00 target price on the stock. Zacks Investment Research’s target price would indicate a potential upside of 11.44% from the stock’s previous close.
According to Zacks, “CommScope Holding Inc. is a premier network infrastructure provider. The Company, through its subsidiaries, provides end-to-end solutions connecting technology and wireless and wired networks. It operates in three segments: Wireless, Enterprise, and Broadband. CommScope Holding Company, Inc. is headquartered in Hickory, North Carolina. “
A number of other analysts have also recently issued reports on the company. Morgan Stanley assumed coverage on CommScope Holding in a research report on Tuesday, September 20th. They set an “equal weight” rating and a $35.00 price objective on the stock. Deutsche Bank AG restated a “buy” rating and set a $35.00 price objective on shares of CommScope Holding in a research report on Monday, September 19th. Jefferies Group reiterated a “buy” rating and issued a $38.00 price target on shares of CommScope Holding in a research report on Thursday, September 15th. TheStreet upgraded CommScope Holding from a “hold” rating to a “buy” rating in a research report on Friday, July 29th. Finally, Credit Suisse Group AG reiterated a “buy” rating on shares of CommScope Holding in a research report on Friday, July 29th. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $34.07.
Shares of CommScope Holding (NASDAQ:COMM) traded up 0.86% during midday trading on Tuesday, reaching $30.51. 1,227,574 shares of the company were exchanged. The firm’s 50 day moving average is $29.65 and its 200-day moving average is $29.64. The company’s market capitalization is $5.88 billion. CommScope Holding has a 52-week low of $19.37 and a 52-week high of $33.54.
CommScope Holding (NASDAQ:COMM) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.05. The business had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.30 billion. CommScope Holding had a positive return on equity of 31.76% and a negative net margin of 1.78%. CommScope Holding’s quarterly revenue was up 50.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.49 earnings per share. On average, equities analysts forecast that CommScope Holding will post $2.50 earnings per share for the current fiscal year.
In other news, major shareholder Group L.P. Carlyle sold 11,500,000 shares of the company’s stock in a transaction on Monday, August 29th. The stock was sold at an average price of $29.04, for a total transaction of $333,960,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Frank M. Drendel sold 7,664 shares of the company’s stock in a transaction on Friday, July 1st. The shares were sold at an average price of $31.08, for a total value of $238,197.12. The disclosure for this sale can be found here. Insiders own 4.09% of the company’s stock.
Several institutional investors have recently modified their holdings of COMM. Macquarie Group Ltd. raised its position in CommScope Holding by 14.1% in the second quarter. Macquarie Group Ltd. now owns 2,199,175 shares of the company’s stock valued at $68,240,000 after buying an additional 272,126 shares during the last quarter. Williams Jones & Associates LLC bought a new position in CommScope Holding during the second quarter valued at $2,747,000. Public Employees Retirement System of Ohio raised its position in CommScope Holding by 55.8% in the second quarter. Public Employees Retirement System of Ohio now owns 41,858 shares of the company’s stock valued at $1,299,000 after buying an additional 14,989 shares during the last quarter. Calvert Investment Management Inc. bought a new position in CommScope Holding during the second quarter valued at $217,000. Finally, Schwab Charles Investment Management Inc. raised its position in CommScope Holding by 25.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 476,223 shares of the company’s stock valued at $14,778,000 after buying an additional 97,934 shares during 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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