CommScope Holding Company, Inc. (NASDAQ:COMM) has been assigned a $28.00 price objective by investment analysts at Northland Securities in a note issued to investors on Tuesday, October 17th. The brokerage presently has a “hold” rating on the communications equipment provider’s stock. Northland Securities’ price objective points to a potential downside of 11.70% from the company’s previous close.
COMM has been the topic of several other reports. Jefferies Group LLC reiterated a “buy” rating and set a $43.00 target price on shares of CommScope Holding in a research report on Friday, July 14th. Barclays PLC downgraded CommScope Holding from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $41.00 to $36.00 in a report on Friday, August 4th. Zacks Investment Research downgraded CommScope Holding from a “hold” rating to a “sell” rating in a report on Thursday, August 3rd. Longbow Research downgraded CommScope Holding from a “buy” rating to a “neutral” rating in a report on Friday, August 4th. Finally, TheStreet upgraded CommScope Holding from a “c+” rating to a “b” rating in a report on Tuesday, August 8th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $40.73.
CommScope Holding (NASDAQ COMM) opened at 31.71 on Tuesday. CommScope Holding has a 12-month low of $29.91 and a 12-month high of $42.75. The company has a market capitalization of $6.12 billion, a PE ratio of 26.47 and a beta of 1.18. The stock has a 50 day moving average of $32.90 and a 200-day moving average of $35.73.
CommScope Holding (NASDAQ:COMM) last released its 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 for the quarter, compared to analysts’ expectations of $1.23 billion. During the same quarter last year, the company posted $0.74 earnings per share. The business’s quarterly revenue was down 10.2% compared to the same quarter last year. Equities analysts expect that CommScope Holding will post $2.21 earnings per share for the current year.
CommScope Holding announced that its Board of Directors has authorized a share repurchase plan on Thursday, August 3rd that allows the company to buyback $100.00 million in shares. This buyback authorization allows the communications equipment provider to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
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In other news, Director Timothy T. Yates bought 5,000 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The stock was bought 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 SEC, which is available at this link. Also, Director Claudius E. Iv Watts bought 15,000 shares of the firm’s stock in a transaction dated Monday, August 7th. The stock was purchased at an average price of $32.87 per share, with a total value of $493,050.00. The disclosure for this purchase can be found here. 3.33% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of CommScope Holding by 1.2% in the 2nd quarter. Vanguard Group Inc. now owns 15,843,334 shares of the communications equipment provider’s stock worth $602,522,000 after acquiring an additional 183,790 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of CommScope Holding by 19.0% in the 2nd quarter. BlackRock Inc. now owns 15,275,547 shares of the communications equipment provider’s stock worth $580,929,000 after purchasing an additional 2,438,894 shares during the last quarter. Capital Research Global Investors lifted its holdings in shares of CommScope Holding by 478.2% in the 2nd quarter. Capital Research Global Investors now owns 14,502,567 shares of the communications equipment provider’s stock worth $551,533,000 after purchasing an additional 11,994,126 shares during the last quarter. FMR LLC lifted its holdings in shares of CommScope Holding by 6.6% in the 2nd quarter. FMR LLC now owns 11,279,906 shares of the communications equipment provider’s stock worth $428,975,000 after purchasing an additional 702,210 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of CommScope Holding by 54.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 8,307,534 shares of the communications equipment provider’s stock worth $315,936,000 after purchasing an additional 2,930,632 shares during the last quarter.
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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