CommScope (NASDAQ:COMM) Shares Down 6% – Here’s Why

by · The Markets Daily

CommScope Holding Company, Inc. (NASDAQ:COMM – Get Free Report)’s share price fell 6% during mid-day trading on Monday . The company traded as low as $6.34 and last traded at $6.38. 3,020,542 shares were traded during mid-day trading, a decline of 26% from the average session volume of 4,060,989 shares. The stock had previously closed at $6.79.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on COMM. Morgan Stanley increased their target price on shares of CommScope from $2.70 to $5.00 and gave the stock an “equal weight” rating in a research report on Monday. Deutsche Bank Aktiengesellschaft raised their price objective on shares of CommScope from $1.25 to $2.00 and gave the stock a “hold” rating in a report on Tuesday, July 30th. StockNews.com raised shares of CommScope from a “sell” rating to a “hold” rating in a report on Thursday, August 15th. Finally, Northland Securities raised their price target on CommScope from $1.25 to $2.00 and gave the stock a “market perform” rating in a report on Monday, August 12th. Two investment analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $2.50.

View Our Latest Stock Analysis on CommScope

CommScope Stock Down 5.4 %

The firm has a market capitalization of $1.39 billion, a P/E ratio of -0.83, a price-to-earnings-growth ratio of 0.30 and a beta of 2.09. The firm’s 50-day simple moving average is $5.62 and its 200-day simple moving average is $3.06.

CommScope (NASDAQ:COMM – Get Free Report) last posted its quarterly earnings data on Thursday, August 8th. The communications equipment provider reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.01). CommScope had a negative return on equity of 3.08% and a negative net margin of 31.24%. The company had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same period in the prior year, the firm posted $0.14 earnings per share. The business’s revenue was down 12.7% on a year-over-year basis. As a group, analysts expect that CommScope Holding Company, Inc. will post 0.91 EPS for the current fiscal year.

Hedge Funds Weigh In On CommScope

A number of large investors have recently modified their holdings of COMM. Assenagon Asset Management S.A. bought a new position in CommScope during the third quarter valued at approximately $11,023,000. Acadian Asset Management LLC grew its holdings in shares of CommScope by 319.3% during the 2nd quarter. Acadian Asset Management LLC now owns 1,251,705 shares of the communications equipment provider’s stock valued at $1,537,000 after purchasing an additional 953,171 shares during the last quarter. Millennium Management LLC raised its position in CommScope by 19.9% in the 2nd quarter. Millennium Management LLC now owns 5,074,507 shares of the communications equipment provider’s stock worth $6,242,000 after purchasing an additional 840,742 shares during the period. Marathon Asset Management LP lifted its stake in CommScope by 75.0% in the second quarter. Marathon Asset Management LP now owns 1,750,000 shares of the communications equipment provider’s stock worth $2,152,000 after purchasing an additional 750,000 shares during the last quarter. Finally, P Schoenfeld Asset Management LP boosted its position in CommScope by 233.3% during the second quarter. P Schoenfeld Asset Management LP now owns 1,000,000 shares of the communications equipment provider’s stock valued at $1,230,000 after buying an additional 700,000 shares during the period. 88.04% of the stock is owned by hedge funds and other institutional investors.

About CommScope

(Get Free Report)

CommScope Holding Company, Inc provides infrastructure solutions for communications, data center, and entertainment networks worldwide. The company operates through Connectivity and Cable Solutions (CCS); Outdoor Wireless Networks (OWN); Networking, Intelligent Cellular and Security Solutions (NICS), and Access Network Solutions (ANS) segments.

Featured Articles