CommScope Holding Company, Inc. (COMM) Trading NaN Higher Following Earnings Beat
CommScope Holding Company, Inc. (NASDAQ:COMM)’s share price traded up NaN during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $35.36 and last traded at $0.00. 4,621,507 shares changed hands during mid-day trading, an increase of Infinity from the average session volume of 0 shares. The communications equipment provider reported $0.55 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.01. The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.13 billion. CommScope Holding had a return on equity of 33.38% and a net margin of 4.96%. The firm’s revenue was down 12.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.81 EPS.
CommScope Holding announced that its board has approved a stock buyback plan on Thursday, August 3rd that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the communications equipment provider to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
Several analysts have commented on the company. Barclays PLC downgraded CommScope Holding from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $41.00 to $36.00 in a research note on Friday, August 4th. TheStreet raised CommScope Holding from a “c+” rating to a “b” rating in a research note on Tuesday, August 8th. Morgan Stanley raised CommScope Holding from an “equal weight” rating to an “overweight” rating and set a $38.00 price objective for the company in a research note on Thursday, August 17th. Northland Securities reaffirmed a “hold” rating and set a $28.00 price objective on shares of CommScope Holding in a research note on Thursday, August 10th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $40.00 price objective on shares of CommScope Holding in a research note on Wednesday, September 20th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $40.73.
In other CommScope Holding news, Director Timothy T. Yates bought 5,000 shares of the business’s stock in a transaction dated Tuesday, August 8th. The stock was acquired at an average cost of $32.62 per share, with a total value of $163,100.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Claudius E. Iv Watts bought 15,000 shares of the business’s stock in a transaction dated Monday, August 7th. The shares were acquired at an average cost of $32.87 per share, with a total value of $493,050.00. The disclosure for this purchase can be found here. Corporate insiders own 3.33% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Nomura Asset Management Co. Ltd. raised its stake in shares of CommScope Holding by 6.3% during the 1st quarter. Nomura Asset Management Co. Ltd. now owns 2,690 shares of the communications equipment provider’s stock worth $113,000 after buying an additional 160 shares in the last quarter. LS Investment Advisors LLC purchased a new position in shares of CommScope Holding during the 2nd quarter worth approximately $114,000. Krilogy Financial LLC raised its stake in shares of CommScope Holding by 5.7% during the 2nd quarter. Krilogy Financial LLC now owns 3,170 shares of the communications equipment provider’s stock worth $121,000 after buying an additional 170 shares in the last quarter. Financial Architects Inc raised its stake in shares of CommScope Holding by 9.8% during the 2nd quarter. Financial Architects Inc now owns 3,603 shares of the communications equipment provider’s stock worth $137,000 after buying an additional 322 shares in the last quarter. Finally, Bronfman E.L. Rothschild L.P. raised its stake in shares of CommScope Holding by 76.3% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 4,770 shares of the communications equipment provider’s stock worth $181,000 after buying an additional 2,064 shares in the last quarter.
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CommScope Holding Company Profile
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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