CommScope (NASDAQ:COMM) Stock Rating Upgraded by Morgan Stanley

CommScope (NASDAQ:COMM) was upgraded by equities researchers at Morgan Stanley from an “underweight” rating to an “equal weight” rating in a note issued to investors on Tuesday, MarketBeat Ratings reports. The brokerage currently has a $17.00 price target on the communications equipment provider’s stock, up from their prior price target of $4.00. Morgan Stanley’s price objective points to a potential upside of 17.73% from the stock’s current price.

Other research analysts have also issued research reports about the company. Northland Securities upgraded CommScope from a “market perform” rating to an “outperform” rating and set a $12.00 target price for the company in a research report on Monday. Wall Street Zen lowered CommScope from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, May 13th. Wolfe Research began coverage on CommScope in a research report on Monday, July 7th. They set a “peer perform” rating for the company. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on CommScope from $6.00 to $7.50 and gave the company a “hold” rating in a research report on Tuesday, June 24th. Four equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $13.70.

CommScope Trading Down 2.2%

COMM opened at $14.44 on Tuesday. The firm has a market cap of $3.13 billion, a P/E ratio of 5.43, a P/E/G ratio of 0.43 and a beta of 2.38. CommScope has a 12 month low of $2.09 and a 12 month high of $15.65. The stock has a 50-day moving average of $7.51 and a 200 day moving average of $5.83.

CommScope (NASDAQ:COMM) last announced its earnings results on Monday, August 4th. The communications equipment provider reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.20. CommScope had a negative return on equity of 6.29% and a net margin of 16.61%. The business had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same quarter in the previous year, the business earned $0.34 earnings per share. The company’s revenue for the quarter was up 31.7% compared to the same quarter last year. On average, research analysts forecast that CommScope will post -0.24 earnings per share for the current fiscal year.

Institutional Trading of CommScope

A number of large investors have recently modified their holdings of the company. Fox Run Management L.L.C. purchased a new stake in shares of CommScope in the second quarter valued at approximately $142,000. Penserra Capital Management LLC bought a new position in CommScope in the second quarter worth approximately $13,842,000. Wedbush Securities Inc. bought a new position in CommScope in the second quarter worth approximately $215,000. Bank of New York Mellon Corp raised its stake in CommScope by 9.2% in the second quarter. Bank of New York Mellon Corp now owns 792,197 shares of the communications equipment provider’s stock worth $6,559,000 after buying an additional 66,784 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its stake in CommScope by 116.3% in the second quarter. Teacher Retirement System of Texas now owns 105,271 shares of the communications equipment provider’s stock worth $872,000 after buying an additional 56,604 shares in the last quarter. Hedge funds and other institutional investors own 88.04% of the company’s stock.

About CommScope

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.