CommScope (NASDAQ:COMM) Sets New 52-Week High Following Analyst Upgrade

CommScope Holding Company, Inc. (NASDAQ:COMM) hit a new 52-week high on Wednesday after Bank of America raised their price target on the stock from $20.00 to $23.50. Bank of America currently has a buy rating on the stock. CommScope traded as high as $17.98 and last traded at $17.60, with a volume of 1065490 shares changing hands. The stock had previously closed at $17.50.

Other equities research analysts also recently issued reports about the stock. Zacks Research upgraded shares of CommScope from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Raymond James Financial upgraded shares of CommScope from an “underperform” rating to an “outperform” rating and set a $19.00 price target on the stock in a research report on Tuesday, August 5th. Wall Street Zen upgraded shares of CommScope from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 11th. Northland Capmk upgraded CommScope from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 4th. Finally, Northland Securities set a $25.00 target price on CommScope in a report on Friday, October 31st. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, CommScope presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.17.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Deutsche Bank AG boosted its position in CommScope by 8.2% during the 1st quarter. Deutsche Bank AG now owns 10,050,618 shares of the communications equipment provider’s stock worth $53,369,000 after buying an additional 761,605 shares during the period. Goldman Sachs Group Inc. raised its position in CommScope by 244.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 9,498,510 shares of the communications equipment provider’s stock worth $50,437,000 after purchasing an additional 6,743,929 shares during the last quarter. Apollo Management Holdings L.P. acquired a new position in shares of CommScope in the first quarter worth approximately $32,806,000. Assenagon Asset Management S.A. boosted its stake in shares of CommScope by 187.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 4,536,131 shares of the communications equipment provider’s stock valued at $70,219,000 after purchasing an additional 2,957,053 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in CommScope by 35.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,948,746 shares of the communications equipment provider’s stock worth $45,644,000 after acquiring an additional 775,891 shares during the period. Institutional investors and hedge funds own 88.04% of the company’s stock.

CommScope Trading Up 1.4%

The stock has a market capitalization of $3.93 billion, a P/E ratio of 5.41, a price-to-earnings-growth ratio of 0.47 and a beta of 2.43. The company has a 50-day moving average price of $16.02 and a two-hundred day moving average price of $11.31.

CommScope (NASDAQ:COMM) last issued its earnings results on Thursday, October 30th. The communications equipment provider reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.25. The business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.37 billion. CommScope had a negative return on equity of 13.70% and a net margin of 17.57%.The firm’s revenue for the quarter was up 50.6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.05) earnings per share. Research analysts forecast that CommScope Holding Company, Inc. will post -0.24 earnings per share for the current year.

CommScope Company Profile

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.