CommScope (NASDAQ:COMM) Hits New 1-Year High After Strong Earnings

CommScope (NASDAQ:COMM) shares hit a new 52-week high of $17.93 after reporting strong quarterly earnings of $0.62 EPS, surpassing estimates of $0.37. Revenue reached $1.63 billion, up 50.6% year-over-year. Analysts have mixed ratings, with one strong buy, four buys, and six holds. Institutional investors own 88.04% of the stock, which has a market cap of $3.76 billion and a P/E ratio of 6.38. The stock is currently trading at $16.9640, reflecting a 0.8% increase.

Shares of CommScope Holding Company, Inc. (NASDAQ:COMM - Get Free Report) reached a new 52-week high during mid-day trading on Friday after the company announced better than expected quarterly earnings. The company traded as high as $17.93 and last traded at $16.9640, with a volume of 1349904 shares changing hands. The stock had previously closed at $16.84.

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The communications equipment provider reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.25. CommScope had a net margin of 16.61% and a negative return on equity of 6.29%. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter last year, the business posted ($0.05) EPS. The firm's revenue for the quarter was up 50.6% on a year-over-year basis.

Wall Street Analysts Forecast Growth

COMM has been the topic of a number of recent analyst reports. Zacks Research cut shares of CommScope from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 6th. Bank of America upgraded CommScope from an "underperform" rating to a "buy" rating and raised their price objective for the company from $4.00 to $20.00 in a report on Thursday, August 7th. Wolfe Research began coverage on shares of CommScope in a research note on Monday, July 7th. They set a "peer perform" rating on the stock. Northland Capmk raised CommScope from a "hold" rating to a "strong-buy" rating in a report on Monday, August 4th. Finally, Raymond James Financial raised shares of CommScope from an "underperform" rating to an "outperform" rating and set a $19.00 target price for the company in a research note on Tuesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $14.75.

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Read Our Latest Analysis on COMM

Institutional Investors Weigh In On CommScope

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. grew its position in shares of CommScope by 244.8% during the first quarter. Goldman Sachs Group Inc. now owns 9,498,510 shares of the communications equipment provider's stock worth $50,437,000 after buying an additional 6,743,929 shares in the last quarter. Apollo Management Holdings L.P. bought a new stake in shares of CommScope in the first quarter worth $32,806,000. Assenagon Asset Management S.A. increased its holdings in CommScope by 187.3% during 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 in the last quarter. Hennessy Advisors Inc. bought a new stake in CommScope in the third quarter valued at approximately $40,417,000. Finally, Nuveen LLC acquired a new stake in shares of CommScope during the 1st quarter valued at $13,507,000. Institutional investors and hedge funds own 88.04% of the company's stock.

CommScope Trading Up 0.8%

The company has a 50-day moving average of $15.88 and a 200-day moving average of $10.43. The firm has a market capitalization of $3.76 billion, a P/E ratio of 6.38, a price-to-earnings-growth ratio of 0.54 and a beta of 2.42.

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.

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