CommScope (NASDAQ:COMM) Sets New 1-Year High on Analyst Upgrade
CommScope (NASDAQ:COMM) reached a new 52-week high after Bank of America raised its price target from $20.00 to $23.50, maintaining a buy rating. Other analysts have also upgraded the stock, contributing to its rise. Institutional investors have modified their holdings, with 88.04% of the stock owned by them. CommScope reported strong quarterly earnings, beating estimates with $0.62 EPS and $1.63 billion revenue, up 50.6% year-over-year. Despite a Moderate Buy consensus, top analysts suggest better investment opportunities elsewhere.
Shares of CommScope Holding Company, Inc. (NASDAQ:COMM - Get Free Report) reached a new 52-week high during trading 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.
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Several other research analysts have also recently issued reports on the company. Wall Street Zen raised CommScope from a "buy" rating to a "strong-buy" rating in a research report on Saturday, October 11th. Weiss Ratings reiterated a "hold (c)" rating on shares of CommScope in a research report on Wednesday, October 8th. Northland Capmk raised shares of CommScope from a "hold" rating to a "strong-buy" rating in a report on Monday, August 4th. Morgan Stanley upgraded shares of CommScope from an "underweight" rating to an "equal weight" rating and lifted their target price for the company from $4.00 to $17.00 in a research report on Tuesday, August 5th. Finally, Citigroup raised shares of CommScope to an "outperform" rating in a report on Monday, August 4th. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $16.17.
Read Our Latest Stock Report on CommScope
Institutional Trading of CommScope
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Institutional investors have recently modified their holdings of the company. Banque Transatlantique SA acquired a new stake in CommScope during the 1st quarter worth $34,000. AlphaQuest LLC purchased a new stake in CommScope during the 3rd quarter worth approximately $36,000. Bayforest Capital Ltd acquired a new stake in shares of CommScope in the third quarter valued at $38,000. Harbor Capital Advisors Inc. purchased a new position in shares of CommScope in the 3rd quarter valued at about $43,000. Finally, Wolff Wiese Magana LLC purchased a new position in CommScope in the third quarter valued at $46,000. 88.04% of the stock is currently owned by institutional investors.
CommScope Price Performance
The company has a market capitalization of $3.90 billion, a PE ratio of 5.36, a price-to-earnings-growth ratio of 0.46 and a beta of 2.43. The company's 50 day simple moving average is $15.99 and its 200 day simple moving average is $11.27.
CommScope (NASDAQ:COMM - Get Free Report) last announced its quarterly earnings data on Thursday, October 30th. The communications equipment provider reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.25. The company had revenue of $1.63 billion for the quarter, compared to analysts' expectations of $1.37 billion. CommScope had a net margin of 17.57% and a negative return on equity of 13.70%. CommScope's revenue was up 50.6% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.05) EPS. On average, equities analysts forecast that CommScope Holding Company, Inc. will post -0.24 EPS for the current year.
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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