CommScope (NASDAQ:COMM) Sets New 52-Week High - Here's Why

Key Points

• CommScope's stock reached a new 52-week high of $15.78, reflecting a notable trading volume of 30,418 shares and showing strong market activity.
• Analysts have significantly increased their ratings and price targets for CommScope, with Bank of America raising its target from $4.00 to $20.00 and others projecting an average target of $14.75.
• The company reported strong quarterly results, with an earnings per share of $0.44, exceeding estimates, and demonstrated a 31.7% increase in revenue compared to the prior year.

Shares of CommScope Holding Company, Inc. (NASDAQ:COMM - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $15.76 and last traded at $15.78, with a volume of 30418 shares changing hands. The stock had previously closed at $15.58.

Wall Street Analyst Weigh In

Several research firms have issued reports on COMM. Deutsche Bank Aktiengesellschaft boosted their target price on CommScope from $6.00 to $7.50 and gave the stock a "hold" rating in a research report on Tuesday, June 24th. Citigroup upgraded CommScope to an "outperform" rating in a research report on Monday, August 4th. Wolfe Research assumed coverage on 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 research note on Monday, August 4th. Finally, Wall Street Zen lowered CommScope from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 9th. Four research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, CommScope currently has an average rating of "Moderate Buy" and an average target price of $14.75.

CommScope Price Performance

The firm's 50-day moving average price is $8.97 and its 200 day moving average price is $6.37. The firm has a market cap of $3.43 billion, a P/E ratio of 5.83, a PEG ratio of 0.54 and a beta of 2.38.

CommScope (NASDAQ:COMM - Get Free Report) last issued its earnings results on Monday, August 4th. The communications equipment provider reported $0.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.20. CommScope had a net margin of 16.61% and a negative return on equity of 6.29%. The firm had revenue of $1.39 billion for the quarter, compared to analysts' expectations of $1.27 billion. During the same quarter last year, the company posted $0.34 earnings per share. CommScope's revenue was up 31.7% on a year-over-year basis. Analysts forecast that CommScope Holding Company, Inc. will post -0.24 earnings per share for the current year.

Institutional Investors Weigh In On CommScope

Several large investors have recently made changes to their positions in the company. Geode Capital Management LLC increased its stake in shares of CommScope by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 5,126,442 shares of the communications equipment provider's stock valued at $26,715,000 after acquiring an additional 14,576 shares during the period. Wells Fargo & Company MN grew its position in CommScope by 23.8% in the fourth quarter. Wells Fargo & Company MN now owns 135,532 shares of the communications equipment provider's stock worth $706,000 after buying an additional 26,016 shares during the last quarter. Legal & General Group Plc grew its position in CommScope by 986.1% in the fourth quarter. Legal & General Group Plc now owns 204,549 shares of the communications equipment provider's stock worth $1,066,000 after buying an additional 185,716 shares during the last quarter. Advisory Services Network LLC acquired a new position in CommScope in the fourth quarter worth approximately $109,000. Finally, Raymond James Financial Inc. acquired a new position in CommScope in the fourth quarter worth approximately $138,000. Institutional investors and hedge funds 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.