CommScope (NASDAQ:COMM) Reaches New 12-Month High - Here's What Happened

Key Points

• CommScope's share price reached a new 52-week high of $16.21 with a trading volume of over 5 million shares.
• Raymond James and Northland Securities upgraded CommScope's rating, with price targets of $19.00 and $20.00 respectively, indicating positive sentiment among analysts.
• The company's quarterly earnings report revealed a 31.7% increase in revenue year-over-year, beating expectations with $1.39 billion in revenue and $0.44 EPS.

CommScope Holding Company, Inc. (NASDAQ:COMM - Get Free Report)'s share price reached a new 52-week high during trading on Monday . The company traded as high as $16.21 and last traded at $15.99, with a volume of 5015994 shares traded. The stock had previously closed at $15.61.

Wall Street Analyst Weigh In

A number of analysts recently commented on COMM shares. Raymond James Financial upgraded CommScope from an "underperform" rating to an "outperform" rating and set a $19.00 price objective for the company in a research report on Tuesday, August 5th. Northland Securities set a $20.00 price objective on CommScope in a research report on Tuesday, August 5th. Deutsche Bank Aktiengesellschaft lifted their price objective on CommScope from $6.00 to $7.50 and gave the stock a "hold" rating in a research report on Tuesday, June 24th. Morgan Stanley upgraded CommScope from an "underweight" rating to an "equal weight" rating and lifted their price objective for the stock from $4.00 to $17.00 in a research report on Tuesday, August 5th. Finally, Citigroup raised CommScope to an "outperform" rating in a research note on Monday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $14.75.

CommScope Trading Up 2.2%

The stock has a market capitalization of $3.54 billion, a price-to-earnings ratio of 6.01, a price-to-earnings-growth ratio of 0.55 and a beta of 2.38. The business has a 50 day simple moving average of $9.92 and a 200-day simple moving average of $6.75.

CommScope (NASDAQ:COMM - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The communications equipment provider reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.20. The business had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.27 billion. CommScope had a negative return on equity of 6.29% and a net margin of 16.61%.The company's revenue was up 31.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.34 EPS. Research analysts predict that CommScope Holding Company, Inc. will post -0.24 EPS for the current year.

Hedge Funds Weigh In On CommScope

Several hedge funds and other institutional investors have recently modified their holdings of the company. Advisory Services Network LLC lifted its stake in shares of CommScope by 71.3% in the 2nd quarter. Advisory Services Network LLC now owns 95,227 shares of the communications equipment provider's stock valued at $781,000 after purchasing an additional 39,625 shares in the last quarter. Carronade Capital Management LP boosted its holdings in CommScope by 35.8% in the 2nd quarter. Carronade Capital Management LP now owns 1,479,923 shares of the communications equipment provider's stock worth $12,254,000 after acquiring an additional 389,872 shares during the period. Headlands Technologies LLC boosted its holdings in CommScope by 223.3% in the 2nd quarter. Headlands Technologies LLC now owns 28,813 shares of the communications equipment provider's stock worth $239,000 after acquiring an additional 19,901 shares during the period. Oxford Asset Management LLP purchased a new position in CommScope in the 2nd quarter worth approximately $272,000. Finally, MML Investors Services LLC purchased a new position in CommScope in the 2nd quarter worth approximately $780,000. 88.04% of the stock is owned by institutional investors and hedge funds.

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.

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