CommScope (NASDAQ:COMM) Reaches New 52-Week High at $6.47

CommScope Holding Company, Inc. (NASDAQ:COMM) reached a new 52-week high on Tuesday . The stock traded as high as $6.47 and last traded at $6.43, with a volume of 320778 shares changing hands. The stock had previously closed at $6.29.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on COMM shares. Deutsche Bank Aktiengesellschaft raised their price objective on CommScope from $1.25 to $2.00 and gave the stock a “hold” rating in a research note on Tuesday, July 30th. StockNews.com upgraded shares of CommScope from a “sell” rating to a “hold” rating in a research report on Thursday, August 15th. Finally, Northland Securities lifted their target price on shares of CommScope from $1.25 to $2.00 and gave the company a “market perform” rating in a research note on Monday, August 12th. Two analysts have rated the stock with a sell rating and five have given a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $1.75.

CommScope Stock Performance

The firm has a market capitalization of $1.37 billion, a PE ratio of -0.71, a PEG ratio of 0.23 and a beta of 2.08. The company has a fifty day moving average price of $3.58 and a 200-day moving average price of $2.06.

CommScope (NASDAQ:COMM) last posted its quarterly earnings results on Thursday, August 8th. The communications equipment provider reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.01). CommScope had a negative return on equity of 3.08% and a negative net margin of 31.24%. The firm had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same period in the previous year, the company posted $0.14 EPS. CommScope’s quarterly revenue was down 12.7% compared to the same quarter last year. On average, equities analysts predict that CommScope Holding Company, Inc. will post 0.91 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Point72 DIFC Ltd acquired a new position in shares of CommScope in the second quarter valued at about $140,000. Cubist Systematic Strategies LLC acquired a new position in CommScope in the 2nd quarter valued at $144,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of CommScope in the second quarter worth about $230,000. The Manufacturers Life Insurance Company lifted its stake in CommScope by 5.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 86,509 shares of the communications equipment provider’s stock worth $106,000 after purchasing an additional 4,466 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in CommScope by 19.9% in the 2nd quarter. Millennium Management LLC now owns 5,074,507 shares of the communications equipment provider’s stock valued at $6,242,000 after buying an additional 840,742 shares in the last quarter. 88.04% of the stock is owned by institutional investors and hedge funds.

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.