CommScope Holding Company, Inc. (COMM) Announces Earnings Results, Beats Estimates By $0.01 EPS
CommScope Holding Company, Inc. (NASDAQ:COMM) posted its quarterly earnings results on Wednesday. The communications equipment provider reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.01, Bloomberg Earnings reports. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.13 billion. CommScope Holding had a net margin of 4.96% and a return on equity of 33.38%. CommScope Holding’s quarterly revenue was down 12.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.81 earnings per share. CommScope Holding updated its FY17 guidance to $2.10-2.17 EPS.
CommScope Holding declared that its Board of Directors has approved a share buyback program on Thursday, August 3rd that permits the company to buyback $100.00 million in shares. This buyback authorization permits the communications equipment provider to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.
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A number of equities analysts recently weighed in on the stock. Citigroup Inc. boosted their price target on shares of CommScope Holding from $39.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday. Zacks Investment Research raised shares of CommScope Holding from a “hold” rating to a “buy” rating and set a $36.00 target price on the stock in a research note on Thursday, October 19th. Northland Securities set a $28.00 price target on shares of CommScope Holding and gave the company a “hold” rating in a research note on Tuesday, October 17th. Jefferies Group LLC reissued a “buy” rating and issued a $40.00 price target on shares of CommScope Holding in a research note on Thursday, October 12th. Finally, Morgan Stanley raised shares of CommScope Holding from an “equal weight” rating to an “overweight” rating and set a $38.00 price target on the stock in a research note on Thursday, August 17th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $40.27.
In other news, Director Timothy T. Yates purchased 5,000 shares of CommScope Holding stock in a transaction dated Tuesday, August 8th. The stock was bought at an average price of $32.62 per share, with a total value of $163,100.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Claudius E. Iv Watts purchased 15,000 shares of CommScope Holding stock in a transaction dated Monday, August 7th. The shares were purchased at an average cost of $32.87 per share, with a total value of $493,050.00. The disclosure for this purchase can be found here. Insiders own 3.33% of the company’s stock.
CommScope Holding Company Profile
CommScope Holding Company, Inc (CommScope) is a provider of infrastructure solutions for the core, access and edge layers of communications networks. The Company operates through two segments: CommScope Connectivity Solutions (CCS) and CommScope Mobility Solutions (CMS). Its portfolio includes wireless and fiber optic solutions.
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