CommScope Holding Company, Inc. (COMM) Shares Gap Up on Strong Earnings
CommScope Holding Company, Inc. (NASDAQ:COMM) shares gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at ($33.25), but opened at $0.00. CommScope Holding shares last traded at $0.00, with a volume of 4621507 shares.
The communications equipment provider reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.01. The firm had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.13 billion. CommScope Holding had a return on equity of 33.38% and a net margin of 4.96%. The business’s quarterly revenue was down 12.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.81 earnings per share.
CommScope Holding declared that its board has authorized a share repurchase program on Thursday, August 3rd that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the communications equipment provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
A number of research firms have recently weighed in on COMM. Citigroup Inc. upped their price objective on CommScope Holding from $39.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday. Zacks Investment Research raised CommScope Holding from a “hold” rating to a “buy” rating and set a $36.00 price objective for the company in a research note on Thursday, October 19th. Northland Securities set a $28.00 price objective on CommScope Holding and gave the stock a “hold” rating in a research note on Tuesday, October 17th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $40.00 price objective on shares of CommScope Holding in a research note on Thursday, October 12th. Finally, Morgan Stanley raised CommScope Holding from an “equal weight” rating to an “overweight” rating and set a $38.00 price objective for the company in a research note on Thursday, August 17th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $40.27.
In related news, Director Claudius E. Iv Watts acquired 15,000 shares of the firm’s stock in a transaction on Monday, August 7th. The shares were acquired at an average cost of $32.87 per share, for a total transaction of $493,050.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Timothy T. Yates acquired 5,000 shares of the firm’s stock in a transaction on Tuesday, August 8th. The shares were bought at an average price of $32.62 per share, for a total transaction of $163,100.00. The disclosure for this purchase can be found here. 3.33% of the stock is currently owned by insiders.
A number of hedge funds have recently modified their holdings of COMM. Comerica Bank purchased a new stake in CommScope Holding during the first quarter valued at approximately $218,000. SG Americas Securities LLC purchased a new stake in CommScope Holding during the first quarter valued at approximately $223,000. Dimensional Fund Advisors LP raised its position in CommScope Holding by 2.1% during the first quarter. Dimensional Fund Advisors LP now owns 977,479 shares of the communications equipment provider’s stock valued at $40,772,000 after purchasing an additional 20,248 shares during the period. Morgan Stanley raised its position in CommScope Holding by 1.9% during the first quarter. Morgan Stanley now owns 352,872 shares of the communications equipment provider’s stock valued at $14,719,000 after purchasing an additional 6,502 shares during the period. Finally, Oppenheimer Asset Management Inc. purchased a new stake in CommScope Holding during the first quarter valued at approximately $524,000.
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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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