Short Interest in CommScope Holding Company, Inc. (COMM) Increases By 46.8%
CommScope Holding Company, Inc. (NASDAQ:COMM) was the target of a significant increase in short interest in the month of August. As of August 15th, there was short interest totalling 7,495,507 shares, an increase of 46.8% from the July 31st total of 5,107,403 shares. Based on an average daily volume of 3,559,017 shares, the short-interest ratio is presently 2.1 days. Currently, 3.9% of the shares of the company are sold short.
Shares of CommScope Holding (NASDAQ COMM) opened at 32.78 on Thursday. CommScope Holding has a 12 month low of $29.03 and a 12 month high of $42.75. The stock has a market cap of $6.33 billion, a P/E ratio of 27.36 and a beta of 1.17. The company has a 50 day moving average price of $34.53 and a 200-day moving average price of $37.78.
CommScope Holding (NASDAQ:COMM) last posted its quarterly earnings results on Thursday, August 3rd. The communications equipment provider reported $0.60 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.65 by $0.05. CommScope Holding had a return on equity of 33.38% and a net margin of 4.96%. The business had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same period in the prior year, the business posted $0.74 earnings per share. The business’s quarterly revenue was down 10.2% on a year-over-year basis. On average, equities research analysts predict that CommScope Holding will post $2.22 earnings per share for the current year.
CommScope Holding announced that its board has initiated a share repurchase plan on Thursday, August 3rd that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the communications equipment provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
In related news, Director Timothy T. Yates bought 5,000 shares of the company’s stock in a transaction on Tuesday, August 8th. The shares were purchased at an average price of $32.62 per share, for a total transaction of $163,100.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Claudius E. Iv Watts bought 15,000 shares of the company’s stock in a transaction on Monday, August 7th. The shares were bought at an average price of $32.87 per share, for a total transaction of $493,050.00. The disclosure for this purchase can be found here. 3.33% of the stock is currently owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the stock. Bronfman E.L. Rothschild L.P. increased its stake in CommScope Holding by 19.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,706 shares of the communications equipment provider’s stock worth $113,000 after buying an additional 439 shares during the period. Nomura Asset Management Co. Ltd. boosted its position in shares of CommScope Holding by 6.3% in the first quarter. Nomura Asset Management Co. Ltd. now owns 2,690 shares of the communications equipment provider’s stock worth $113,000 after buying an additional 160 shares during the period. LS Investment Advisors LLC acquired a new position in shares of CommScope Holding during the second quarter worth $114,000. Krilogy Financial LLC boosted its position in shares of CommScope Holding by 5.7% in the second quarter. Krilogy Financial LLC now owns 3,170 shares of the communications equipment provider’s stock worth $121,000 after buying an additional 170 shares during the period. Finally, Financial Architects Inc boosted its position in shares of CommScope Holding by 61.1% in the first quarter. Financial Architects Inc now owns 3,281 shares of the communications equipment provider’s stock worth $137,000 after buying an additional 1,244 shares during the period.
COMM has been the topic of several recent research reports. Zacks Investment Research upgraded CommScope Holding from a “sell” rating to a “hold” rating in a research report on Monday, July 10th. Jefferies Group LLC restated a “buy” rating and set a $43.00 target price on shares of CommScope Holding in a research report on Friday, July 14th. BidaskClub downgraded CommScope Holding from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. TheStreet downgraded CommScope Holding from a “b” rating to a “c+” rating in a research report on Monday, May 22nd. Finally, Nomura initiated coverage on CommScope Holding in a research report on Thursday, May 25th. They set a “buy” rating and a $45.00 target price on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company. CommScope Holding currently has a consensus rating of “Buy” and an average target price of $41.73.
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About CommScope Holding
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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