Shares of Commscope Holding Company Inc (NASDAQ:COMM) shot up 3.5% on Wednesday . The company traded as high as $9.60 and last traded at $9.63, 243,007 shares traded hands during mid-day trading. A decline of 96% from the average session volume of 5,916,005 shares. The stock had previously closed at $9.30.
A number of brokerages recently issued reports on COMM. Credit Suisse Group restated a “buy” rating and issued a $21.00 price target on shares of Commscope in a research report on Friday, February 21st. Deutsche Bank downgraded Commscope from a “buy” rating to a “hold” rating and lowered their price target for the stock from $22.00 to $16.00 in a research report on Friday, February 21st. Zacks Investment Research downgraded Commscope from a “hold” rating to a “sell” rating and set a $13.00 price target for the company. in a research report on Monday, February 24th. Bank of America upgraded Commscope from a “neutral” rating to a “buy” rating in a research report on Wednesday, January 8th. Finally, Nomura lowered their price target on Commscope from $20.00 to $14.00 and set a “buy” rating for the company in a research report on Monday. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $15.38.
The firm has a market capitalization of $1.81 billion, a P/E ratio of -1.97, a P/E/G ratio of 0.65 and a beta of 1.67. The firm has a 50-day moving average price of $10.66 and a two-hundred day moving average price of $12.41. The company has a debt-to-equity ratio of 11.72, a current ratio of 1.72 and a quick ratio of 1.24.
In other Commscope news, Director Claudius E. Iv Watts bought 15,000 shares of the firm’s stock in a transaction dated Thursday, March 12th. The stock was acquired at an average cost of $6.85 per share, for a total transaction of $102,750.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Frank B. Wyatt II bought 25,000 shares of the firm’s stock in a transaction dated Thursday, March 12th. The shares were acquired at an average price of $6.80 per share, with a total value of $170,000.00. The disclosure for this purchase can be found here. 3.25% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Macquarie Group Ltd. raised its holdings in shares of Commscope by 10.9% in the fourth quarter. Macquarie Group Ltd. now owns 1,860,297 shares of the communications equipment provider’s stock valued at $26,398,000 after acquiring an additional 183,200 shares in the last quarter. Nuveen Asset Management LLC raised its holdings in shares of Commscope by 104.1% in the fourth quarter. Nuveen Asset Management LLC now owns 2,903,003 shares of the communications equipment provider’s stock valued at $41,194,000 after acquiring an additional 1,480,532 shares in the last quarter. Norges Bank bought a new stake in shares of Commscope in the fourth quarter valued at about $29,958,000. Geode Capital Management LLC raised its holdings in shares of Commscope by 10.1% in the fourth quarter. Geode Capital Management LLC now owns 2,362,683 shares of the communications equipment provider’s stock valued at $33,526,000 after acquiring an additional 216,159 shares in the last quarter. Finally, Hawk Ridge Capital Management LP bought a new stake in shares of Commscope in the fourth quarter valued at about $3,645,000.
About Commscope (NASDAQ:COMM)
CommScope Holding Company, Inc provides infrastructure solutions for communications networks worldwide. The company's CommScope Connectivity Solutions segment offers optical fiber and twisted pair structured cable solutions, intelligent infrastructure software, and network rack and cabinet enclosures under the SYSTIMAX, NETCONNECT, and Uniprise brands; and fiber management systems, patch cords and panels, pre-terminated fiber connectivity, complete cabling systems, and cable assemblies for use in offices and data centers.
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