Brokers expect CommScope Holding Company, Inc. (NASDAQ:COMM – Get a rating) to announce sales of $2.26 billion for the current fiscal quarter, Zacks reports. Six analysts released CommScope earnings estimates, with the lowest sales estimate at $2.24 billion and the highest estimate at $2.29 billion. CommScope reported sales of $2.19 billion in the same quarter last year, indicating a positive year-over-year growth rate of 3.2%. The company is expected to release its next quarterly results on Monday, January 1.
According to Zacks, analysts expect CommScope to report annual sales of $9.11 billion for the current fiscal year, with estimates ranging from $8.94 billion to $9.35 billion. For the next fiscal year, analysts expect the company to post sales of $9.47 billion, with estimates ranging from $9.09 billion to $10.16 billion. Zacks sales averages are an average average based on a survey of sell-side analysts who provide coverage for CommScope.
CommScope (NASDAQ:COMM – Get a rating) last reported results on Thursday, May 5. The communications equipment provider reported earnings per share (EPS) of $0.26 for the quarter, beating the consensus estimate of $0.15 by $0.11. The company posted revenue of $2.23 billion for the quarter, versus $2.07 billion expected by analysts. CommScope had a negative net margin of 5.78% and a negative return on equity of 235.45%. The company’s revenue for the quarter increased 7.6% compared to the same quarter last year. In the same quarter of the previous year, the company achieved EPS of $0.27.
COMM has been the subject of several research analyst reports. StockNews.com began covering CommScope shares in a research note on Thursday, March 31. They have set a “holding” rating on the stock. Goldman Sachs Group moved CommScope shares from a ‘buy’ rating to a ‘neutral’ rating and lowered its price target for the stock from $18.00 to $9.00 in a research note from Friday, April 1. Citigroup lowered its price target on CommScope shares from $8.50 to $6.00 in a Friday, May 6 research note. Raymond James downgraded CommScope shares from a “market performance” rating to an “underperform” rating in a Monday, April 11 research note. Finally, Morgan Stanley lowered its price target on CommScope shares from $14.00 to $9.00 and set an “overweight” rating on the stock in a Tuesday, April 12 research note. Two equity research analysts have assigned the stock a sell rating, seven have issued a hold rating and three have assigned the stock a buy rating. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $10.40.
COMM opened at $8.05 on Monday. The stock has a market capitalization of $1.67 billion, a P/E ratio of -2.93, a P/E/G ratio of 0.21 and a beta of 1.67. The company’s 50-day simple moving average is $6.98 and its two-hundred-day simple moving average is $8.78. CommScope has a 52-week low of $5.94 and a 52-week high of $22.18.
In related news, CEO Charles L. Treadway acquired 59,927 shares of the company in a transaction on Thursday, June 2. The shares were acquired at an average cost of $8.34 per share, with a total value of $499,791.18. Following the acquisition, the CEO now directly owns 1,212,302 shares of the company, valued at approximately $10,110,598.68. The transaction was disclosed in a legal filing with the SEC, available at this link. Also, director Claudius E. IV Watts acquired 4,000 shares of the company in a transaction on Tuesday, March 8. The shares were purchased at an average cost of $7.43 per share, with a total value of $29,720.00. Disclosure of this purchase can be found here. Insiders purchased a total of 79,927 shares of the company worth $642,771 over the past three months. 2.40% of the shares are currently held by insiders.
Hedge funds have recently been buying and selling stocks. Counterpoint Mutual Funds LLC purchased a new stake in CommScope in the fourth quarter for $28,000. Neo Ivy Capital Management bought a new stake in CommScope in the fourth quarter for $35,000. Acadian Asset Management LLC purchased a new stake in CommScope in the first quarter for $51,000. National Bank of Canada FI increased its position in CommScope by 25.9% in the first quarter. National Bank of Canada FI now owns 7,082 shares of the communications equipment provider worth $56,000 after buying an additional 1,455 shares in the last quarter. Finally, Future Financial Wealth Management LLC purchased a new stake in CommScope in the fourth quarter for $70,000. 92.71% of the shares are held by hedge funds and other institutional investors.
CommScope Company Profile (Get a rating)
CommScope Holding Company, Inc provides infrastructure solutions for communications and entertainment networks. It operates through four segments: Broadband Networks (Broadband), Outdoor Wireless Networks (OWN), Site and Campus Networks (VCN) and Home Networks (Home). The Broadband segment provides converged cable access platforms, passive optical networking products, video systems, access technologies, fiber and coaxial cables, fiber and copper connectivity products and hardened closures to the broadband market of telecommunications operators and cable companies.
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