Bank of America Issues Positive Forecast for CommScope (NASDAQ:COMM) Stock Price

CommScope (NASDAQ:COMM) had its price target boosted by Bank of America from $20.00 to $23.50 in a report issued on Tuesday,Benzinga reports. Bank of America currently has a buy rating on the communications equipment provider’s stock.

A number of other brokerages also recently commented on COMM. Zacks Research upgraded CommScope from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Morgan Stanley upgraded CommScope from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $4.00 to $17.00 in a research report on Tuesday, August 5th. Northland Capmk raised shares of CommScope from a “hold” rating to a “strong-buy” rating in a report on Monday, August 4th. Northland Securities set a $25.00 target price on shares of CommScope in a research note on Friday, October 31st. Finally, Citigroup upgraded shares of CommScope to an “outperform” rating in a research report on Monday, August 4th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $16.17.

CommScope Price Performance

COMM stock opened at $17.50 on Tuesday. The company has a market capitalization of $3.88 billion, a P/E ratio of 5.34, a price-to-earnings-growth ratio of 0.46 and a beta of 2.43. CommScope has a 12 month low of $2.94 and a 12 month high of $17.93. The firm’s fifty day simple moving average is $15.99 and its 200-day simple moving average is $11.27.

CommScope (NASDAQ:COMM) last posted its earnings results on Thursday, October 30th. The communications equipment provider reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.25. The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.37 billion. CommScope had a net margin of 17.57% and a negative return on equity of 13.70%. The firm’s quarterly revenue was up 50.6% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.05) earnings per share. As a group, sell-side analysts forecast that CommScope will post -0.24 earnings per share for the current year.

Institutional Investors Weigh In On CommScope

Large investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. lifted its position in shares of CommScope by 244.8% in the first quarter. Goldman Sachs Group Inc. now owns 9,498,510 shares of the communications equipment provider’s stock valued at $50,437,000 after acquiring an additional 6,743,929 shares in the last quarter. Apollo Management Holdings L.P. acquired a new position in CommScope in the 1st quarter valued at $32,806,000. Assenagon Asset Management S.A. raised its stake in CommScope by 187.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 4,536,131 shares of the communications equipment provider’s stock valued at $70,219,000 after purchasing an additional 2,957,053 shares during the last quarter. Hennessy Advisors Inc. purchased a new position in CommScope in the 3rd quarter valued at $40,417,000. Finally, Nuveen LLC acquired a new stake in CommScope during the 1st quarter worth $13,507,000. 88.04% of the stock is currently owned by hedge funds and other institutional investors.

CommScope Company Profile

CommScope Holding Company, Inc provides infrastructure solutions for communications, data center, and entertainment networks worldwide. The company operates through Connectivity and Cable Solutions (CCS); Outdoor Wireless Networks (OWN); Networking, Intelligent Cellular and Security Solutions (NICS), and Access Network Solutions (ANS) segments.