CommScope (NASDAQ:COMM) Hits New 52-Week High - Here's Why

Shares of CommScope Holding Company, Inc. (NASDAQ:COMM - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $7.19 and last traded at $6.95, with a volume of 46669 shares. The stock had previously closed at $6.64.

Wall Street Analyst Weigh In

A number of analysts have recently commented on COMM shares. Northland Securities boosted their price objective on CommScope from $1.25 to $2.00 and gave the company a "market perform" rating in a research report on Monday, August 12th. StockNews.com upgraded CommScope from a "sell" rating to a "hold" rating in a research note on Thursday, August 15th. Morgan Stanley increased their target price on shares of CommScope from $2.70 to $5.00 and gave the company an "equal weight" rating in a research report on Monday. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of CommScope from $1.25 to $2.00 and gave the stock a "hold" rating in a research note on Tuesday, July 30th. Two investment analysts have rated the stock with a sell rating and five have given a hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $2.50.

CommScope Stock Performance

The firm has a market cap of $1.50 billion, a price-to-earnings ratio of -0.85, a price-to-earnings-growth ratio of 0.30 and a beta of 2.09. The company has a 50 day moving average price of $5.76 and a 200 day moving average price of $3.17.

CommScope (NASDAQ:COMM - Get Free Report) last announced its earnings results on Thursday, August 8th. The communications equipment provider reported $0.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.35 by ($0.01). CommScope had a negative net margin of 31.24% and a negative return on equity of 3.08%. The firm had revenue of $1.39 billion during the quarter, compared to analysts' expectations of $1.23 billion. During the same period in the previous year, the firm earned $0.14 EPS. The firm's revenue for the quarter was down 12.7% compared to the same quarter last year. On average, research analysts forecast that CommScope Holding Company, Inc. will post 0.91 earnings per share for the current year.

Hedge Funds Weigh In On CommScope

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Aigen Investment Management LP acquired a new stake in CommScope during the 3rd quarter worth approximately $352,000. Hanseatic Management Services Inc. purchased a new stake in shares of CommScope during the third quarter worth $76,000. Belvedere Trading LLC acquired a new stake in shares of CommScope in the third quarter valued at $68,000. Traynor Capital Management Inc. purchased a new position in CommScope in the third quarter valued at $98,000. Finally, Semanteon Capital Management LP acquired a new position in CommScope during the 3rd quarter worth $1,139,000. 88.04% of the stock is currently owned by hedge funds and other institutional investors.

About CommScope

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.