CommScope (NASDAQ:COMM) Trading Down 7% – Here’s Why

CommScope Holding Company, Inc. (NASDAQ:COMM) dropped 7% during trading on Thursday . The company traded as low as $5.69 and last traded at $5.70. Approximately 2,208,129 shares traded hands during mid-day trading, a decline of 47% from the average daily volume of 4,155,236 shares. The stock had previously closed at $6.13.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley downgraded CommScope from an “equal weight” rating to an “underweight” rating and set a $5.00 price objective for the company. in a research report on Tuesday. Three analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $2.50.

CommScope Price Performance

The stock has a fifty day simple moving average of $5.53 and a two-hundred day simple moving average of $3.99. The firm has a market capitalization of $1.23 billion, a P/E ratio of -1.29 and a beta of 1.95.

CommScope (NASDAQ:COMM) last posted its quarterly earnings results on Thursday, November 7th. The communications equipment provider reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.38). The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.42 billion. CommScope had a negative net margin of 18.10% and a negative return on equity of 1.01%. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.10 EPS. As a group, sell-side analysts expect that CommScope Holding Company, Inc. will post -0.77 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC increased its position in CommScope by 3.1% in the third quarter. Geode Capital Management LLC now owns 5,111,866 shares of the communications equipment provider’s stock worth $31,239,000 after buying an additional 155,166 shares during the last quarter. Millennium Management LLC increased its stake in shares of CommScope by 19.9% in the second quarter. Millennium Management LLC now owns 5,074,507 shares of the communications equipment provider’s stock worth $6,242,000 after purchasing an additional 840,742 shares in the last quarter. State Street Corp raised its position in shares of CommScope by 9.2% in the third quarter. State Street Corp now owns 4,588,286 shares of the communications equipment provider’s stock valued at $28,034,000 after purchasing an additional 387,466 shares during the period. Two Sigma Advisers LP lifted its stake in shares of CommScope by 29.3% during the 3rd quarter. Two Sigma Advisers LP now owns 4,303,800 shares of the communications equipment provider’s stock valued at $26,296,000 after buying an additional 975,200 shares in the last quarter. Finally, Monarch Alternative Capital LP purchased a new position in CommScope in the 3rd quarter valued at approximately $16,623,000. 88.04% of the stock is owned by 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.