CommScope (NASDAQ:COMM) Trading Down 17.7% – Here’s What Happened

CommScope Holding Company, Inc. (NASDAQ:COMM) shares traded down 17.7% on Thursday . The company traded as low as $4.67 and last traded at $4.44. 1,123,818 shares changed hands during trading, a decline of 76% from the average session volume of 4,641,323 shares. The stock had previously closed at $5.39.

Wall Street Analyst Weigh In

COMM has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $7.00 price target on shares of CommScope in a research note on Thursday, February 27th. Raymond James lowered CommScope from a “market perform” rating to an “underperform” rating in a research report on Monday, January 6th. JPMorgan Chase & Co. raised shares of CommScope from an “underweight” rating to a “neutral” rating and set a $5.00 price target for the company in a research report on Tuesday, January 14th. StockNews.com raised shares of CommScope from a “hold” rating to a “buy” rating in a research note on Friday, February 28th. Finally, Morgan Stanley cut CommScope from an “equal weight” rating to an “underweight” rating and set a $5.00 price objective for the company. in a research note on Tuesday, December 17th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $4.75.

CommScope Price Performance

The company has a market cap of $905.22 million, a P/E ratio of -0.95, a P/E/G ratio of 0.41 and a beta of 1.98. The stock’s 50-day moving average is $5.31 and its two-hundred day moving average is $5.50.

Hedge Funds Weigh In On CommScope

A number of institutional investors and hedge funds have recently modified their holdings of the company. California State Teachers Retirement System boosted its position in CommScope by 1,219.1% in the fourth quarter. California State Teachers Retirement System now owns 201,759 shares of the communications equipment provider’s stock worth $1,051,000 after purchasing an additional 186,464 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in shares of CommScope by 233.4% in the fourth quarter. Public Employees Retirement System of Ohio now owns 81,299 shares of the communications equipment provider’s stock worth $424,000 after buying an additional 56,916 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in CommScope during the fourth quarter valued at approximately $2,509,000. Voloridge Investment Management LLC increased its holdings in CommScope by 38.7% during the fourth quarter. Voloridge Investment Management LLC now owns 1,873,147 shares of the communications equipment provider’s stock valued at $9,759,000 after buying an additional 522,941 shares during the last quarter. Finally, Saba Capital Management L.P. raised its position in CommScope by 20.0% in the fourth quarter. Saba Capital Management L.P. now owns 570,418 shares of the communications equipment provider’s stock worth $2,972,000 after acquiring an additional 95,000 shares during the period. 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.