CommScope (NASDAQ:COMM) Stock Rating Upgraded by JPMorgan Chase & Co.

CommScope (NASDAQ:COMM) was upgraded by JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a report released on Tuesday, Marketbeat reports. The brokerage currently has a $5.00 price objective on the communications equipment provider’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential downside of 7.24% from the stock’s previous close.

A number of other research firms have also recently commented on COMM. Raymond James cut shares of CommScope from a “market perform” rating to an “underperform” rating in a research report on Monday, January 6th. Morgan Stanley cut shares of CommScope from an “equal weight” rating to an “underweight” rating and set a $5.00 target price for the company. in a research note on Tuesday, December 17th. Three research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $3.00.

CommScope Price Performance

CommScope stock opened at $5.39 on Tuesday. The firm has a market capitalization of $1.16 billion, a PE ratio of -1.22 and a beta of 1.95. The company’s 50-day moving average is $5.19 and its 200-day moving average is $4.54. CommScope has a fifty-two week low of $0.86 and a fifty-two week high of $7.19.

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

Institutional Investors Weigh In On CommScope

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Monarch Alternative Capital LP acquired a new position in shares of CommScope in the third quarter valued at about $16,623,000. Assenagon Asset Management S.A. acquired a new position in shares of CommScope during the 3rd quarter worth approximately $11,023,000. Bank of Montreal Can bought a new position in shares of CommScope during the third quarter worth approximately $7,023,000. Two Sigma Advisers LP raised its position in shares of CommScope by 29.3% in the third 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, Millennium Management LLC boosted 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 valued at $6,242,000 after buying an additional 840,742 shares during the period. Institutional investors and hedge funds own 88.04% of the company’s stock.

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.