CommScope (NASDAQ:COMM) Cut to Underweight at Morgan Stanley

Morgan Stanley downgraded shares of CommScope (NASDAQ:COMM) from an equal weight rating to an underweight rating in a research report report published on Tuesday, MarketBeat.com reports. They currently have $5.00 price objective on the communications equipment provider’s stock.

CommScope Price Performance

COMM stock opened at $5.70 on Tuesday. CommScope has a 1 year low of $0.86 and a 1 year high of $7.19. The company has a market cap of $1.23 billion, a P/E ratio of -1.29 and a beta of 1.95. The stock’s fifty day moving average price is $5.52 and its 200-day moving average price is $4.00.

CommScope (NASDAQ:COMM) last announced its 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). CommScope had a negative return on equity of 1.01% and a negative net margin of 18.10%. The firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same period in the previous year, the business posted $0.10 earnings per share. 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 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Monarch Alternative Capital LP bought a new position in CommScope in the 3rd quarter worth $16,623,000. Assenagon Asset Management S.A. bought a new position in shares of CommScope in the third quarter worth about $11,023,000. Bank of Montreal Can purchased a new position in shares of CommScope during the 3rd quarter valued at about $7,023,000. Two Sigma Advisers LP grew 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 acquiring an additional 975,200 shares during the period. Finally, Acadian Asset Management LLC increased its holdings in CommScope by 319.3% in the 2nd quarter. Acadian Asset Management LLC now owns 1,251,705 shares of the communications equipment provider’s stock worth $1,537,000 after acquiring an additional 953,171 shares in the last quarter. Hedge funds and other institutional investors own 88.04% of the company’s stock.

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.