ARRIS International (NASDAQ:ARRS) was downgraded by equities research analysts at ValuEngine from a “buy” rating to a “hold” rating in a note issued to investors on Monday.
Several other analysts have also commented on ARRS. Raymond James Financial set a $38.00 price target on shares of ARRIS International and gave the company a “buy” rating in a research report on Monday, December 4th. BidaskClub lowered shares of ARRIS International from a “hold” rating to a “sell” rating in a research report on Thursday, December 7th. Morgan Stanley lowered shares of ARRIS International from an “overweight” rating to an “equal weight” rating and set a $31.00 price target for the company. in a research report on Tuesday, December 19th. Zacks Investment Research lowered shares of ARRIS International from a “buy” rating to a “hold” rating in a research report on Wednesday, December 20th. Finally, TheStreet lowered shares of ARRIS International from a “b” rating to a “c+” rating in a research report on Friday, January 12th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. ARRIS International has an average rating of “Hold” and a consensus target price of $33.22.
Shares of ARRS stock traded down $0.10 during mid-day trading on Monday, hitting $26.47. 2,226,725 shares of the stock traded hands, compared to its average volume of 1,588,165. The firm has a market cap of $4,921.79, a price-to-earnings ratio of 10.89, a PEG ratio of 1.05 and a beta of 1.18. ARRIS International has a 52-week low of $22.60 and a 52-week high of $30.38. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.08 and a current ratio of 1.51.
ARRIS International declared that its Board of Directors has approved a stock buyback plan on Thursday, March 22nd that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the communications equipment provider to repurchase up to 5.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
In related news, SVP Philip Charles Baldock sold 4,930 shares of the stock in a transaction that occurred on Thursday, January 4th. The shares were sold at an average price of $26.11, for a total value of $128,722.30. Following the completion of the transaction, the senior vice president now directly owns 13,529 shares of the company’s stock, valued at approximately $353,242.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Bruce William Mcclelland acquired 2,000 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was bought at an average cost of $25.91 per share, with a total value of $51,820.00. Following the completion of the transaction, the chief executive officer now directly owns 216,158 shares in the company, valued at $5,600,653.78. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 9,500 shares of company stock valued at $241,440 and sold 10,653 shares valued at $279,237. Company insiders own 1.00% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. FNY Partners Fund LP purchased a new position in shares of ARRIS International in the 4th quarter valued at approximately $100,000. Icon Advisers Inc. Co. acquired a new position in ARRIS International in the 4th quarter worth approximately $206,000. Capital Fund Management S.A. increased its holdings in ARRIS International by 25.5% in the 4th quarter. Capital Fund Management S.A. now owns 12,300 shares of the communications equipment provider’s stock worth $316,000 after buying an additional 2,500 shares during the period. Oakbrook Investments LLC acquired a new position in ARRIS International in the 4th quarter worth approximately $361,000. Finally, Crossmark Global Holdings Inc. increased its holdings in ARRIS International by 27.6% in the 4th quarter. Crossmark Global Holdings Inc. now owns 21,163 shares of the communications equipment provider’s stock worth $544,000 after buying an additional 4,572 shares during the period. 88.45% of the stock is owned by hedge funds and other institutional investors.
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About ARRIS International
ARRIS International plc is a media entertainment and data communications solutions provider. The Company operates in two segments: Customer Premises Equipment (CPE), and Network & Cloud (N&C). The Company enables service providers, including cable, telephone, and digital broadcast satellite operators, and media programmers to deliver media, voice and Internet Protocol (IP) data services to their subscribers.
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