ARRIS International (ARRS) Rating Lowered to Hold at Needham & Company LLC

ARRIS International (NASDAQ:ARRS) was downgraded by investment analysts at Needham & Company LLC from a “buy” rating to a “hold” rating in a research note issued on Thursday, The Fly reports.

Several other analysts also recently weighed in on the company. Loop Capital downgraded ARRIS International from a “buy” rating to a “hold” rating in a report on Thursday. Wells Fargo & Co downgraded ARRIS International from an “outperform” rating to a “market perform” rating in a report on Thursday. Royal Bank of Canada downgraded ARRIS International from an “outperform” rating to a “sector perform” rating in a report on Thursday. ValuEngine raised ARRIS International from a “sell” rating to a “hold” rating in a report on Wednesday. Finally, TheStreet downgraded ARRIS International from a “b-” rating to a “c+” rating in a report on Monday, October 22nd. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $29.29.

Shares of ARRIS International stock traded up $2.90 on Thursday, hitting $30.69. The stock had a trading volume of 5,286,312 shares, compared to its average volume of 1,548,165. ARRIS International has a 52-week low of $21.55 and a 52-week high of $30.00. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.16 and a current ratio of 1.59. The company has a market capitalization of $4.50 billion, a P/E ratio of 12.63, a PEG ratio of 1.49 and a beta of 1.16.

ARRIS International (NASDAQ:ARRS) last posted its earnings results on Thursday, November 8th. The communications equipment provider reported $0.68 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.01. ARRIS International had a return on equity of 16.82% and a net margin of 1.83%. The business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same period in the previous year, the business earned $0.80 EPS. The business’s quarterly revenue was down 4.5% on a year-over-year basis. As a group, analysts forecast that ARRIS International will post 2.59 earnings per share for the current year.

In related news, CEO Bruce William Mcclelland purchased 1,500 shares of the company’s stock in a transaction that occurred on Monday, August 13th. The shares were purchased at an average price of $24.08 per share, for a total transaction of $36,120.00. Following the transaction, the chief executive officer now directly owns 242,256 shares of the company’s stock, valued at approximately $5,833,524.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.90% of the company’s stock.

A number of hedge funds have recently modified their holdings of ARRS. Strs Ohio increased its position in ARRIS International by 6.0% in the 3rd quarter. Strs Ohio now owns 5,015,000 shares of the communications equipment provider’s stock valued at $130,339,000 after acquiring an additional 286,005 shares during the period. Putnam Investments LLC increased its position in ARRIS International by 561.2% during the 2nd quarter. Putnam Investments LLC now owns 153,180 shares of the communications equipment provider’s stock worth $3,745,000 after purchasing an additional 130,013 shares during the period. Russell Investments Group Ltd. increased its position in ARRIS International by 12.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 868,516 shares of the communications equipment provider’s stock worth $22,569,000 after purchasing an additional 97,977 shares during the period. James Investment Research Inc. acquired a new position in ARRIS International during the 2nd quarter worth approximately $2,019,000. Finally, Meeder Asset Management Inc. increased its position in ARRIS International by 457.3% during the 2nd quarter. Meeder Asset Management Inc. now owns 85,324 shares of the communications equipment provider’s stock worth $2,086,000 after purchasing an additional 70,015 shares during the period. Hedge funds and other institutional investors own 87.56% of the company’s stock.

About ARRIS International

ARRIS International plc, together with its subsidiaries, provides entertainment, communications, and networking technology and solutions worldwide. It operates through three segments: Customer Premises Equipment, Network & Cloud, and Enterprise Networks. The Customer Premises Equipment segment offers digital subscriber lines and cable modems, broadband gateways, set-top boxes, and video gateways.

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