ARRIS International (ARRS) Shares Gap Up on Strong Earnings

ARRIS International plc (NASDAQ:ARRS) gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $30.51, but opened at $30.68. ARRIS International shares last traded at $30.77, with a volume of 1101292 shares changing hands.

The communications equipment provider reported $0.68 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.01. ARRIS International had a net margin of 1.83% and a return on equity of 16.82%. The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same period in the prior year, the company earned $0.80 EPS. ARRIS International’s revenue was down 4.5% on a year-over-year basis.

A number of equities research analysts have weighed in on the stock. Northland Securities reissued a “hold” rating and issued a $23.00 price target on shares of ARRIS International in a report on Thursday, August 2nd. ValuEngine raised shares of ARRIS International from a “strong sell” rating to a “sell” rating in a report on Wednesday, August 29th. Needham & Company LLC downgraded shares of ARRIS International from a “buy” rating to a “hold” rating in a report on Thursday. Loop Capital downgraded shares of ARRIS International from a “buy” rating to a “hold” rating in a report on Thursday. Finally, TheStreet raised shares of ARRIS International from a “c” rating to a “b-” rating in a report on Friday, September 21st. Eleven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. ARRIS International currently has a consensus rating of “Hold” and a consensus target price of $30.21.

In related news, CEO Bruce William Mcclelland acquired 1,500 shares of the business’s stock in a transaction 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 acquisition, the chief executive officer now owns 242,256 shares in the company, valued at $5,833,524.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.90% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of ARRS. Principal Financial Group Inc. raised its holdings in ARRIS International by 1.2% during the 1st quarter. Principal Financial Group Inc. now owns 759,298 shares of the communications equipment provider’s stock worth $20,175,000 after buying an additional 8,672 shares during the period. Allianz Asset Management GmbH raised its holdings in ARRIS International by 39.0% during the 1st quarter. Allianz Asset Management GmbH now owns 23,960 shares of the communications equipment provider’s stock worth $637,000 after buying an additional 6,724 shares during the period. James Investment Research Inc. acquired a new stake in ARRIS International during the 2nd quarter worth about $2,019,000. Hartford Investment Management Co. acquired a new stake in ARRIS International during the 2nd quarter worth about $305,000. Finally, Meeder Asset Management Inc. raised its holdings 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 buying an additional 70,015 shares during the period. Hedge funds and other institutional investors own 87.56% of the company’s stock.

The firm has a market capitalization of $5.01 billion, a PE ratio of 12.64, a PEG ratio of 1.65 and a beta of 1.16. The company has a quick ratio of 1.16, a current ratio of 1.59 and a debt-to-equity ratio of 0.67.

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ARRIS International Company Profile (NASDAQ:ARRS)

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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