ARRIS International (ARRS) Shares Gap Up After Strong Earnings

Shares of ARRIS International plc (NASDAQ:ARRS) gapped up prior to trading on Friday following a stronger than expected earnings report. 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 trading hands.

The communications equipment provider reported $0.68 earnings per share (EPS) for the quarter, beating the 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 analysts’ expectations of $1.71 billion. During the same quarter in the prior year, the company earned $0.80 EPS. ARRIS International’s revenue was down 4.5% compared to the same quarter last year.

Several equities analysts have weighed in on ARRS shares. TheStreet lowered shares of ARRIS International from a “b-” rating to a “c+” rating in a report on Monday, October 22nd. Raymond James lowered shares of ARRIS International from a “strong-buy” rating to an “outperform” rating and decreased their target price for the company from $36.00 to $29.00 in a report on Monday, October 15th. BidaskClub upgraded shares of ARRIS International from a “strong sell” rating to a “sell” rating in a report on Friday, October 19th. Northland Securities reiterated a “hold” rating and issued a $23.00 target price on shares of ARRIS International in a report on Thursday, August 2nd. Finally, ValuEngine lowered shares of ARRIS International from a “sell” rating to a “strong sell” rating in a report on Tuesday, October 16th. Eleven 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 an average rating of “Hold” and a consensus target price of $30.21.

In other news, CEO Bruce William Mcclelland bought 1,500 shares of the firm’s stock in a transaction on Monday, August 13th. The shares were bought at an average cost of $24.08 per share, for a total transaction of $36,120.00. Following the acquisition, the chief executive officer now directly owns 242,256 shares of the company’s stock, valued at approximately $5,833,524.48. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.90% of the company’s stock.

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

The firm has a market capitalization of $4.50 billion, a PE ratio of 12.65, a P/E/G ratio of 1.49 and a beta of 1.16. The company has a current ratio of 1.59, a quick ratio of 1.16 and a debt-to-equity ratio of 0.67.

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About ARRIS International (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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