Zacks Investment Research cut shares of ARRIS International PLC (NASDAQ:ARRS) from a buy rating to a hold rating in a research report released on Tuesday, August 8th.
According to Zacks, “ARRIS reported better than expected earnings in the second quarter of 2017. We expect the company to perform well on the bottom line front in the third quarter too driven by its strong product portfolio. The company expects earnings (adjusted) in the band of $0.66–$0.71 in the third quarter of 2017. ARRIS has recenty inked several deals to broaden its product portfolio. In Feb 2017, ARRIS entered into a deal with Broadcom to purchase Brocade Communication's Ruckus Wireless and ICX Switch units. The deal is expected to close by year-end. However, the company reported lower-than-expected revenues in the second quarter. Moreover, the company’s international operations are significantly exposed to foreign currency exchange rate risk. ARRIS is also a highly leveraged company. Shares of the company have underperformed its industry so far this year.”
Several other research analysts have also commented on ARRS. Jefferies Group LLC restated a buy rating and set a $34.00 price target on shares of ARRIS International PLC in a research note on Monday, May 15th. Northland Securities restated a hold rating and set a $24.00 price target on shares of ARRIS International PLC in a research note on Thursday, August 3rd. Royal Bank Of Canada restated an outperform rating and set a $33.00 price target on shares of ARRIS International PLC in a research note on Sunday, April 23rd. TheStreet lowered shares of ARRIS International PLC from a b- rating to a c rating in a research note on Wednesday, May 3rd. Finally, BidaskClub lowered shares of ARRIS International PLC from a buy rating to a hold rating in a research note on Tuesday, July 4th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $32.90.
ARRIS International PLC (NASDAQ:ARRS) last released its earnings results on Wednesday, August 2nd. The communications equipment provider reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. ARRIS International PLC had a net margin of 1.90% and a return on equity of 13.97%. The company had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the prior year, the firm earned $0.84 EPS. The company’s revenue was down 3.6% compared to the same quarter last year. Analysts anticipate that ARRIS International PLC will post $2.54 EPS for the current year.
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In other ARRIS International PLC news, insider Stephen J. Mccaffery sold 12,609 shares of the business’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $30.00, for a total value of $378,270.00. Following the completion of the transaction, the insider now directly owns 9,127 shares of the company’s stock, valued at $273,810. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP David Potts sold 2,502 shares of the business’s stock in a transaction dated Tuesday, July 11th. The stock was sold at an average price of $27.67, for a total transaction of $69,230.34. Following the completion of the transaction, the executive vice president now directly owns 90,592 shares of the company’s stock, valued at $2,506,680.64. The disclosure for this sale can be found here. Insiders have sold a total of 23,255 shares of company stock valued at $676,591 over the last three months. 1.20% of the stock is currently owned by insiders.
Several large investors have recently modified their holdings of the company. Tyers Asset Management LLC boosted its stake in shares of ARRIS International PLC by 7.4% in the first quarter. Tyers Asset Management LLC now owns 5,792 shares of the communications equipment provider’s stock valued at $153,000 after buying an additional 400 shares in the last quarter. Delta Capital Management LLC acquired a new stake in shares of ARRIS International PLC during the second quarter valued at approximately $210,000. Elkfork Partners LLC boosted its stake in shares of ARRIS International PLC by 7.4% in the first quarter. Elkfork Partners LLC now owns 7,964 shares of the communications equipment provider’s stock valued at $211,000 after buying an additional 550 shares in the last quarter. Cortina Asset Management LLC boosted its stake in shares of ARRIS International PLC by 9.5% in the first quarter. Cortina Asset Management LLC now owns 8,277 shares of the communications equipment provider’s stock valued at $219,000 after buying an additional 715 shares in the last quarter. Finally, Bellwether Investment Group LLC boosted its position in shares of ARRIS International PLC by 10.6% in the first quarter. Bellwether Investment Group LLC now owns 8,665 shares of the communications equipment provider’s stock worth $229,000 after buying an additional 830 shares in the last quarter. Institutional investors own 87.78% of the company’s stock.
About ARRIS International PLC
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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