ARRIS International (NASDAQ:ARRS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “ARRIS has performed well on the earnings front in the fourth quarter of 2017. The bottom line also climbed 11.4% from the year-ago quarter. The company's efforts to reward shareholders through buybacks are also impressive. Notably, ARRIS has bought back 7.5 million shares for $197 million in 2017. The company's initiatives to broaden its portfolio are a further positive. In December 2017, ARRIS completed the acquisition of Ruckus Wireless and ICX Switch units from Broadcom. The acquisition is expected to be value accretive to its earnings in the first year. However, the company reported lower-than-expected revenues in the fourth quarter. Also, the top line declined 1.2% year over year. High operating expeneses hurt results in the quarter. In fact, hares of ARRIS have underperformed its industry in a year's time.”
Several other research firms have also recently issued reports on ARRS. BidaskClub cut shares of ARRIS International from a “hold” rating to a “sell” rating in a research report on Thursday, December 7th. Raymond James Financial set a $38.00 price objective on shares of ARRIS International and gave the stock a “buy” rating in a research report on Monday, December 4th. Morgan Stanley cut shares of ARRIS International from an “overweight” rating to an “equal weight” rating and set a $31.00 price objective for the company. in a research report on Tuesday, December 19th. ValuEngine cut shares of ARRIS International from a “buy” rating to a “hold” rating in a research report on Friday, February 2nd. Finally, TheStreet cut shares of ARRIS International from a “b” rating to a “c+” rating in a research report on Friday, January 12th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $33.20.
ARRIS International (NASDAQ:ARRS) last released its quarterly earnings data on Wednesday, February 14th. The communications equipment provider reported $0.88 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.76 by $0.12. ARRIS International had a net margin of 1.41% and a return on equity of 14.69%. The firm had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.74 billion. During the same period last year, the business earned $0.79 earnings per share. ARRIS International’s revenue was down 1.2% compared to the same quarter last year. equities research analysts expect that ARRIS International will post 2.57 earnings per share for the current fiscal year.
In other ARRIS International news, insider Lawrence Robinson sold 4,167 shares of ARRIS International stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $30.00, for a total transaction of $125,010.00. Following the completion of the sale, the insider now directly owns 71,721 shares in the company, valued at $2,151,630. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Philip Charles Baldock sold 4,930 shares of ARRIS International stock in a transaction dated Thursday, January 4th. The shares were sold at an average price of $26.11, for a total transaction of $128,722.30. Following the sale, the senior vice president now owns 13,529 shares of the company’s stock, valued at $353,242.19. The disclosure for this sale can be found here. 0.90% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently made changes to their positions in ARRS. FNY Partners Fund LP purchased a new position in shares of ARRIS International in the fourth quarter valued at approximately $100,000. Icon Advisers Inc. Co. purchased a new position in shares of ARRIS International in the fourth quarter valued at approximately $206,000. Capital Fund Management S.A. boosted its stake in shares of ARRIS International by 25.5% in the fourth quarter. Capital Fund Management S.A. now owns 12,300 shares of the communications equipment provider’s stock valued at $316,000 after purchasing an additional 2,500 shares during the period. Oakbrook Investments LLC purchased a new position in shares of ARRIS International in the fourth quarter valued at approximately $361,000. Finally, Crossmark Global Holdings Inc. purchased a new position in shares of ARRIS International in the third quarter valued at approximately $473,000. Institutional investors and hedge funds own 88.43% of the company’s stock.
TRADEMARK VIOLATION WARNING: “Zacks Investment Research Upgrades ARRIS International (ARRS) to “Hold”” was originally reported by Community Financial News and is owned by of Community Financial News. If you are viewing this article on another publication, it was stolen and republished in violation of US and international trademark and copyright laws. The correct version of this article can be viewed at https://www.com-unik.info/2018/02/20/zacks-investment-research-upgrades-arris-international-arrs-to-hold.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for ARRIS International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ARRIS International and related companies with MarketBeat.com's FREE daily email newsletter.