ARRIS International (NASDAQ:ARRS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday, December 20th.
According to Zacks, “ARRIS has an impressive earnings history. We expected the company to perform well in the final quarter of 2017 too driven by its strong product portfolio. The company expects earnings (adjusted) between 74 cents and 80 cents in the fourth quarter of 2017. The company has recently inked several deals to broaden its product portfolio. Most recently, it completed the previously announced 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's revenue related woes are concerning. It anticipates revenues in the range of $1,675-$1,750 million for the fourth quarter. Customer concentration remains high for ARRIS with few customers accounting for a significant portion of its top-line. In fact shares of the company have underperformed its industry so far this year.”
ARRS has been the topic of several other research reports. ValuEngine lowered shares of ARRIS International from a “buy” rating to a “hold” rating in a research note on Wednesday, September 6th. Jefferies Group set a $38.00 price objective on shares of ARRIS International and gave the stock a “buy” rating in a research note on Wednesday, October 4th. TheStreet upgraded shares of ARRIS International from a “c+” rating to a “b” rating in a research note on Monday, October 9th. BidaskClub lowered shares of ARRIS International from a “sell” rating to a “strong sell” rating in a research note on Wednesday, December 20th. Finally, Morgan Stanley lowered shares of ARRIS International from an “overweight” rating to an “equal weight” rating and set a $31.00 price objective on the stock. in a research note on Tuesday, December 19th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $33.00.
Shares of ARRIS International (NASDAQ:ARRS) traded down $0.02 during trading on Wednesday, hitting $25.49. 1,275,967 shares of the stock were exchanged, compared to its average volume of 1,750,000. The firm has a market cap of $4,770.00, a price-to-earnings ratio of 29.30, a PEG ratio of 0.97 and a beta of 1.40. The company has a current ratio of 1.83, a quick ratio of 1.43 and a debt-to-equity ratio of 0.65. ARRIS International has a 1-year low of $24.75 and a 1-year high of $30.79.
ARRIS International (NASDAQ:ARRS) last issued its earnings results on Wednesday, November 1st. The communications equipment provider reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.18. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.77 billion. ARRIS International had a net margin of 2.51% and a return on equity of 14.02%. The company’s revenue for the quarter was down .2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.77 EPS. equities analysts expect that ARRIS International will post 2.32 EPS for the current year.
In other ARRIS International news, insider Lawrence Robinson sold 4,167 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $30.00, for a total value of $125,010.00. Following the sale, the insider now owns 71,721 shares in the company, valued at $2,151,630. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Patrick W. Macken sold 1,250 shares of the firm’s stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $29.26, for a total transaction of $36,575.00. Following the completion of the sale, the senior vice president now owns 4,556 shares in the company, valued at approximately $133,308.56. The disclosure for this sale can be found here. Insiders sold 10,347 shares of company stock worth $290,307 in the last 90 days. 0.90% of the stock is owned by company insiders.
Large investors have recently made changes to their positions in the business. Capstone Investment Advisors Netherlands B.V. acquired a new stake in shares of ARRIS International in the second quarter valued at approximately $233,000. Crossmark Global Holdings Inc. bought a new position in shares of ARRIS International in the third quarter valued at approximately $473,000. Quantbot Technologies LP bought a new position in shares of ARRIS International in the third quarter valued at approximately $514,000. Meeder Asset Management Inc. boosted its holdings in shares of ARRIS International by 38.8% in the third quarter. Meeder Asset Management Inc. now owns 30,371 shares of the communications equipment provider’s stock valued at $865,000 after acquiring an additional 8,496 shares in the last quarter. Finally, Amalgamated Bank boosted its holdings in shares of ARRIS International by 18.3% in the second quarter. Amalgamated Bank now owns 35,507 shares of the communications equipment provider’s stock valued at $995,000 after acquiring an additional 5,488 shares in the last quarter. Institutional investors own 86.51% of the company’s stock.
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ARRIS International Company Profile
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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