Water Island Capital LLC acquired a new position in shares of ARRIS International plc (NASDAQ:ARRS) during the first quarter, Holdings Channel reports. The institutional investor acquired 1,911,973 shares of the communications equipment provider’s stock, valued at approximately $60,437,000. ARRIS International makes up about 3.0% of Water Island Capital LLC’s investment portfolio, making the stock its 13th biggest position.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ARRS. Millennium Management LLC grew its stake in ARRIS International by 6,235.0% in the fourth quarter. Millennium Management LLC now owns 4,132,241 shares of the communications equipment provider’s stock worth $126,323,000 after purchasing an additional 4,067,012 shares in the last quarter. Gabelli Funds LLC raised its holdings in ARRIS International by 346.2% during the first quarter. Gabelli Funds LLC now owns 2,955,981 shares of the communications equipment provider’s stock worth $93,439,000 after buying an additional 2,293,488 shares during the last quarter. Oregon Public Employees Retirement Fund raised its holdings in ARRIS International by 2,886.7% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,062,741 shares of the communications equipment provider’s stock worth $67,000 after buying an additional 1,993,677 shares during the last quarter. Norges Bank acquired a new position in ARRIS International during the fourth quarter worth $56,169,000. Finally, Gardner Lewis Asset Management L P acquired a new position in ARRIS International during the fourth quarter worth $41,643,000. 83.70% of the stock is currently owned by institutional investors.
Shares of ARRS stock remained flat at $$31.66 on Wednesday. The stock has a market capitalization of $5.56 billion, a PE ratio of 12.51 and a beta of 0.92. The company has a current ratio of 1.58, a quick ratio of 1.21 and a debt-to-equity ratio of 0.68. ARRIS International plc has a 12-month low of $21.55 and a 12-month high of $31.74.
ARRIS International (NASDAQ:ARRS) last announced its earnings results on Thursday, February 21st. The communications equipment provider reported $0.76 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.01. The company had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.78 billion. ARRIS International had a net margin of 1.69% and a return on equity of 15.14%. The firm’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.88 earnings per share.
In other news, insider Ian Edward Whiting sold 14,067 shares of the firm’s stock in a transaction that occurred on Thursday, February 28th. The shares were sold at an average price of $31.65, for a total value of $445,220.55. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Daniel T. Whalen sold 9,560 shares of the firm’s stock in a transaction that occurred on Friday, February 22nd. The stock was sold at an average price of $31.64, for a total transaction of $302,478.40. Following the completion of the transaction, the insider now owns 15,000 shares in the company, valued at approximately $474,600. The disclosure for this sale can be found here. In the last quarter, insiders sold 45,500 shares of company stock valued at $1,440,043. 1.00% of the stock is currently owned by corporate insiders.
ARRS has been the topic of several research reports. BidaskClub downgraded shares of ARRIS International from a “hold” rating to a “sell” rating in a report on Saturday, February 2nd. ValuEngine downgraded shares of ARRIS International from a “buy” rating to a “hold” rating in a report on Monday, February 4th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $29.87.
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ARRIS International Company Profile
ARRIS International plc, together with its subsidiaries, provides entertainment, communications, and networking technology and solutions worldwide. The company's Customer Premises Equipment segment offers digital subscriber lines and cable modems, broadband gateways, set-top boxes, and video gateways.
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