ARRIS International (ARRS) Rating Lowered to Market Perform at Wells Fargo & Co

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ARRIS International (NASDAQ:ARRS) was downgraded by Wells Fargo & Co from an “outperform” rating to a “market perform” rating in a research report issued on Thursday, The Fly reports.

ARRS has been the topic of a number of other reports. ValuEngine upgraded shares of ARRIS International from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 24th. Raymond James lowered shares of ARRIS International from a “strong-buy” rating to an “outperform” rating and reduced their target price for the company from $36.00 to $29.00 in a report on Monday, October 15th. Royal Bank of Canada lowered shares of ARRIS International from an “outperform” rating to a “sector perform” rating in a report on Thursday. BidaskClub upgraded shares of ARRIS International from a “strong sell” rating to a “sell” rating in a report on Friday, October 19th. Finally, TheStreet lowered shares of ARRIS International from a “b-” rating to a “c+” rating in a report on Monday, October 22nd. Eleven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. ARRIS International presently has an average rating of “Hold” and a consensus price target of $30.21.

NASDAQ:ARRS traded up $0.04 on Thursday, reaching $30.72. The stock had a trading volume of 17,455,823 shares, compared to its average volume of 1,962,902. The firm has a market cap of $5.01 billion, a price-to-earnings ratio of 12.64, a price-to-earnings-growth ratio of 1.65 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. ARRIS International has a 12-month low of $21.55 and a 12-month high of $30.90.

ARRIS International (NASDAQ:ARRS) last released its earnings results on Thursday, November 8th. The communications equipment provider reported $0.68 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.01. The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.71 billion. ARRIS International had a net margin of 1.83% and a return on equity of 16.82%. The firm’s quarterly revenue was down 4.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.80 EPS. On average, equities research analysts forecast that ARRIS International will post 2.59 earnings per share for the current fiscal year.

In related news, CEO Bruce William Mcclelland acquired 1,500 shares of the business’s stock in a transaction dated Monday, August 13th. The shares were acquired 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 in the company, valued at approximately $5,833,524.48. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.90% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. First Hawaiian Bank purchased a new position in shares of ARRIS International during the 3rd quarter worth about $140,000. Delphi Management Inc. MA acquired a new stake in ARRIS International during the 2nd quarter worth approximately $212,000. Hartford Investment Management Co. acquired a new stake in ARRIS International during the 2nd quarter worth approximately $305,000. Commonwealth Bank of Australia acquired a new stake in ARRIS International during the 3rd quarter worth approximately $499,000. Finally, Alambic Investment Management L.P. acquired a new stake in ARRIS International during the 2nd quarter worth approximately $532,000. Institutional investors and hedge funds own 87.56% of the company’s stock.

About ARRIS International

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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