Sei Investments Co. boosted its stake in shares of ARRIS International plc (NASDAQ:ARRS) by 156.6% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 58,238 shares of the communications equipment provider’s stock after acquiring an additional 35,541 shares during the period. Sei Investments Co.’s holdings in ARRIS International were worth $1,548,000 at the end of the most recent quarter.
A number of other large investors also recently bought and sold shares of the business. Russell Investments Group Ltd. raised its position in ARRIS International by 9.9% during the first quarter. Russell Investments Group Ltd. now owns 847,149 shares of the communications equipment provider’s stock worth $22,508,000 after acquiring an additional 76,299 shares during the period. Rock Point Advisors LLC acquired a new stake in shares of ARRIS International in the first quarter valued at about $4,518,000. BNP Paribas Arbitrage SA raised its position in shares of ARRIS International by 46.0% in the first quarter. BNP Paribas Arbitrage SA now owns 54,479 shares of the communications equipment provider’s stock valued at $1,448,000 after buying an additional 17,155 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of ARRIS International by 37.5% in the first quarter. PNC Financial Services Group Inc. now owns 12,045 shares of the communications equipment provider’s stock valued at $320,000 after buying an additional 3,287 shares during the last quarter. Finally, Schroder Investment Management Group acquired a new stake in shares of ARRIS International in the first quarter valued at about $7,676,000. Institutional investors own 87.18% of the company’s stock.
Shares of ARRS opened at $24.63 on Wednesday. The company has a quick ratio of 1.16, a current ratio of 1.65 and a debt-to-equity ratio of 0.66. ARRIS International plc has a 12-month low of $22.60 and a 12-month high of $30.38. The stock has a market capitalization of $4.60 billion, a P/E ratio of 10.14, a PEG ratio of 0.92 and a beta of 1.20.
ARRIS International (NASDAQ:ARRS) last announced its quarterly earnings data on Tuesday, May 1st. The communications equipment provider reported $0.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.20. ARRIS International had a net margin of 1.77% and a return on equity of 16.38%. The firm had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same quarter in the prior year, the firm posted $0.40 earnings per share. ARRIS International’s quarterly revenue was up 6.4% on a year-over-year basis. equities research analysts anticipate that ARRIS International plc will post 2.69 EPS for the current year.
ARRIS International declared that its Board of Directors has authorized a stock buyback program on Thursday, March 22nd that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the communications equipment provider to reacquire up to 5.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
A number of equities research analysts have recently commented on ARRS shares. ValuEngine upgraded shares of ARRIS International from a “hold” rating to a “buy” rating in a research report on Friday, March 2nd. Barclays reiterated an “equal weight” rating and issued a $31.00 target price on shares of ARRIS International in a research report on Thursday, March 22nd. BidaskClub upgraded shares of ARRIS International from a “sell” rating to a “hold” rating in a research report on Friday, March 9th. Finally, Goldman Sachs Group cut shares of ARRIS International from a “neutral” rating to a “sell” rating and set a $24.00 target price for the company. in a research report on Wednesday, June 20th. Three analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $31.50.
In related news, SVP James R. Brennan sold 10,000 shares of the company’s stock in a transaction dated Thursday, May 10th. The shares were sold at an average price of $27.39, for a total value of $273,900.00. Following the completion of the sale, the senior vice president now owns 7,534 shares of the company’s stock, valued at $206,356.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Philip Charles Baldock sold 1,304 shares of the company’s stock in a transaction dated Thursday, March 29th. The shares were sold at an average price of $26.30, for a total transaction of $34,295.20. Following the completion of the sale, the senior vice president now directly owns 11,207 shares of the company’s stock, valued at approximately $294,744.10. The disclosure for this sale can be found here. Insiders sold 19,914 shares of company stock valued at $535,476 in the last three months. 1.00% of the stock is currently owned by insiders.
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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