Retirement Systems of Alabama lowered its position in shares of Arris Group Inc. (NASDAQ:ARRS) by 2.7% during the second quarter, Holdings Channel reports. The institutional investor owned 225,394 shares of the company’s stock after selling 6,162 shares during the period. Retirement Systems of Alabama’s holdings in Arris Group were worth $4,724,000 at the end of the most recent quarter.
Other large investors have also bought and sold shares of the company. Strs Ohio boosted its stake in Arris Group by 41.7% in the second quarter. Strs Ohio now owns 850,000 shares of the company’s stock worth $17,816,000 after buying an additional 250,000 shares in the last quarter. Bank of Montreal Can acquired a new stake in Arris Group during the second quarter worth approximately $4,651,000. Oakbrook Investments LLC boosted its stake in Arris Group by 14.0% in the second quarter. Oakbrook Investments LLC now owns 17,900 shares of the company’s stock worth $375,000 after buying an additional 2,200 shares in the last quarter. LS Investment Advisors LLC boosted its stake in Arris Group by 65.2% in the second quarter. LS Investment Advisors LLC now owns 10,506 shares of the company’s stock worth $220,000 after buying an additional 4,145 shares in the last quarter. Finally, IBM Retirement Fund boosted its stake in Arris Group by 3.7% in the second quarter. IBM Retirement Fund now owns 19,049 shares of the company’s stock worth $399,000 after buying an additional 671 shares in the last quarter. 85.06% of the stock is currently owned by institutional investors and hedge funds.
Arris Group Inc. (NASDAQ:ARRS) traded up 0.18% on Friday, reaching $28.62. The company had a trading volume of 1,366,178 shares. The company’s 50-day moving average price is $28.25 and its 200 day moving average price is $24.94. The firm’s market capitalization is $5.46 billion. Arris Group Inc. has a 1-year low of $20.05 and a 1-year high of $32.93.
Arris Group (NASDAQ:ARRS) last posted its earnings results on Wednesday, July 27th. The company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.19. Arris Group had a negative net margin of 1.09% and a positive return on equity of 17.91%. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same period in the prior year, the company posted $0.53 EPS. The company’s revenue for the quarter was up 37.3% on a year-over-year basis. On average, equities analysts forecast that Arris Group Inc. will post $2.82 EPS for the current year.
Several brokerages have recently issued reports on ARRS. Needham & Company LLC reaffirmed a “buy” rating and issued a $32.00 target price on shares of Arris Group in a report on Monday, October 10th. RBC Capital Markets reaffirmed an “outperform” rating and issued a $35.00 target price (up from $33.00) on shares of Arris Group in a report on Monday, October 10th. Jefferies Group reaffirmed a “buy” rating and issued a $34.00 target price on shares of Arris Group in a report on Tuesday, October 4th. Stifel Nicolaus reaffirmed a “positive” rating and issued a $33.00 target price on shares of Arris Group in a report on Thursday, September 29th. Finally, Zacks Investment Research cut Arris Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 27th. One analyst has rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Arris Group has a consensus rating of “Buy” and a consensus target price of $33.20.
In other news, insider Ronald Coppock sold 5,000 shares of the stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $29.00, for a total transaction of $145,000.00. Following the sale, the insider now directly owns 19,750 shares of the company’s stock, valued at approximately $572,750. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 1.20% of the company’s stock.
About Arris Group
ARRIS International plc focuses on entertainment and communications technology. The Company operates in two segments: Customer Premises Equipment (CPE), and Network & Cloud (N&C). The CPE segment’s products include Set-Top, Gateway, digital subscriber line (DSL) and Cable Modem, and Embedded Multimedia Terminal Adapter (E-MTA) and Voice/Data Modem.
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