Teachers Advisors LLC lessened its holdings in shares of ARRIS International plc (NASDAQ:ARRS) by 1.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 887,726 shares of the communications equipment provider’s stock after selling 15,868 shares during the quarter. Teachers Advisors LLC’s holdings in ARRIS International were worth $22,806,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also made changes to their positions in the company. American International Group Inc. raised its holdings in shares of ARRIS International by 1.2% during the fourth quarter. American International Group Inc. now owns 365,302 shares of the communications equipment provider’s stock valued at $9,385,000 after acquiring an additional 4,190 shares in the last quarter. Dupont Capital Management Corp raised its holdings in shares of ARRIS International by 12.8% during the fourth quarter. Dupont Capital Management Corp now owns 256,748 shares of the communications equipment provider’s stock valued at $6,596,000 after acquiring an additional 29,100 shares in the last quarter. Martingale Asset Management L P raised its holdings in shares of ARRIS International by 33.1% during the fourth quarter. Martingale Asset Management L P now owns 245,174 shares of the communications equipment provider’s stock valued at $6,299,000 after acquiring an additional 61,000 shares in the last quarter. Cerebellum GP LLC bought a new position in shares of ARRIS International during the fourth quarter valued at approximately $3,437,000. Finally, Cornerstone Capital Management Holdings LLC. bought a new position in ARRIS International in the third quarter worth $17,042,000. Institutional investors own 88.45% of the company’s stock.
In related news, CEO Bruce William Mcclelland purchased 1,500 shares of ARRIS International stock in a transaction dated Thursday, February 22nd. The stock was purchased at an average cost of $24.72 per share, for a total transaction of $37,080.00. Following the completion of the acquisition, the chief executive officer now directly owns 217,658 shares of the company’s stock, valued at $5,380,505.76. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Philip Charles Baldock sold 4,930 shares of the firm’s stock in a transaction on Thursday, January 4th. The shares were sold at an average price of $26.11, for a total value of $128,722.30. Following the transaction, the senior vice president now owns 13,529 shares of the company’s stock, valued at $353,242.19. The disclosure for this sale can be found here. Insiders have bought 9,500 shares of company stock valued at $241,440 over the last 90 days. Corporate insiders own 0.90% of the company’s stock.
ARRIS International (NASDAQ:ARRS) last issued its quarterly earnings results on Wednesday, February 14th. The communications equipment provider reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.12. ARRIS International had a return on equity of 14.69% and a net margin of 1.41%. The firm had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.74 billion. During the same period last year, the company earned $0.79 earnings per share. The company’s revenue was down 1.2% on a year-over-year basis. equities analysts forecast that ARRIS International plc will post 2.54 EPS for the current year.
ARRIS International declared that its Board of Directors has authorized a stock repurchase plan on Thursday, March 22nd that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the communications equipment provider to repurchase up to 5.9% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
A number of research firms have issued reports on ARRS. ValuEngine upgraded ARRIS International from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Raymond James Financial set a $38.00 price objective on ARRIS International and gave the stock a “buy” rating in a report on Monday, December 4th. BidaskClub downgraded ARRIS International from a “hold” rating to a “sell” rating in a report on Thursday, December 7th. Barclays reiterated an “equal weight” rating and issued a $31.00 price objective on shares of ARRIS International in a report on Thursday. Finally, Zacks Investment Research downgraded ARRIS International from a “buy” rating to a “hold” rating in a report on Wednesday, December 20th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $33.22.
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ARRIS International 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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