ARRIS International plc (NASDAQ:ARRS) Shares Up 6.4% on Earnings Beat

ARRIS International plc (NASDAQ:ARRS) was up 6.4% during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $30.38 and last traded at $29.51, with a volume of 2,481,675 shares changing hands. The stock had previously closed at $27.73.

The communications equipment provider reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.06. ARRIS International plc had a net margin of 1.71% and a return on equity of 3.93%. The business had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same period in the previous year, the business earned $0.84 earnings per share. The company’s revenue was down 3.6% on a year-over-year basis.

A number of equities research analysts recently weighed in on ARRS shares. Zacks Investment Research upgraded shares of ARRIS International plc from a “hold” rating to a “buy” rating and set a $32.00 price objective on the stock in a research note on Monday, August 7th. Jefferies Group LLC restated a “buy” rating and set a $34.00 price objective on shares of ARRIS International plc in a research note on Friday, May 5th. Royal Bank Of Canada restated a “buy” rating on shares of ARRIS International plc in a research note on Tuesday, May 2nd. BTIG Research initiated coverage on shares of ARRIS International plc in a research note on Thursday, June 15th. They set a “buy” rating and a $38.00 price objective on the stock. Finally, ValuEngine lowered ARRIS International plc from a “strong-buy” rating to a “buy” rating in a report on Wednesday, May 31st. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. ARRIS International plc presently has an average rating of “Buy” and an average target price of $32.90.

In related news, insider Stephen J. Mccaffery sold 12,609 shares of ARRIS International plc stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $30.00, for a total value of $378,270.00. Following the transaction, the insider now owns 9,127 shares of the company’s stock, valued at approximately $273,810. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP David Potts sold 8,144 shares of ARRIS International plc stock in a transaction dated Friday, July 14th. The stock was sold at an average price of $28.13, for a total value of $229,090.72. Following the completion of the transaction, the executive vice president now directly owns 96,234 shares in the company, valued at approximately $2,707,062.42. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 23,255 shares of company stock worth $676,591. 1.20% of the stock is owned by corporate insiders.

A number of institutional investors have recently modified their holdings of the company. Ameriprise Financial Inc. boosted its position in shares of ARRIS International plc by 60.0% in the first quarter. Ameriprise Financial Inc. now owns 4,501,258 shares of the communications equipment provider’s stock worth $119,058,000 after buying an additional 1,687,326 shares in the last quarter. Strs Ohio boosted its position in shares of ARRIS International plc by 95.0% in the first quarter. Strs Ohio now owns 1,560,000 shares of the communications equipment provider’s stock worth $41,262,000 after buying an additional 760,000 shares in the last quarter. Thornburg Investment Management Inc. boosted its position in shares of ARRIS International plc by 2,237.1% in the first quarter. Thornburg Investment Management Inc. now owns 673,660 shares of the communications equipment provider’s stock worth $17,818,000 after buying an additional 644,836 shares in the last quarter. Honeywell International Inc. bought a new position in shares of ARRIS International plc during the first quarter worth $12,617,000. Finally, Russell Investments Group Ltd. boosted its position in ARRIS International plc by 76.2% in the second quarter. Russell Investments Group Ltd. now owns 885,606 shares of the communications equipment provider’s stock valued at $24,815,000 after buying an additional 383,039 shares during the period. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

The firm’s 50-day moving average is $28.09 and its 200-day moving average is $27.54. The firm has a market cap of $5.04 billion, a P/E ratio of 40.63 and a beta of 1.31.

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About ARRIS International plc

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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