ARRIS International PLC (ARRS) Sees Large Decrease in Short Interest
ARRIS International PLC (NASDAQ:ARRS) saw a large drop in short interest in the month of August. As of August 15th, there was short interest totalling 3,963,148 shares, a drop of 27.7% from the July 31st total of 5,480,747 shares. Based on an average daily trading volume, of 1,205,257 shares, the short-interest ratio is presently 3.3 days. Approximately 2.2% of the company’s stock are sold short.
In other news, insider Stephen J. Mccaffery sold 12,609 shares of the firm’s 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 completion of the sale, the insider now directly owns 9,127 shares in the company, valued at approximately $273,810. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP David Potts sold 2,502 shares of the firm’s stock in a transaction dated Tuesday, July 11th. The shares were sold at an average price of $27.67, for a total value of $69,230.34. Following the completion of the sale, the executive vice president now owns 90,592 shares of the company’s stock, valued at $2,506,680.64. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 23,255 shares of company stock valued at $676,591. 0.90% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Tyers Asset Management LLC increased its position in shares of ARRIS International PLC by 7.4% in the first quarter. Tyers Asset Management LLC now owns 5,792 shares of the communications equipment provider’s stock worth $153,000 after buying an additional 400 shares during the last quarter. Delta Capital Management LLC bought a new stake in ARRIS International PLC during the second quarter valued at $210,000. Elkfork Partners LLC increased its stake in ARRIS International PLC by 7.4% in the first quarter. Elkfork Partners LLC now owns 7,964 shares of the communications equipment provider’s stock valued at $211,000 after buying an additional 550 shares in the last quarter. Cortina Asset Management LLC increased its stake in ARRIS International PLC by 9.5% in the first quarter. Cortina Asset Management LLC now owns 8,277 shares of the communications equipment provider’s stock valued at $219,000 after buying an additional 715 shares in the last quarter. Finally, Capstone Investment Advisors Netherlands B.V. bought a new stake in ARRIS International PLC during the second quarter valued at $233,000. 86.76% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have recently commented on ARRS. BTIG Research began coverage on ARRIS International PLC in a research note on Thursday, June 15th. They issued a “buy” rating and a $38.00 target price for the company. Jefferies Group LLC restated a “buy” rating and issued a $34.00 target price on shares of ARRIS International PLC in a research note on Thursday, June 8th. Zacks Investment Research downgraded ARRIS International PLC from a “buy” rating to a “hold” rating in a research note on Tuesday, August 8th. BidaskClub downgraded ARRIS International PLC from a “buy” rating to a “hold” rating in a research note on Tuesday, July 4th. Finally, Northland Securities reiterated a “hold” rating and set a $24.00 price target on shares of ARRIS International PLC in a research note on Thursday, August 3rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $32.90.
ARRIS International PLC (ARRS) opened at 27.02 on Wednesday. The firm has a market cap of $5.07 billion, a P/E ratio of 40.82 and a beta of 1.31. The firm’s 50-day moving average price is $27.72 and its 200-day moving average price is $27.40. ARRIS International PLC has a 1-year low of $24.75 and a 1-year high of $31.52.
ARRIS International PLC (NASDAQ:ARRS) last issued its quarterly earnings data on Wednesday, August 2nd. The communications equipment provider reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. ARRIS International PLC had a net margin of 1.90% and a return on equity of 13.97%. The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the previous year, the firm earned $0.84 EPS. The company’s quarterly revenue was down 3.6% compared to the same quarter last year. Equities research analysts anticipate that ARRIS International PLC will post $2.54 earnings per share for the current fiscal year.
ARRIS International PLC Company 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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