Arris Group Inc. (ARRS) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS
Arris Group Inc. (NASDAQ:ARRS) issued its quarterly earnings results on Wednesday. The company reported $0.77 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.76 by $0.01. The business had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.74 billion. Arris Group had a negative net margin of 1.09% and a positive return on equity of 17.91%. The business’s quarterly revenue was up 42.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.56 earnings per share. Arris Group updated its Q4 guidance to $0.68-0.72 EPS.
Arris Group (NASDAQ:ARRS) opened at 29.53 on Thursday. Arris Group has a 12 month low of $20.05 and a 12 month high of $32.93. The stock’s market capitalization is $5.63 billion. The stock’s 50 day moving average is $28.50 and its 200-day moving average is $25.35.
Several analysts recently weighed in on ARRS shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $32.00 target price on shares of Arris Group in a report on Tuesday, September 13th. Zacks Investment Research raised shares of Arris Group from a “hold” rating to a “strong-buy” rating and set a $31.00 target price on the stock in a report on Tuesday, August 9th. Royal Bank Of Canada raised their target price on shares of Arris Group from $31.00 to $33.00 and gave the company an “outperform” rating in a report on Thursday, July 28th. RBC Capital Markets reaffirmed an “outperform” rating and issued a $33.00 target price (up previously from $31.00) on shares of Arris Group in a report on Thursday, July 28th. Finally, Morgan Stanley started coverage on shares of Arris Group in a report on Tuesday, September 20th. They issued an “overweight” rating and a $34.00 target price on the stock. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $33.20.
In related news, insider Bruce William Mcclelland acquired 5,000 shares of the stock in a transaction that occurred on Friday, August 26th. The stock was purchased at an average cost of $27.15 per share, for a total transaction of $135,750.00. Following the purchase, the insider now directly owns 174,288 shares in the company, valued at $4,731,919.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ronald Coppock sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $28.50, for a total value of $285,000.00. Following the transaction, the insider now owns 24,750 shares of the company’s stock, valued at $705,375. The disclosure for this sale can be found here. Corporate insiders own 1.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. AXA acquired a new position in Arris Group during the first quarter valued at about $1,091,000. UBS Asset Management Americas Inc. boosted its position in Arris Group by 15.3% in the first quarter. UBS Asset Management Americas Inc. now owns 126,492 shares of the company’s stock valued at $2,900,000 after buying an additional 16,758 shares during the last quarter. UBS Group AG boosted its position in Arris Group by 544.1% in the first quarter. UBS Group AG now owns 946,814 shares of the company’s stock valued at $21,701,000 after buying an additional 799,808 shares during the last quarter. Meeder Asset Management Inc. boosted its position in Arris Group by 17.4% in the first quarter. Meeder Asset Management Inc. now owns 17,839 shares of the company’s stock valued at $409,000 after buying an additional 2,648 shares during the last quarter. Finally, State Street Corp boosted its position in Arris Group by 24.7% in the first quarter. State Street Corp now owns 4,764,920 shares of the company’s stock valued at $109,212,000 after buying an additional 944,953 shares during the last quarter. Hedge funds and other institutional investors own 84.99% 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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.