Arris Group Inc. (ARRS) Coverage Initiated at Morgan Stanley
Research analysts at Morgan Stanley initiated coverage on shares of Arris Group Inc. (NASDAQ:ARRS) in a report issued on Tuesday. The brokerage set an “overweight” rating and a $34.00 price target on the stock. Morgan Stanley’s price objective would indicate a potential upside of 17.65% from the stock’s previous close.
Several other brokerages have also issued reports on ARRS. Zacks Investment Research lowered Arris Group from a “buy” rating to a “hold” rating in a research report on Thursday, June 9th. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Arris Group in a research report on Wednesday, June 1st. Needham & Company LLC reaffirmed a “buy” rating and set a $32.00 price objective on shares of Arris Group in a research report on Wednesday, August 24th. RBC Capital Markets reaffirmed an “outperform” rating and set a $33.00 price objective (up previously from $31.00) on shares of Arris Group in a research report on Thursday, July 28th. Finally, TheStreet raised Arris Group from a “hold” rating to a “buy” rating in a research report on Thursday, August 11th. Eight analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Arris Group has an average rating of “Buy” and an average target price of $33.00.
Shares of Arris Group (NASDAQ:ARRS) opened at 28.90 on Tuesday. Arris Group has a 52 week low of $20.05 and a 52 week high of $32.93. The firm has a 50 day moving average price of $27.61 and a 200 day moving average price of $24.29. The company’s market capitalization is $5.51 billion.
Arris Group (NASDAQ:ARRS) last announced 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 positive return on equity of 17.91% and a negative net margin of 1.09%. The firm earned $1.73 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same quarter in the prior year, the company earned $0.53 EPS. The business’s revenue was up 37.3% compared to the same quarter last year. Equities analysts forecast that Arris Group will post $2.82 EPS for the current year.
In other news, insider Bruce William Mcclelland purchased 5,000 shares of the company’s stock in a transaction dated Friday, August 26th. The shares were 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 approximately $4,731,919.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Ronald Coppock sold 10,000 shares of the firm’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 completion of the transaction, the insider now owns 24,750 shares in the company, valued at $705,375. The disclosure for this sale can be found here. Company insiders own 1.20% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Hotchkis & Wiley Capital Management LLC increased its position in Arris Group by 25.5% in the second quarter. Hotchkis & Wiley Capital Management LLC now owns 10,345,103 shares of the company’s stock worth $216,833,000 after buying an additional 2,104,800 shares during the period. Stelliam Investment Management LP purchased a new position in Arris Group during the second quarter worth about $43,702,000. Prudential PLC purchased a new position in Arris Group during the first quarter worth about $45,303,000. Omega Advisors Inc. purchased a new position in Arris Group during the second quarter worth about $37,588,000. Finally, Jacobs Levy Equity Management Inc. increased its position in Arris Group by 5,017.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 1,319,193 shares of the company’s stock worth $30,236,000 after buying an additional 1,293,413 shares during the period. Hedge funds and other institutional investors own 85.06% 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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