Millennium Management LLC Boosts Stake in ARRIS International plc (ARRS)
Millennium Management LLC boosted its holdings in ARRIS International plc (NASDAQ:ARRS) by 6,235.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 4,132,241 shares of the communications equipment provider’s stock after buying an additional 4,067,012 shares during the period. Millennium Management LLC’s holdings in ARRIS International were worth $126,323,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of ARRS. grace capital lifted its holdings in shares of ARRIS International by 37.5% in the 4th quarter. grace capital now owns 5,500 shares of the communications equipment provider’s stock worth $168,000 after purchasing an additional 1,500 shares in the last quarter. Municipal Employees Retirement System of Michigan bought a new stake in shares of ARRIS International during the 4th quarter worth $1,254,000. Paloma Partners Management Co raised its stake in shares of ARRIS International by 133.5% during the 4th quarter. Paloma Partners Management Co now owns 163,312 shares of the communications equipment provider’s stock worth $4,992,000 after purchasing an additional 93,384 shares during the period. Gardner Lewis Asset Management L P bought a new stake in shares of ARRIS International during the 4th quarter worth $41,643,000. Finally, MUFG Securities EMEA plc bought a new stake in shares of ARRIS International during the 4th quarter worth $2,293,000. Institutional investors and hedge funds own 83.70% of the company’s stock.
ARRS traded down $0.02 during trading hours on Monday, hitting $31.64. The stock had a trading volume of 58,057 shares, compared to its average volume of 1,696,492. ARRIS International plc has a 1 year low of $21.55 and a 1 year high of $31.74. The firm has a market cap of $5.51 billion, a P/E ratio of 12.51 and a beta of 0.92. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.21 and a current ratio of 1.58.
A number of equities research analysts have recently commented on ARRS shares. Jefferies Financial Group cut ARRIS International from a “buy” rating to a “hold” rating and lowered their target price for the stock from $38.00 to $31.75 in a research note on Monday, November 26th. Zacks Investment Research upgraded ARRIS International from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a research note on Monday, December 17th. BidaskClub upgraded ARRIS International from a “hold” rating to a “buy” rating in a research note on Tuesday, December 18th. Finally, ValuEngine raised ARRIS International from a “hold” rating to a “buy” rating in a report on Wednesday, January 2nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $29.87.
In other ARRIS International news, SVP James R. Brennan sold 6,350 shares of ARRIS International stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $31.66, for a total transaction of $201,041.00. Following the completion of the transaction, the senior vice president now owns 46,045 shares of the company’s stock, valued at approximately $1,457,784.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO David Potts sold 15,523 shares of ARRIS International stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $31.65, for a total value of $491,302.95. Following the transaction, the chief financial officer now directly owns 111,842 shares of the company’s stock, valued at approximately $3,539,799.30. The disclosure for this sale can be found here. In the last three months, insiders sold 45,500 shares of company stock valued at $1,440,043. 1.00% of the stock is currently owned by insiders.
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ARRIS International Profile
ARRIS International plc, together with its subsidiaries, provides entertainment, communications, and networking technology and solutions worldwide. The company's Customer Premises Equipment segment offers digital subscriber lines and cable modems, broadband gateways, set-top boxes, and video gateways.
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