Arrow Electronics, Inc. (NYSE:ARW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The brokerage presently has a $86.00 target price on the technology company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 9.28% from the stock’s previous close.
According to Zacks, “Estimates for Electronic component distributor, Arrow Electronics have not moved around much of late. Shares of the company have outperformed the industry over the last one year. Original equipment manufacturers, contract manufacturers and commercial customers are selecting Arrow’s strong distribution channels for marketing their products, which is driving its revenues. We believe that the company’s core strength in providing best-in-class services and easy-to-acquire technologies should drive growth in the long run. Moreover, the company has secured a significant market share through a broad portfolio of products and services, and continued efforts to maximize consumer satisfaction. Additionally, incremental sales from strategic acquisitions are expected to boost the top line. However, an uncertain economic environment, high debt burden and competition remain the concerns.”
Other equities analysts have also recently issued research reports about the company. BidaskClub cut Arrow Electronics from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 2nd. Stifel Nicolaus upped their price target on Arrow Electronics from $80.00 to $84.00 and gave the stock a “buy” rating in a report on Monday, May 15th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and issued a $81.00 price target (up previously from $76.00) on shares of Arrow Electronics in a report on Wednesday, August 9th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $76.67.
Shares of Arrow Electronics (NYSE:ARW) opened at 78.70 on Monday. The firm has a 50-day moving average price of $78.23 and a 200-day moving average price of $75.93. The stock has a market cap of $6.95 billion, a PE ratio of 14.39 and a beta of 1.12. Arrow Electronics has a 12 month low of $58.51 and a 12 month high of $84.53.
Arrow Electronics (NYSE:ARW) last issued its quarterly earnings data on Thursday, August 3rd. The technology company reported $1.78 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.77 by $0.01. The business had revenue of $6.47 billion during the quarter, compared to analysts’ expectations of $6.23 billion. Arrow Electronics had a return on equity of 13.52% and a net margin of 2.01%. The company’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.65 EPS. Equities analysts forecast that Arrow Electronics will post $7.32 EPS for the current year.
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In related news, Chairman Michael J. Long sold 20,910 shares of the company’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $76.01, for a total value of $1,589,369.10. Following the completion of the transaction, the chairman now owns 346,486 shares of the company’s stock, valued at approximately $26,336,400.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sean J. Kerins sold 4,477 shares of the company’s stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $77.16, for a total value of $345,445.32. Following the completion of the transaction, the insider now directly owns 26,213 shares of the company’s stock, valued at approximately $2,022,595.08. 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 added to or reduced their stakes in ARW. BlackRock Inc. raised its holdings in Arrow Electronics by 4,788.3% in the 1st quarter. BlackRock Inc. now owns 8,306,456 shares of the technology company’s stock worth $609,777,000 after purchasing an additional 8,136,530 shares during the period. Thrivent Financial For Lutherans raised its holdings in Arrow Electronics by 2,948.5% in the 2nd quarter. Thrivent Financial For Lutherans now owns 513,673 shares of the technology company’s stock worth $40,283,000 after purchasing an additional 496,823 shares during the period. Wellington Management Group LLP increased its stake in Arrow Electronics by 7.3% during the 1st quarter. Wellington Management Group LLP now owns 6,069,251 shares of the technology company’s stock worth $445,543,000 after buying an additional 415,098 shares in the last quarter. LSV Asset Management increased its stake in Arrow Electronics by 13.1% during the 2nd quarter. LSV Asset Management now owns 2,142,395 shares of the technology company’s stock worth $168,006,000 after buying an additional 248,373 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Arrow Electronics by 3.4% during the 1st quarter. Vanguard Group Inc. now owns 7,479,656 shares of the technology company’s stock worth $549,082,000 after buying an additional 247,598 shares in the last quarter. 93.31% of the stock is owned by institutional investors.
About Arrow Electronics
Arrow Electronics, Inc is a provider of products, services and solutions to industrial and commercial users of electronic components and enterprise computing solutions. The Company has a portfolio of product offerings available from various electronic components and enterprise computing solutions suppliers.
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