Arrow Electronics (ARW) Stock Rating Upgraded by Zacks Investment Research

Arrow Electronics (NYSE:ARW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday, March 12th. The firm currently has a $91.00 target price on the technology company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 25.02% from the stock’s current price.

According to Zacks, “Estimates for Electronic component distributor, Arrow Electronics have not moved around much of late. 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 and partnerships are expected to boost the top line. The stock has outperformed the industry in the last one year. However, an uncertain economic environment, high debt burden and competition remain the concerns.”

A number of other brokerages have also recently commented on ARW. Raymond James Financial upgraded shares of Arrow Electronics from a “market perform” rating to a “strong-buy” rating and set a $93.00 price target on the stock in a research report on Monday, February 12th. Pivotal Research started coverage on shares of Arrow Electronics in a research report on Tuesday, February 13th. They set a “buy” rating and a $98.00 price target on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Arrow Electronics has an average rating of “Buy” and an average target price of $89.80.

ARW traded down $3.32 on Monday, reaching $72.79. The company had a trading volume of 472,642 shares, compared to its average volume of 525,759. The company has a market capitalization of $6,562.43, a P/E ratio of 9.63, a P/E/G ratio of 0.87 and a beta of 1.16. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.56 and a quick ratio of 1.15. Arrow Electronics has a 52-week low of $69.67 and a 52-week high of $87.26.

Arrow Electronics (NYSE:ARW) last announced its earnings results on Tuesday, February 6th. The technology company reported $2.51 earnings per share for the quarter, beating analysts’ consensus estimates of $2.30 by $0.21. The business had revenue of $7.63 billion for the quarter, compared to the consensus estimate of $7.46 billion. Arrow Electronics had a net margin of 1.50% and a return on equity of 14.12%. Arrow Electronics’s quarterly revenue was up 18.5% on a year-over-year basis. During the same period last year, the firm posted $2.00 earnings per share. equities analysts anticipate that Arrow Electronics will post 8.47 earnings per share for the current year.

In other news, insider Mary Catherine Morris sold 1,455 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $82.13, for a total value of $119,499.15. Following the transaction, the insider now owns 30,737 shares in the company, valued at $2,524,429.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Michael J. Long sold 50,988 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $82.93, for a total transaction of $4,228,434.84. Following the completion of the transaction, the chairman now owns 438,636 shares in the company, valued at approximately $36,376,083.48. The disclosure for this sale can be found here. Insiders have sold 59,113 shares of company stock worth $4,898,398 over the last quarter. Company insiders own 1.20% of the company’s stock.

Several institutional investors have recently modified their holdings of ARW. Cooke & Bieler LP grew its holdings in shares of Arrow Electronics by 158.8% in the fourth quarter. Cooke & Bieler LP now owns 1,372,083 shares of the technology company’s stock worth $110,330,000 after purchasing an additional 842,003 shares during the last quarter. Earnest Partners LLC bought a new position in shares of Arrow Electronics in the third quarter worth approximately $32,587,000. Prudential Financial Inc. grew its holdings in shares of Arrow Electronics by 76.5% in the third quarter. Prudential Financial Inc. now owns 821,136 shares of the technology company’s stock worth $66,027,000 after purchasing an additional 355,903 shares during the last quarter. Schroder Investment Management Group grew its holdings in shares of Arrow Electronics by 37.4% in the fourth quarter. Schroder Investment Management Group now owns 1,013,677 shares of the technology company’s stock worth $81,510,000 after purchasing an additional 276,039 shares during the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of Arrow Electronics by 109.8% in the fourth quarter. First Trust Advisors LP now owns 359,080 shares of the technology company’s stock worth $28,874,000 after purchasing an additional 187,939 shares during the last quarter. Hedge funds and other institutional investors own 93.65% of the company’s stock.

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About Arrow Electronics

Arrow Electronics, Inc provides products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions worldwide. The company operates in two segments, Global Components and Global Enterprise Computing Solutions. The Global Components segment markets and distributes semiconductor products and related services; passive, electro-mechanical, and interconnect products consisting primarily of capacitors, resistors, potentiometers, power supplies, relays, switches, and connectors; and computing and memory products, as well as other products and services.

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