Zacks Investment Research upgraded shares of Arrow Electronics, Inc. (NYSE:ARW) from a hold rating to a buy rating in a report published on Monday. The firm currently has $86.00 price target on the technology company’s stock.
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.”
A number of other equities analysts have also weighed in on ARW. BidaskClub lowered shares of Arrow Electronics from a buy rating to a hold rating in a report on Wednesday, August 9th. Deutsche Bank AG reiterated 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. Finally, Stifel Nicolaus lifted their price target on shares of Arrow Electronics from $80.00 to $84.00 and gave the company a buy rating in a report on Monday, May 15th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $76.67.
Arrow Electronics (NYSE ARW) opened at 78.79 on Monday. The firm has a market capitalization of $6.95 billion, a PE ratio of 14.41 and a beta of 1.12. The firm’s 50-day moving average price is $77.83 and its 200-day moving average price is $76.00. Arrow Electronics has a 1-year low of $58.51 and a 1-year high of $84.53.
Arrow Electronics (NYSE:ARW) last announced its quarterly earnings results on Thursday, August 3rd. The technology company reported $1.78 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.77 by $0.01. The company had revenue of $6.47 billion for the quarter, compared to analyst estimates of $6.23 billion. Arrow Electronics had a net margin of 2.01% and a return on equity of 13.52%. Arrow Electronics’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter last year, the business earned $1.65 EPS. On average, equities research analysts predict that Arrow Electronics will post $7.32 EPS for the current fiscal year.
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In related news, Chairman Michael J. Long sold 20,910 shares of Arrow Electronics stock in a transaction on Monday, August 14th. The shares were sold at an average price of $76.01, for a total transaction of $1,589,369.10. Following the transaction, the chairman now owns 346,486 shares in the company, valued at approximately $26,336,400.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Sean J. Kerins sold 4,477 shares of Arrow Electronics stock in a transaction on Friday, August 25th. The shares were sold at an average price of $77.16, for a total transaction of $345,445.32. Following the transaction, the insider now owns 26,213 shares in the company, valued at approximately $2,022,595.08. The disclosure for this sale can be found here. 1.20% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of ARW. Bank of Montreal Can lifted its holdings in shares of Arrow Electronics by 0.9% during the 1st quarter. Bank of Montreal Can now owns 20,373 shares of the technology company’s stock valued at $1,495,000 after acquiring an additional 181 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Arrow Electronics by 74.2% during the 1st quarter. Russell Investments Group Ltd. now owns 199,326 shares of the technology company’s stock valued at $14,638,000 after acquiring an additional 84,904 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD lifted its holdings in shares of Arrow Electronics by 20.2% during the 1st quarter. Sumitomo Mitsui Asset Management Company LTD now owns 7,204 shares of the technology company’s stock valued at $528,000 after acquiring an additional 1,209 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Arrow Electronics by 58.2% during the 1st quarter. Wells Fargo & Company MN now owns 107,435 shares of the technology company’s stock valued at $7,887,000 after acquiring an additional 39,528 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its holdings in shares of Arrow Electronics by 0.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 128,554 shares of the technology company’s stock valued at $9,437,000 after acquiring an additional 824 shares in the last quarter. Institutional investors and hedge funds own 93.31% of the company’s stock.
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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