BidaskClub lowered shares of Arrow Electronics, Inc. (NYSE:ARW) from a buy rating to a hold rating in a research note released on Wednesday, August 9th.
A number of other research analysts have also issued reports on the stock. Zacks Investment Research raised shares of Arrow Electronics from a hold rating to a buy rating and set a $79.00 target price for the company in a research note on Tuesday, April 11th. Stifel Nicolaus boosted their target price on shares of Arrow Electronics from $80.00 to $84.00 and gave the company a buy rating in a research note on Monday, May 15th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $77.17.
Arrow Electronics (NYSE:ARW) opened at 74.23 on Wednesday. The company’s 50-day moving average is $79.48 and its 200 day moving average is $75.45. The stock has a market capitalization of $6.55 billion, a PE ratio of 13.57 and a beta of 1.13. Arrow Electronics has a 12-month low of $58.51 and a 12-month high of $84.53.
Arrow Electronics (NYSE:ARW) last posted its earnings results on Thursday, August 3rd. The technology company reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.77 by $0.01. The firm had revenue of $6.47 billion during 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 was up 8.3% on a year-over-year basis. During the same period in the previous year, the business posted $1.65 EPS. On average, analysts predict that Arrow Electronics will post $7.32 EPS for the current year.
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In other news, insider Mary Catherine Morris sold 9,692 shares of the company’s stock in a transaction that occurred on Thursday, May 25th. The shares were sold at an average price of $75.07, for a total value of $727,578.44. Following the completion of the sale, the insider now directly owns 21,570 shares of the company’s stock, valued at approximately $1,619,259.90. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Michael J. Long sold 20,910 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $76.01, for a total transaction of $1,589,369.10. Following the completion of the sale, the chairman now directly owns 346,486 shares of the company’s stock, valued at $26,336,400.86. The disclosure for this sale can be found here. Corporate insiders own 1.20% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of Arrow Electronics by 4,788.3% in the first quarter. BlackRock Inc. now owns 8,306,456 shares of the technology company’s stock worth $609,777,000 after buying an additional 8,136,530 shares in the last quarter. LSV Asset Management raised its stake in shares of Arrow Electronics by 248.2% in the first quarter. LSV Asset Management now owns 1,894,022 shares of the technology company’s stock worth $139,040,000 after buying an additional 1,350,020 shares in the last quarter. Thrivent Financial For Lutherans raised its stake in shares of Arrow Electronics by 2,948.5% in the second quarter. Thrivent Financial For Lutherans now owns 513,673 shares of the technology company’s stock worth $40,283,000 after buying an additional 496,823 shares in the last quarter. Boston Partners raised its stake in shares of Arrow Electronics by 8.1% in the first quarter. Boston Partners now owns 5,864,925 shares of the technology company’s stock worth $430,544,000 after buying an additional 437,908 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of Arrow Electronics by 7.3% in the first 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. 95.07% of the stock is owned by institutional investors.
Arrow Electronics Company Profile
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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