Goldman Sachs Downgrades Arrow Electronics to Neutral (ARW)
Arrow Electronics (NYSE:ARW) was downgraded by equities research analysts at Goldman Sachs from a “buy” rating to a “neutral” rating in a research note issued to investors on Monday, TheFlyOnTheWall.com reports. They currently have a $59.00 price objective on the stock, down from their previous price objective of $60.00. Goldman Sachs’ price target would suggest a potential downside of 2.83% from the stock’s previous close.
In other Arrow Electronics news, VP Vincent P. Melvin sold 5,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $58.38, for a total transaction of $321,090.00. The transaction was disclosed in a document filed with the SEC, which is available at this link.
A number of other analysts have also recently weighed in on ARW. Analysts at Deutsche Bank reiterated a “hold” rating on shares of Arrow Electronics in a research note on Wednesday, July 30th. They now have a $60.00 price target on the stock, up previously from $55.00. Analysts at Brean Capital raised their price target on shares of Arrow Electronics from $64.00 to $66.00 in a research note on Wednesday, July 30th. They now have a “buy” rating on the stock. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Arrow Electronics currently has an average rating of “Buy” and an average price target of $61.75.
Shares of Arrow Electronics (NYSE:ARW) opened at 60.72 on Monday. Arrow Electronics has a 1-year low of $45.34 and a 1-year high of $62.18. The stock has a 50-day moving average of $60.10 and a 200-day moving average of $57.65. The company has a market cap of $6.001 billion and a P/E ratio of 13.16.
Arrow Electronics (NYSE:ARW) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.42 by $0.01. The company had revenue of $5.68 billion for the quarter, compared to the consensus estimate of $5.69 billion. During the same quarter in the previous year, the company posted $1.12 earnings per share. The company’s revenue for the quarter was up 7.0% on a year-over-year basis. Analysts expect that Arrow Electronics will post $5.78 EPS for the current fiscal year.
Arrow Electronics, Inc (NYSE:ARW) is a provider of products, services and solutions to industrial and commercial users of electronic components and enterprise computing solutions.
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