Arrow Electronics Reaches New 1-Year High at $62.28 (ARW)
Arrow Electronics (NYSE:ARW)’s share price hit a new 52-week high during trading on Thursday , Stock Ratings News reports. The company traded as high as $62.28 and last traded at $62.17, with a volume of 257,700 shares. The stock had previously closed at $61.54.
A number of research firms have recently commented on ARW. Analysts at Goldman Sachs downgraded shares of Arrow Electronics from a “buy” rating to a “neutral” rating in a research note on Monday. They now have a $59.00 price target on the stock, down previously from $60.00. Separately, 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. Finally, 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 investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $61.75.
The stock’s 50-day moving average is $60.12 and its 200-day moving average is $57.89. The company has a market cap of $6.140 billion and a P/E ratio of 13.33.
Arrow Electronics (NYSE:ARW) last posted its quarterly earnings results on Tuesday, July 29th. The company reported $1.43 EPS for the quarter, beating the Thomson Reuters 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 prior year, the company posted $1.12 earnings per share. The company’s quarterly revenue was up 7.0% on a year-over-year basis. On average, analysts predict that Arrow Electronics will post $5.78 earnings per share for the current fiscal year.
In other Arrow Electronics news, VP Mary Catherine Morris unloaded 7,347 shares of the company’s stock on the open market in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $60.69, for a total value of $445,889.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
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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