Arrow Electronics Earns “Neutral” Rating from Zacks (ARW)
Arrow Electronics (NYSE:ARW)‘s stock had its “neutral” rating reiterated by Zacks in a report issued on Friday. They currently have a $65.00 target price on the stock. Zacks‘s price objective points to a potential upside of 5.08% from the company’s current price.
Zacks’ analyst wrote, “Arrow posted better-than-expected second-quarter results. Results also improved year over year and Arrow had a favorable book to bill ratio. Moreover, positive commentary about enhanced productivity and continued higher contributions from Europe are encouraging. However, the company provided modest third-quarter guidance. Additionally, incremental sales from strategic acquisitions, such as Computerlinks, are expected to boost Arrow’s top line, going forward. However, uncertain economic conditions and competition from Avnet and Ingram Micro, and a leveraged balance sheet are concerns, going forward. Thus, we reiterate our Neutral recommendation on Arrow.”
Arrow Electronics (NYSE:ARW) traded up 0.73% on Friday, hitting $62.31. The stock had a trading volume of 191,380 shares. Arrow Electronics has a one year low of $45.56 and a one year high of $63.78. The stock’s 50-day moving average is $60.26 and its 200-day moving average is $58.35. The company has a market cap of $6.159 billion and a price-to-earnings ratio of 13.40.
Arrow Electronics (NYSE:ARW) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $1.43 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $1.12 earnings per share. Arrow Electronics’s revenue was up 7.0% compared to the same quarter last year. Analysts expect that Arrow Electronics will post $5.78 EPS for the current fiscal year.
A number of other analysts have also recently weighed in 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, August 18th. 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. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $62.40.
In other Arrow Electronics news, CFO Paul J. Reilly unloaded 15,000 shares of Arrow Electronics stock on the open market in a transaction dated Thursday, August 21st. The shares were sold at an average price of $62.02, for a total transaction of $930,300.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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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