Morningstar Issues BBB Credit Rating to Arrow Electronics (ARW)
Arrow Electronics (NYSE:ARW) has received a “BBB” credit rating from Morningstar. The agency’s “BBB” rating indicates that the company is a moderate default risk. They also issued a neutral credit outlook for the company and gave their stock a three star rating.
Other equities research analysts have also recently issued reports about the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Arrow Electronics in a research note on Friday. They now have a $65.00 price target on the stock. Separately, 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. Finally, 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. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $62.40.
Shares of Arrow Electronics (NYSE:ARW) opened at 62.25 on Tuesday. Arrow Electronics has a 52-week low of $45.56 and a 52-week high of $63.78. The stock’s 50-day moving average is $60.28 and its 200-day moving average is $58.41. The company has a market cap of $6.153 billion and a price-to-earnings ratio of 13.40.
Arrow Electronics (NYSE:ARW) last released its 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.
In other Arrow Electronics news, CFO Paul J. Reilly unloaded 15,000 shares of the company’s 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 value of $930,300.00. The transaction was disclosed in a filing with the SEC, 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.
To view more credit ratings from Morningstar, visit www.morningstar.com.
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