Arrow Electronics Inc. (ARW) Stock Price Down 2.7%
Arrow Electronics Inc. (NYSE:ARW)’s share price dropped 2.7% during trading on Tuesday . The stock traded as low as $61.59 and last traded at $62.25, with a volume of 363,317 shares. The stock had previously closed at $63.97.
ARW has been the subject of several recent analyst reports. Goldman Sachs Group Inc. cut Arrow Electronics from a “conviction-buy” rating to a “buy” rating in a research report on Thursday, July 7th. Zacks Investment Research upgraded Arrow Electronics from a “hold” rating to a “buy” rating and set a $69.00 target price for the company in a research report on Tuesday, July 5th. SunTrust Banks Inc. restated a “buy” rating on shares of Arrow Electronics in a research report on Saturday, June 25th. Brean Capital set a $70.00 target price on Arrow Electronics and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. Finally, Citigroup Inc. boosted their target price on Arrow Electronics from $48.00 to $57.00 and gave the stock a “sell” rating in a research report on Wednesday, August 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $63.33.
The stock has a 50-day moving average price of $65.05 and a 200-day moving average price of $63.79. The stock has a market capitalization of $5.60 billion, a PE ratio of 11.31 and a beta of 1.48.
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Arrow Electronics (NYSE:ARW) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $1.65 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.64 by $0.01. The firm had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $6.04 billion. Arrow Electronics had a return on equity of 13.94% and a net margin of 2.13%. The company’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same period last year, the business posted $1.54 EPS. On average, equities analysts anticipate that Arrow Electronics Inc. will post $6.65 earnings per share for the current fiscal year.
In related news, insider Vincent P. Melvin sold 2,531 shares of the firm’s stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $66.39, for a total value of $168,033.09. Following the transaction, the insider now directly owns 17,149 shares of the company’s stock, valued at approximately $1,138,522.11. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Michael J. Long sold 44,777 shares of the firm’s stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $66.35, for a total value of $2,970,953.95. Following the completion of the transaction, the chairman now directly owns 308,393 shares in the company, valued at $20,461,875.55. The disclosure for this sale can be found here. 1.50% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the company. Weaver C. Barksdale & Associates Inc. boosted its position in shares of Arrow Electronics by 8.9% in the second quarter. Weaver C. Barksdale & Associates Inc. now owns 1,679 shares of the company’s stock worth $104,000 after buying an additional 137 shares in the last quarter. Robecosam AG boosted its position in shares of Arrow Electronics by 42.9% in the second quarter. Robecosam AG now owns 2,000 shares of the company’s stock worth $121,000 after buying an additional 600 shares in the last quarter. Seven Eight Capital LLC boosted its position in shares of Arrow Electronics by 154.5% in the second quarter. Seven Eight Capital LLC now owns 2,800 shares of the company’s stock worth $173,000 after buying an additional 1,700 shares in the last quarter. Invictus RG bought a new position in shares of Arrow Electronics during the second quarter worth approximately $183,000. Finally, Stifel Financial Corp bought a new position in shares of Arrow Electronics during the second quarter worth approximately $234,000. 93.73% of the stock is currently 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 electronic components and enterprise computing solutions suppliers, coupled with a range of services, solutions and tools for industrial and commercial customers.
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