Arrow Electronics, Inc. (ARW) Upgraded at Zacks Investment Research
Arrow Electronics, Inc. (NYSE:ARW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The firm currently has a $86.00 target price on the technology company’s stock. Zacks Investment Research‘s target price points to a potential upside of 12.07% from the company’s previous close.
According to Zacks, “Estimates for Electronic component distributor, Arrow Electronics have not moved around much of late. Shares of the company have outperformed the industry over the last one year. Original equipment manufacturers, contract manufacturers and commercial customers are selecting Arrow’s strong distribution channels for marketing their products, which is driving its revenues. We believe that the company’s core strength in providing best-in-class services and easy-to-acquire technologies should drive growth in the long run. Moreover, the company has secured a significant market share through a broad portfolio of products and services, and continued efforts to maximize consumer satisfaction. Additionally, incremental sales from strategic acquisitions are expected to boost the top line. However, an uncertain economic environment, high debt burden and competition remain the concerns.”
ARW has been the subject of a number of other reports. BidaskClub cut shares of Arrow Electronics from a “hold” rating to a “sell” rating in a research report on Tuesday, August 15th. Deutsche Bank AG reiterated a “hold” rating and issued a $81.00 target price (up from $76.00) on shares of Arrow Electronics in a research report on Wednesday, August 9th. Finally, Stifel Nicolaus increased their target price on shares of Arrow Electronics from $80.00 to $84.00 and gave the company a “buy” rating in a research report on Monday, May 15th. 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’s stock. Arrow Electronics presently has a consensus rating of “Hold” and an average price target of $76.33.
Shares of Arrow Electronics (NYSE ARW) traded up 1.4758% during mid-day trading on Monday, hitting $77.8725. 154,744 shares of the stock traded hands. Arrow Electronics has a 12 month low of $58.52 and a 12 month high of $84.53. The firm has a 50 day moving average of $78.24 and a 200 day moving average of $75.89. The stock has a market cap of $6.87 billion, a price-to-earnings ratio of 14.2389 and a beta of 1.12.
Arrow Electronics (NYSE:ARW) last issued its earnings results on Thursday, August 3rd. The technology company reported $1.78 EPS for the quarter, beating the Zacks’ consensus estimate of $1.77 by $0.01. The business had revenue of $6.47 billion during the quarter, compared to analysts’ expectations of $6.23 billion. Arrow Electronics had a net margin of 2.01% and a return on equity of 13.52%. The company’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same period in the prior year, the business earned $1.65 earnings per share. On average, equities analysts expect that Arrow Electronics will post $7.32 EPS for the current fiscal year.
In related news, insider Sean J. Kerins sold 4,477 shares of the firm’s stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $77.16, for a total transaction of $345,445.32. Following the completion of the sale, the insider now directly owns 26,213 shares in the company, valued at $2,022,595.08. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Michael J. Long sold 20,910 shares of the firm’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $76.01, for a total transaction of $1,589,369.10. Following the sale, the chairman now owns 346,486 shares of the company’s stock, valued at $26,336,400.86. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Advisory Services Network LLC increased its position in Arrow Electronics by 489.5% during the second quarter. Advisory Services Network LLC now owns 1,409 shares of the technology company’s stock worth $110,000 after purchasing an additional 1,170 shares during the last quarter. NEXT Financial Group Inc increased its position in Arrow Electronics by 776.0% during the second quarter. NEXT Financial Group Inc now owns 2,190 shares of the technology company’s stock worth $172,000 after purchasing an additional 1,940 shares during the last quarter. Meeder Asset Management Inc. increased its position in Arrow Electronics by 11.0% during the first quarter. Meeder Asset Management Inc. now owns 2,564 shares of the technology company’s stock worth $188,000 after purchasing an additional 255 shares during the last quarter. Nordea Investment Management AB increased its position in Arrow Electronics by 87.2% during the first quarter. Nordea Investment Management AB now owns 2,680 shares of the technology company’s stock worth $197,000 after purchasing an additional 1,248 shares during the last quarter. Finally, Advisor Partners LLC increased its position in Arrow Electronics by 2.6% during the second quarter. Advisor Partners LLC now owns 2,802 shares of the technology company’s stock worth $220,000 after purchasing an additional 71 shares during the last quarter. Hedge funds and other institutional investors own 93.31% of the company’s stock.
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 various electronic components and enterprise computing solutions suppliers.
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