Arrow Electronics, Inc. (ARW) Sees Significant Drop in Short Interest
Arrow Electronics, Inc. (NYSE:ARW) was the recipient of a large decrease in short interest during the month of October. As of October 13th, there was short interest totalling 800,659 shares, a decrease of 31.6% from the September 29th total of 1,170,710 shares. Approximately 0.9% of the shares of the stock are short sold. Based on an average daily volume of 446,908 shares, the days-to-cover ratio is presently 1.8 days.
In other Arrow Electronics news, insider Sean J. Kerins sold 4,477 shares of the firm’s stock in a transaction on Friday, August 25th. The stock was sold at an average price of $77.16, for a total value of $345,445.32. Following the completion of the sale, the insider now directly owns 26,213 shares of the company’s stock, valued at approximately $2,022,595.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Michael J. Long sold 20,910 shares of the firm’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $76.01, for a total value of $1,589,369.10. Following the completion of the sale, the chairman now directly 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 corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in ARW. Teachers Advisors LLC increased its stake in Arrow Electronics by 13.4% in the first quarter. Teachers Advisors LLC now owns 155,355 shares of the technology company’s stock valued at $11,405,000 after purchasing an additional 18,416 shares during the last quarter. Thrivent Financial For Lutherans increased its stake in Arrow Electronics by 9.8% in the first quarter. Thrivent Financial For Lutherans now owns 16,850 shares of the technology company’s stock valued at $1,237,000 after purchasing an additional 1,510 shares during the last quarter. Morgan Stanley increased its stake in Arrow Electronics by 97.5% in the first quarter. Morgan Stanley now owns 441,079 shares of the technology company’s stock valued at $32,380,000 after purchasing an additional 217,695 shares during the last quarter. Skandinaviska Enskilda Banken AB publ acquired a new position in Arrow Electronics in the first quarter valued at $213,000. Finally, Capstone Asset Management Co. increased its stake in Arrow Electronics by 4.8% in the second quarter. Capstone Asset Management Co. now owns 11,525 shares of the technology company’s stock valued at $904,000 after purchasing an additional 530 shares during the last quarter. Hedge funds and other institutional investors own 93.11% of the company’s stock.
A number of analysts have issued reports on ARW shares. Zacks Investment Research raised Arrow Electronics from a “hold” rating to a “buy” rating and set a $86.00 target price for the company in a research note on Monday, September 11th. BidaskClub downgraded Arrow Electronics from a “hold” rating to a “sell” rating in a research note on Tuesday, August 15th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and issued a $81.00 target price (up from $76.00) on shares of Arrow Electronics in a research note on Wednesday, August 9th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. Arrow Electronics currently has a consensus rating of “Hold” and a consensus target price of $80.60.
Arrow Electronics (ARW) opened at 83.59 on Wednesday. Arrow Electronics has a 12-month low of $58.51 and a 12-month high of $84.53. The stock has a market capitalization of $7.38 billion, a PE ratio of 15.28 and a beta of 1.15. The stock’s 50 day moving average price is $81.73 and its 200-day moving average price is $78.19.
Arrow Electronics (NYSE:ARW) last released its earnings results on Thursday, August 3rd. The technology company reported $1.78 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.77 by $0.01. The firm had revenue of $6.47 billion during the quarter, compared to analyst estimates of $6.23 billion. Arrow Electronics had a return on equity of 13.52% and a net margin of 2.01%. The business’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.65 earnings per share. Analysts expect that Arrow Electronics will post $7.33 earnings per share for the current year.
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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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