Arrow Electronics, Inc. (ARW) Releases Earnings Results, Meets Estimates
Arrow Electronics, Inc. (NYSE:ARW) issued its earnings results on Thursday. The technology company reported $1.82 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.82, Bloomberg Earnings reports. The business had revenue of $6.95 billion for the quarter, compared to analysts’ expectations of $6.58 billion. Arrow Electronics had a return on equity of 13.52% and a net margin of 2.01%. The company’s quarterly revenue was up 17.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.56 EPS. Arrow Electronics updated its Q4 guidance to $2.21-2.37 EPS.
In related news, Chairman Michael J. Long sold 20,910 shares of the company’s stock in a transaction on Monday, August 14th. The shares were 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 owns 346,486 shares in the company, valued at approximately $26,336,400.86. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Sean J. Kerins sold 4,477 shares of the company’s stock in a transaction on 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 owns 26,213 shares of the company’s stock, valued at approximately $2,022,595.08. The disclosure for this sale can be found here. 1.20% of the stock is owned by corporate insiders.
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ARW has been the subject of several recent analyst reports. 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 report on Monday, September 11th. BidaskClub cut Arrow Electronics from a “hold” rating to a “sell” rating in a research report on Tuesday, August 15th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and issued a $81.00 target price (up previously from $76.00) on shares of Arrow Electronics in a research report on Wednesday, August 9th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $80.60.
About Arrow Electronics
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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