Zacks Investment Research upgraded shares of Arrow Electronics, Inc. (NYSE:ARW) from a hold rating to a buy rating in a report issued on Monday morning. Zacks Investment Research currently has $86.00 target price on the technology company’s stock.
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.”
Other analysts have also recently issued reports about the company. BidaskClub cut Arrow Electronics from a strong-buy rating to a buy rating in a report on Wednesday, August 2nd. Stifel Nicolaus upped their price objective on Arrow Electronics from $80.00 to $84.00 and gave the stock a buy rating in a report on Monday, May 15th. Finally, Deutsche Bank AG reaffirmed a hold rating and set a $81.00 price objective (up from $76.00) on shares of Arrow Electronics in a report on Wednesday, August 9th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $76.33.
Arrow Electronics (NYSE:ARW) opened at 77.96 on Monday. The firm’s 50 day moving average is $78.24 and its 200 day moving average is $75.91. Arrow Electronics has a 1-year low of $58.51 and a 1-year high of $84.53. The stock has a market capitalization of $6.88 billion, a P/E ratio of 14.25 and a beta of 1.12.
Arrow Electronics (NYSE:ARW) last issued its quarterly earnings data on Thursday, August 3rd. The technology company reported $1.78 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.77 by $0.01. The business had revenue of $6.47 billion for the quarter, compared to analysts’ expectations of $6.23 billion. Arrow Electronics had a return on equity of 13.52% and a net margin of 2.01%. The company’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.65 EPS. On average, equities research analysts anticipate that Arrow Electronics will post $7.32 earnings per share for the current year.
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In related news, insider Sean J. Kerins sold 4,477 shares of the stock in a transaction on Friday, August 25th. The stock was sold at an average price of $77.16, for a total transaction of $345,445.32. Following the sale, the insider now owns 26,213 shares in the company, valued at approximately $2,022,595.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Michael J. Long sold 20,910 shares of the 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 sale, the chairman now owns 346,486 shares in the company, valued at approximately $26,336,400.86. The disclosure for this sale can be found here. Corporate insiders own 1.20% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Advisory Services Network LLC raised its holdings in Arrow Electronics by 489.5% during the 2nd quarter. Advisory Services Network LLC now owns 1,409 shares of the technology company’s stock valued at $110,000 after buying an additional 1,170 shares during the period. NEXT Financial Group Inc raised its holdings in Arrow Electronics by 776.0% during the 2nd quarter. NEXT Financial Group Inc now owns 2,190 shares of the technology company’s stock valued at $172,000 after buying an additional 1,940 shares during the period. Meeder Asset Management Inc. raised its holdings in Arrow Electronics by 11.0% during the 1st quarter. Meeder Asset Management Inc. now owns 2,564 shares of the technology company’s stock valued at $188,000 after buying an additional 255 shares during the period. Nordea Investment Management AB raised its holdings in Arrow Electronics by 87.2% during the 1st quarter. Nordea Investment Management AB now owns 2,680 shares of the technology company’s stock valued at $197,000 after buying an additional 1,248 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ purchased a new stake in Arrow Electronics during the 1st quarter valued at $213,000. Institutional investors own 93.31% of the company’s stock.
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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