Shares of Arrow Electronics Inc. (NYSE:ARW) have earned an average rating of “Hold” from the eight brokerages that are covering the firm. One investment analyst has rated the stock with a sell recommendation, three have given a hold recommendation and four have given a buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $62.20.
Several equities research analysts have recently issued reports on the company. Citigroup Inc. raised their price objective on Arrow Electronics from $48.00 to $57.00 and gave the company a “sell” rating in a research note on Wednesday, August 3rd. Zacks Investment Research raised Arrow Electronics from a “hold” rating to a “buy” rating and set a $69.00 price objective for the company in a research note on Tuesday, July 5th. Goldman Sachs Group Inc. lowered Arrow Electronics from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $72.00 to $63.00 in a research note on Tuesday, September 20th. Brean Capital set a $70.00 price objective on Arrow Electronics and gave the company a “buy” rating in a research note on Wednesday, August 3rd. Finally, SunTrust Banks Inc. reaffirmed a “buy” rating on shares of Arrow Electronics in a research note on Saturday, June 25th.
In other Arrow Electronics news, 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 transaction of $2,970,953.95. Following the transaction, the chairman now directly owns 308,393 shares in the company, valued at approximately $20,461,875.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 owns 17,149 shares in the company, valued at $1,138,522.11. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Weaver C. Barksdale & Associates Inc. increased 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 increased 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 increased 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 about $183,000. Finally, Stifel Financial Corp bought a new position in shares of Arrow Electronics during the second quarter worth about $234,000. Institutional investors own 93.66% of the company’s stock.
Shares of Arrow Electronics (NYSE:ARW) opened at 62.41 on Tuesday. Arrow Electronics has a 52 week low of $45.23 and a 52 week high of $68.07. The company has a 50-day moving average price of $63.79 and a 200 day moving average price of $63.99. The stock has a market capitalization of $5.70 billion, a PE ratio of 11.50 and a beta of 1.49.
Arrow Electronics (NYSE:ARW) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.01. The business earned $5.97 billion during the quarter, compared to analyst estimates 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 company earned $1.54 EPS. Equities analysts forecast that Arrow Electronics will post $6.65 EPS for the current fiscal year.
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 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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