Goldman Sachs Group Inc. cut shares of Arrow Electronics Inc. (NYSE:ARW) from a buy rating to a neutral rating in a report published on Tuesday. The firm currently has $63.00 price target on the stock, down from their previous price target of $72.00.
Several other equities analysts also recently weighed in on ARW. SunTrust Banks Inc. reaffirmed a buy rating on shares of Arrow Electronics in a research report on Saturday, June 25th. Zacks Investment Research upgraded 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. 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, Citigroup Inc. lifted 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. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $63.33.
Arrow Electronics (NYSE:ARW) opened at 64.73 on Tuesday. Arrow Electronics has a one year low of $45.23 and a one year high of $68.07. The company has a 50-day moving average of $64.91 and a 200 day moving average of $63.80. The firm has a market cap of $5.91 billion, a P/E ratio of 11.93 and a beta of 1.48.
Arrow Electronics (NYSE:ARW) last released its earnings results on Tuesday, August 2nd. The company reported $1.65 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.01. The company earned $5.97 billion during the quarter, compared to the consensus estimate of $6.04 billion. Arrow Electronics had a return on equity of 13.94% and a net margin of 2.13%. Arrow Electronics’s revenue was up 2.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.54 EPS. Equities research analysts expect that Arrow Electronics will post $6.65 earnings per share for the current fiscal year.
In related news, General Counsel Gregory Tarpinian sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 9th. The stock was sold at an average price of $66.40, for a total transaction of $66,400.00. Following the completion of the sale, the general counsel now owns 6,099 shares in the company, valued at $404,973.60. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Michael J. Long sold 44,777 shares of the business’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $66.35, for a total value of $2,970,953.95. Following the sale, the chairman now owns 308,393 shares of the company’s stock, valued at approximately $20,461,875.55. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.
A number of large investors have recently bought and sold shares of the company. Northwestern Mutual Investment Management Company LLC boosted its stake in Arrow Electronics by 0.8% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 15,820 shares of the company’s stock valued at $979,000 after buying an additional 129 shares during the last quarter. Mason Street Advisors LLC purchased a new position in Arrow Electronics during the second quarter valued at approximately $2,587,000. Sterling Capital Management LLC raised its position in Arrow Electronics by 10.5% in the second quarter. Sterling Capital Management LLC now owns 60,012 shares of the company’s stock valued at $3,715,000 after buying an additional 5,697 shares during the period. Calvert Investment Management Inc. raised its position in Arrow Electronics by 2.1% in the second quarter. Calvert Investment Management Inc. now owns 5,055 shares of the company’s stock valued at $313,000 after buying an additional 106 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its position in Arrow Electronics by 20.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 343,763 shares of the company’s stock valued at $21,279,000 after buying an additional 58,589 shares during the period. Hedge funds and other institutional investors own 93.67% 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 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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