ValuEngine upgraded shares of Arrow Electronics (NYSE:ARW) from a sell rating to a hold rating in a research report sent to investors on Tuesday, ValuEngine reports.
ARW has been the subject of several other research reports. TheStreet upgraded Arrow Electronics from a c+ rating to a b- rating in a report on Wednesday, September 2nd. Citigroup reaffirmed a buy rating on shares of Arrow Electronics in a research report on Monday, July 13th. Finally, Zacks Investment Research upgraded Arrow Electronics from a sell rating to a hold rating and set a $75.00 price objective on the stock in a research note on Monday, August 3rd. Seven research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $73.13.
NYSE:ARW opened at $82.01 on Tuesday. The company has a market cap of $6.37 billion, a P/E ratio of 17.27, a price-to-earnings-growth ratio of 1.74 and a beta of 1.46. Arrow Electronics has a twelve month low of $39.25 and a twelve month high of $85.80. The business has a 50 day moving average price of $78.12 and a two-hundred day moving average price of $67.54. The company has a quick ratio of 1.03, a current ratio of 1.45 and a debt-to-equity ratio of 0.44.
Arrow Electronics (NYSE:ARW) last announced its earnings results on Thursday, July 30th. The technology company reported $1.59 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.45 by $0.14. The business had revenue of $6.61 billion during the quarter, compared to analysts’ expectations of $6.38 billion. Arrow Electronics had a net margin of 1.41% and a return on equity of 11.39%. The firm’s revenue was down 10.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.60 earnings per share. As a group, analysts anticipate that Arrow Electronics will post 6.47 earnings per share for the current fiscal year.
In other Arrow Electronics news, CEO Michael J. Long sold 68,834 shares of the company’s stock in a transaction on Monday, August 31st. The shares were sold at an average price of $78.57, for a total value of $5,408,287.38. Following the transaction, the chief executive officer now directly owns 255,410 shares in the company, valued at $20,067,563.70. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Sean J. Kerins sold 6,270 shares of the company’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $74.54, for a total transaction of $467,365.80. Following the completion of the transaction, the insider now owns 23,260 shares in the company, valued at $1,733,800.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 77,230 shares of company stock valued at $6,035,273. Insiders own 1.60% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the business. Schonfeld Strategic Advisors LLC acquired a new stake in Arrow Electronics during the second quarter worth approximately $1,777,000. Toronto Dominion Bank boosted its stake in Arrow Electronics by 10.4% in the 2nd quarter. Toronto Dominion Bank now owns 12,271 shares of the technology company’s stock valued at $843,000 after purchasing an additional 1,158 shares during the period. Handelsbanken Fonder AB bought a new stake in Arrow Electronics in the 2nd quarter valued at $1,058,000. Nuveen Asset Management LLC grew its holdings in Arrow Electronics by 11.7% in the 2nd quarter. Nuveen Asset Management LLC now owns 506,504 shares of the technology company’s stock valued at $34,792,000 after buying an additional 52,918 shares in the last quarter. Finally, Engineers Gate Manager LP increased its position in Arrow Electronics by 240.9% during the 2nd quarter. Engineers Gate Manager LP now owns 14,718 shares of the technology company’s stock worth $1,011,000 after buying an additional 10,400 shares during the period. 94.17% of the stock is currently owned by hedge funds and other institutional investors.
About Arrow Electronics
Arrow Electronics, Inc provides products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions worldwide. The company operates in two segments, Global Components and Global Enterprise Computing Solutions. The Global Components segment markets and distributes semiconductor products and related services; passive, electro-mechanical, and interconnect products consisting primarily of capacitors, resistors, potentiometers, power supplies, relays, switches, and connectors; and computing and memory products, as well as other products and services.
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