SunTrust Banks Weighs in on Arrow Electronics Inc.’s Q2 2017 Earnings (ARW)
Arrow Electronics Inc. (NYSE:ARW) – Equities researchers at SunTrust Banks boosted their Q2 2017 earnings estimates for shares of Arrow Electronics in a research report issued on Tuesday. SunTrust Banks analyst W. Stein now expects that the firm will earn $1.74 per share for the quarter, up from their prior estimate of $1.72. SunTrust Banks also issued estimates for Arrow Electronics’ Q3 2017 earnings at $1.70 EPS and FY2017 earnings at $7.05 EPS.
Arrow Electronics (NYSE:ARW) last announced its earnings results on Thursday, November 3rd. The company reported $1.56 EPS for the quarter, beating analysts’ consensus estimates of $1.51 by $0.05. Arrow Electronics had a return on equity of 13.95% and a net margin of 2.14%. The business earned $5.94 billion during the quarter, compared to analysts’ expectations of $5.86 billion. During the same quarter in the prior year, the firm earned $1.40 earnings per share. The business’s revenue was up 4.2% compared to the same quarter last year.
Other equities research analysts also recently issued reports about the stock. Brean Capital set a $70.00 price target on shares of Arrow Electronics and gave the company a “buy” rating in a research note on Wednesday, August 3rd. Goldman Sachs Group Inc. downgraded shares of Arrow Electronics from a “buy” rating to a “neutral” rating and reduced their price target for the company from $72.00 to $63.00 in a research note on Tuesday, September 20th. Credit Agricole SA restated an “outperform” rating on shares of Arrow Electronics in a research note on Friday, November 4th. Finally, Citigroup Inc. raised their price target on shares of Arrow Electronics from $48.00 to $57.00 and gave the company a “sell” rating in a research note on Wednesday, August 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $63.33.
Arrow Electronics (NYSE:ARW) opened at 65.90 on Thursday. The firm has a market cap of $5.90 billion, a PE ratio of 11.84 and a beta of 1.23. Arrow Electronics has a one year low of $45.23 and a one year high of $68.07. The firm’s 50 day moving average price is $62.41 and its 200-day moving average price is $63.66.
Several hedge funds have recently added to or reduced their stakes in ARW. Geode Capital Management LLC raised its stake in Arrow Electronics by 3.0% in the first quarter. Geode Capital Management LLC now owns 579,101 shares of the company’s stock valued at $37,280,000 after buying an additional 16,737 shares in the last quarter. HBK Investments L P bought a new stake in Arrow Electronics during the first quarter valued at $831,000. Nuveen Asset Management LLC raised its stake in Arrow Electronics by 23.6% in the first quarter. Nuveen Asset Management LLC now owns 55,037 shares of the company’s stock valued at $3,545,000 after buying an additional 10,513 shares in the last quarter. Legal & General Group Plc raised its stake in Arrow Electronics by 0.4% in the first quarter. Legal & General Group Plc now owns 483,929 shares of the company’s stock valued at $31,165,000 after buying an additional 1,689 shares in the last quarter. Finally, Springbok Capital Management LLC bought a new stake in Arrow Electronics during the first quarter valued at $683,000. Institutional investors own 93.21% of the company’s stock.
In other Arrow Electronics news, insider Sean J. Kerins sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 9th. The shares were sold at an average price of $62.00, for a total transaction of $248,000.00. Following the completion of the transaction, the insider now owns 20,609 shares in the company, valued at approximately $1,277,758. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Michael J. Long sold 44,777 shares of the firm’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 transaction of $2,970,953.95. Following the transaction, 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. Company insiders own 1.50% 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 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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