Arrow Electronics, Inc. (ARW) Stock Rating Upgraded by Zacks Investment Research
Arrow Electronics, Inc. (NYSE:ARW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The brokerage presently has a $84.00 price target on the technology company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 9.19% from the stock’s previous close.
According to Zacks, “The electronic component distributor, Arrow Electronics’ estimates has moved north off late. Shares of the company have also outperformed the industry over the last one year. The upside can be attributed to encouraging third-quarter guidance. 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.”
A number of other analysts have also weighed in on the stock. BidaskClub lowered shares of Arrow Electronics from a “hold” rating to a “sell” rating in a research note on Tuesday, August 15th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $81.00 price target (up from $76.00) on shares of Arrow Electronics in a research note on Wednesday, August 9th. Finally, Stifel Nicolaus upped their price target on shares of Arrow Electronics from $80.00 to $84.00 and gave the stock a “buy” rating in a research note on Monday, May 15th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $76.00.
Arrow Electronics (NYSE:ARW) opened at 76.93 on Thursday. The firm has a market cap of $6.79 billion, a P/E ratio of 14.07 and a beta of 1.13. The company has a 50-day moving average price of $79.07 and a 200-day moving average price of $75.52. Arrow Electronics has a 1-year low of $58.51 and a 1-year high of $84.53.
Arrow Electronics (NYSE:ARW) last issued its quarterly earnings results on Thursday, August 3rd. The technology company reported $1.78 earnings per share for the quarter, topping analysts’ consensus estimates of $1.77 by $0.01. The company had revenue of $6.47 billion during the quarter, compared to analyst estimates of $6.23 billion. Arrow Electronics had a net margin of 2.01% and a return on equity of 13.52%. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period in the prior year, the business posted $1.65 EPS. On average, equities research analysts forecast that Arrow Electronics will post $7.32 EPS for the current fiscal year.
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In related news, Chairman Michael J. Long sold 20,910 shares of the business’s stock in a transaction that occurred 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 directly owns 346,486 shares in the company, valued at approximately $26,336,400.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.20% of the stock is owned by insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Advisory Services Network LLC increased its stake in Arrow Electronics by 489.5% in the second quarter. Advisory Services Network LLC now owns 1,409 shares of the technology company’s stock worth $110,000 after buying an additional 1,170 shares during the last quarter. NEXT Financial Group Inc increased its stake in Arrow Electronics by 776.0% in the second quarter. NEXT Financial Group Inc now owns 2,190 shares of the technology company’s stock worth $172,000 after buying an additional 1,940 shares during the last quarter. Meeder Asset Management Inc. increased its stake in Arrow Electronics by 11.0% in the first quarter. Meeder Asset Management Inc. now owns 2,564 shares of the technology company’s stock worth $188,000 after buying an additional 255 shares during the last quarter. Nordea Investment Management AB increased its stake in Arrow Electronics by 87.2% in the first quarter. Nordea Investment Management AB now owns 2,680 shares of the technology company’s stock worth $197,000 after buying an additional 1,248 shares during the last quarter. Finally, Advisor Partners LLC acquired a new stake in Arrow Electronics during the first quarter worth approximately $200,000. Institutional investors and hedge funds own 95.07% 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 various electronic components and enterprise computing solutions suppliers.
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