Arrow Electronics, Inc. (ARW) Lowered to “Hold” at Zacks Investment Research
Arrow Electronics, Inc. (NYSE:ARW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Estimates for Electronic component distributor, Arrow Electronics have not moved around much of late. Shares of the company have outperformed the industry over the last one year. Original equipment manufacturers, contract manufacturers and commercial customers are selecting Arrow’s strong distribution channels for marketing their products, which is driving its revenues. 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 recently issued reports on the company. Stifel Nicolaus reissued a “buy” rating and issued a $86.00 target price on shares of Arrow Electronics in a research report on Tuesday. BidaskClub cut Arrow Electronics from a “hold” rating to a “sell” rating in a research report on Tuesday, August 15th. Finally, Deutsche Bank AG reissued a “hold” rating and issued a $81.00 target price (up from $76.00) on shares of Arrow Electronics in a research report on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $76.67.
Arrow Electronics (NYSE ARW) traded up 0.80% during midday trading on Tuesday, hitting $78.58. The company had a trading volume of 114,629 shares. The firm has a 50-day moving average price of $78.24 and a 200-day moving average price of $75.91. The company has a market cap of $6.94 billion, a price-to-earnings ratio of 14.37 and a beta of 1.12. Arrow Electronics has a 12 month low of $58.51 and a 12 month high of $84.53.
Arrow Electronics (NYSE:ARW) last announced its earnings results on Thursday, August 3rd. The technology company reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.77 by $0.01. The firm had revenue of $6.47 billion during the quarter, compared to analysts’ expectations of $6.23 billion. Arrow Electronics had a return on equity of 13.52% and a net margin of 2.01%. The business’s revenue was up 8.3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.65 EPS. Equities analysts anticipate that Arrow Electronics will post $7.32 EPS for the current year.
In other Arrow Electronics news, insider Sean J. Kerins sold 4,477 shares of the stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $77.16, for a total transaction of $345,445.32. Following the completion of the sale, the insider now directly owns 26,213 shares of the company’s stock, valued at approximately $2,022,595.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Michael J. Long sold 20,910 shares of the stock in a transaction that occurred on Monday, August 14th. The stock was 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 of the company’s stock, valued at $26,336,400.86. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by company insiders.
A number of institutional investors have recently bought and sold shares of the business. Advisory Services Network LLC lifted its position in Arrow Electronics by 489.5% during the 2nd quarter. Advisory Services Network LLC now owns 1,409 shares of the technology company’s stock worth $110,000 after acquiring an additional 1,170 shares during the period. Ameritas Investment Partners Inc. lifted its position in Arrow Electronics by 0.9% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 41,786 shares of the technology company’s stock worth $3,276,000 after acquiring an additional 371 shares during the period. Cypress Capital Management LLC lifted its position in Arrow Electronics by 32.8% during the 2nd quarter. Cypress Capital Management LLC now owns 8,277 shares of the technology company’s stock worth $649,000 after acquiring an additional 2,045 shares during the period. The Manufacturers Life Insurance Company lifted its position in Arrow Electronics by 1.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 131,120 shares of the technology company’s stock worth $10,282,000 after acquiring an additional 2,312 shares during the period. Finally, Janus Henderson Group PLC lifted its position in Arrow Electronics by 79.4% during the 2nd quarter. Janus Henderson Group PLC now owns 19,260 shares of the technology company’s stock worth $1,510,000 after acquiring an additional 8,526 shares during the period. 93.31% of the stock is owned by institutional investors.
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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