Arrow Electronics Inc. (ARW) Stock Price Down 1.5%
Arrow Electronics Inc. (NYSE:ARW)’s share price fell 1.5% on Friday . The company traded as low as $64.61 and last traded at $64.68, with a volume of 303,932 shares traded. The stock had previously closed at $65.64.
A number of research firms have weighed in on ARW. Citigroup Inc. upped their price target on shares of Arrow Electronics from $48.00 to $57.00 and gave the stock a “sell” rating in a research report on Wednesday, August 3rd. Brean Capital set a $70.00 target price on shares of Arrow Electronics and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. SunTrust Banks Inc. restated a “buy” rating on shares of Arrow Electronics in a research report on Saturday, June 25th. Zacks Investment Research upgraded shares of Arrow Electronics from a “hold” rating to a “buy” rating and set a $69.00 target price for the company in a research report on Tuesday, July 5th. Finally, Goldman Sachs Group Inc. lowered shares of Arrow Electronics from a “conviction-buy” rating to a “buy” rating in a research report on Thursday, July 7th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $64.83.
The firm has a market cap of $5.95 billion and a P/E ratio of 12.02. The stock’s 50 day moving average price is $65.82 and its 200-day moving average price is $63.24.
Arrow Electronics (NYSE:ARW) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $1.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.64 by $0.01. The business had revenue of $5.97 billion for the quarter, compared to analysts’ expectations of $6.04 billion. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.54 earnings per share. On average, analysts forecast that Arrow Electronics Inc. will post $6.65 EPS for the current year.
In other news, Chairman Michael J. Long sold 44,777 shares of Arrow Electronics stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $66.35, for a total transaction of $2,970,953.95. Following the completion of the transaction, the chairman now directly owns 308,393 shares of the company’s stock, valued at approximately $20,461,875.55. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Vincent P. Melvin sold 2,531 shares of Arrow Electronics stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $66.39, for a total transaction of $168,033.09. Following the transaction, the insider now directly owns 17,149 shares of the company’s stock, valued at $1,138,522.11. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Arrow Electronics stock. State of Tennessee Treasury Department boosted its stake in shares of Arrow Electronics Inc. (NYSE:ARW) by 86.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 107,600 shares of the company’s stock after buying an additional 50,000 shares during the period. State of Tennessee Treasury Department owned about 0.12% of Arrow Electronics worth $5,830,000 at the end of the most recent quarter.
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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