Arrow Electronics Inc. (ARW) Shares Down 1.5%
Shares of Arrow Electronics Inc. (NYSE:ARW) were down 1.5% during mid-day trading on Friday . The company traded as low as $64.61 and last traded at $64.68, with a volume of 303,932 shares trading hands. The stock had previously closed at $65.64.
A number of analysts recently issued reports on ARW shares. Zacks Investment Research cut Arrow Electronics from a “buy” rating to a “hold” rating in a research report on Friday, July 8th. Goldman Sachs Group Inc. cut Arrow Electronics from a “conviction-buy” rating to a “buy” rating in a research report on Thursday, July 7th. Brean Capital set a $70.00 price objective on Arrow Electronics and gave the company a “buy” rating in a research report on Wednesday, August 3rd. Citigroup Inc. lifted their price objective on Arrow Electronics from $48.00 to $57.00 and gave the company a “sell” rating in a research report on Wednesday, August 3rd. Finally, SunTrust Banks Inc. reissued a “buy” rating on shares of Arrow Electronics in a research report on Saturday, June 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. Arrow Electronics presently has an average rating of “Buy” and an average price target of $64.83.
The company has a market capitalization of $5.95 billion and a P/E ratio of 12.02. The firm has a 50 day moving average price of $65.86 and a 200 day moving average price of $63.24.
Arrow Electronics (NYSE:ARW) last issued its earnings results on Tuesday, August 2nd. The company reported $1.65 EPS for the quarter, beating the consensus estimate of $1.64 by $0.01. During the same quarter in the previous year, the firm posted $1.54 EPS. The business had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $6.04 billion. The business’s revenue was up 2.4% on a year-over-year basis. Equities analysts expect that Arrow Electronics Inc. will post $6.65 EPS for the current fiscal year.
In related news, Chairman Michael J. Long sold 44,777 shares of the company’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $66.35, for a total value of $2,970,953.95. Following the completion of the sale, the chairman now owns 308,393 shares in the company, valued at approximately $20,461,875.55. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Paul J. Reilly sold 50,705 shares of the company’s stock in a transaction on Thursday, June 9th. The shares were sold at an average price of $67.38, for a total transaction of $3,416,502.90. Following the completion of the sale, the executive vice president now owns 108,962 shares of the company’s stock, valued at approximately $7,341,859.56. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Arrow Electronics stock. State of Tennessee Treasury Department boosted its position in shares of Arrow Electronics Inc. (NYSE:ARW) by 86.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor 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 approximately 0.12% of Arrow Electronics worth $5,830,000 as of its most recent filing with the SEC.
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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