Zacks Investment Research downgraded shares of Arrow Electronics, Inc. (NYSE:ARW) from a buy rating to a hold rating in a research note released on Tuesday.

According to Zacks, “Estimates for Electronic component distributor, Arrow Electronics have moved north of late. Shares of the company have also 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 equities analysts have also commented on ARW. BidaskClub lowered shares of Arrow Electronics from a buy rating to a hold rating in a research report on Wednesday, August 9th. Deutsche Bank AG reaffirmed a hold rating and set a $81.00 target price (up from $76.00) on shares of Arrow Electronics in a research report on Wednesday, August 9th. Finally, Stifel Nicolaus reaffirmed a buy rating and set a $86.00 target price on shares of Arrow Electronics in a research report on Tuesday, September 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. Arrow Electronics presently has an average rating of Hold and a consensus target price of $80.00.

Arrow Electronics (ARW) opened at 80.24 on Tuesday. Arrow Electronics has a 12-month low of $58.51 and a 12-month high of $84.53. The stock has a market cap of $7.08 billion, a P/E ratio of 14.67 and a beta of 1.12. The firm’s 50 day moving average price is $77.62 and its 200-day moving average price is $76.16.

Arrow Electronics (NYSE:ARW) last issued its earnings results on Thursday, August 3rd. The technology company reported $1.78 EPS for the quarter, topping the Zacks’ consensus estimate of $1.77 by $0.01. The business had revenue of $6.47 billion for 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 company’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same period last year, the company posted $1.65 earnings per share. Equities research analysts anticipate that Arrow Electronics will post $7.32 earnings per share for the current fiscal year.

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In related news, Chairman Michael J. Long sold 20,910 shares of Arrow Electronics stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $76.01, for a total transaction of $1,589,369.10. Following the transaction, the chairman now directly owns 346,486 shares of the company’s stock, valued at $26,336,400.86. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Sean J. Kerins sold 4,477 shares of Arrow Electronics stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $77.16, for a total transaction of $345,445.32. Following the transaction, the insider now directly owns 26,213 shares in the company, valued at $2,022,595.08. The disclosure for this sale can be found here. Company insiders own 1.20% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. Advisory Services Network LLC increased its holdings in Arrow Electronics by 489.5% during the second quarter. Advisory Services Network LLC now owns 1,409 shares of the technology company’s stock valued at $110,000 after buying an additional 1,170 shares during the period. Ameritas Investment Partners Inc. increased its holdings in Arrow Electronics by 0.9% during the second quarter. Ameritas Investment Partners Inc. now owns 41,786 shares of the technology company’s stock valued at $3,276,000 after buying an additional 371 shares during the period. Cypress Capital Management LLC increased its holdings in Arrow Electronics by 32.8% during the second quarter. Cypress Capital Management LLC now owns 8,277 shares of the technology company’s stock valued at $649,000 after buying an additional 2,045 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Arrow Electronics by 1.8% during the second quarter. The Manufacturers Life Insurance Company now owns 131,120 shares of the technology company’s stock valued at $10,282,000 after buying an additional 2,312 shares during the period. Finally, Janus Henderson Group PLC increased its holdings in Arrow Electronics by 79.4% during the second quarter. Janus Henderson Group PLC now owns 19,260 shares of the technology company’s stock valued at $1,510,000 after buying an additional 8,526 shares during the period. 93.15% of the stock is currently owned by institutional investors.

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 various electronic components and enterprise computing solutions suppliers.

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