Citigroup Raises Arrow Electronics (NYSE:ARW) Price Target to $73.00

Arrow Electronics (NYSE:ARW) had its price objective hoisted by Citigroup from $72.00 to $73.00 in a report issued on Friday, November 2nd. They currently have a neutral rating on the technology company’s stock.

ARW has been the topic of a number of other reports. Wells Fargo & Co started coverage on shares of Arrow Electronics in a research note on Tuesday, July 17th. They set an outperform rating and a $90.00 price target on the stock. Zacks Investment Research downgraded Arrow Electronics from a hold rating to a sell rating in a research report on Friday, October 26th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of Buy and an average price target of $86.00.

ARW traded down $0.21 on Friday, hitting $74.33. The company had a trading volume of 932,268 shares, compared to its average volume of 593,202. The firm has a market cap of $6.56 billion, a P/E ratio of 9.83, a price-to-earnings-growth ratio of 0.96 and a beta of 1.16. Arrow Electronics has a 1 year low of $64.04 and a 1 year high of $87.26. The company has a current ratio of 1.62, a quick ratio of 1.15 and a debt-to-equity ratio of 0.63.

Arrow Electronics (NYSE:ARW) last issued its quarterly earnings data on Thursday, November 1st. The technology company reported $2.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.16 by $0.02. The firm had revenue of $7.49 billion for the quarter, compared to analyst estimates of $7.40 billion. Arrow Electronics had a net margin of 1.84% and a return on equity of 15.12%. Arrow Electronics’s revenue was up 9.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.82 EPS. Equities research analysts forecast that Arrow Electronics will post 8.82 earnings per share for the current year.

In related news, insider Vincent P. Melvin sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $78.10, for a total value of $156,200.00. Following the completion of the transaction, the insider now directly owns 16,371 shares of the company’s stock, valued at $1,278,575.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Charles Kostalnick II sold 700 shares of the company’s stock in a transaction that occurred on Tuesday, November 6th. The shares were sold at an average price of $74.37, for a total value of $52,059.00. Following the completion of the transaction, the insider now directly owns 12,780 shares of the company’s stock, valued at $950,448.60. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. Qube Research & Technologies Ltd purchased a new stake in Arrow Electronics in the second quarter valued at approximately $103,000. ELM Advisors LLC purchased a new stake in shares of Arrow Electronics during the third quarter worth approximately $109,000. Cerebellum GP LLC purchased a new stake in shares of Arrow Electronics during the third quarter worth approximately $168,000. GWM Advisors LLC purchased a new stake in shares of Arrow Electronics during the second quarter worth approximately $200,000. Finally, UMB Bank N A MO purchased a new stake in shares of Arrow Electronics during the second quarter worth approximately $202,000. Institutional investors own 92.78% of the company’s stock.

Arrow Electronics Company Profile

Arrow Electronics, Inc provides products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions worldwide. The company operates in two segments, Global Components and Global Enterprise Computing Solutions. The Global Components segment markets and distributes semiconductor products and related services; passive, electro-mechanical, and interconnect products consisting primarily of capacitors, resistors, potentiometers, power supplies, relays, switches, and connectors; and computing and memory products, as well as other products and services.

Featured Article: How Do You Calculate Return on Investment (ROI)?

Analyst Recommendations for Arrow Electronics (NYSE:ARW)

Receive News & Ratings for Arrow Electronics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arrow Electronics and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply